Strategic Development & Operational Planning
Although it is not a new concept, the legal requirement to realise socio-economic outcomes through procurement undertaken by the Public Sector was focused by the Public Services (Social Value) Act 2012 for procurement, which came into force in January 2013.
The Government’s definition of social value is ‘a concept which seeks to maximise the additional benefit that can be created by procuring or commissioning goods and services, above and beyond the benefit of merely the goods and services themselves’.
The Act requires public bodies to consider how the procurement of a service may improve the economic, social and environmental well being of an area.
Although the Act doesn’t cover contracts for public works or goods (such as construction projects), or contracts for services under the EU threshold (£173,934), in practice the Government promotes the inclusion of social value in all public contracts as best practice.
By drawing on our significant experience of working with public and private sector partners to secure local socioeconomic outcomes from major capital projects, K10 is able to effectively support clients to develop the operational strategies and tools required to deliver Social Value:
“It was clear at my first meeting with K10, a number of years ago now, that they were deeply committed to putting positive social impact at the heart of their operations and business model.
They were among the first social enterprises we worked with to embed measures of well-being into their day-to-day processes with applicants and apprentices, and since then they’ve expanded their impact measurement to include a wider range of stakeholders: partner colleges, major contractors, Housing Associations and Local Authorities.
In 2013 K10 invited us to undertake a full Social Return on Investment (SROI) analysis of their operations, demonstrating a desire to listen to stakeholders, to learn and to lead to greater social impact.
The conclusions of that SROI were compelling – not only does K10 generate a positive SROI, it does so by actually creating jobs for young people where none would have otherwise existed.
The difference made by K10 in the lives of young people, particularly in a time of high youth unemployment, is incredible and the impact on society more broadly is considerable. I highly commend them”.
Steve Coles, Managing Director, Intentionality Community Interest Company