Social value includes actions and initiatives that contribute to social well-being, environmental sustainability, and community development, in addition to traditional economic outputs. Social value can be measured in terms of social, economic, and environmental benefits that extend beyond profit generation.
Following the publication of PPN 06/20, social value must be considered in all central government procurement and for procurements carried out by arm’s length bodies, such as Network Rail. Public procurement exercises will include a minimum of 10% weighting for social value.
The Rail Safety & Standards Board (RSSB), in collaboration with Loop, DfT and Network Rail, has produced the Rail Social Value Tool (RSVT), which supports organisations in forecasting, measuring, and evaluating social value outcomes in a way that can be easily shared with industry and beyond.