Sovereign are maximising social value opportunities through our supply chain, and launching new initiatives to make sure that we look for commitments that really matter to our residents and the communities in which they live.
What is Social Value?
Social Value is the additional resources, both time and equipment gathered through procurement activity with suppliers. It must have a benefit to the public or wider community and be additional to the service contract.
Previously at Sovereign, we’ve looked for work and training opportunities through our supply chain, but we’ve expanded this to make sure that it maximises the benefits for our communities.
By listening to the needs of our communities and trusted partners, we’ve used this knowledge to look for additional resources such as apprenticeships and training, volunteering time and goods and services. We know that by linking communities and partners with social value through our supply chain, they can be better resourced to deliver support and increase capacity where it’s needed most.
How are we embedding this in to our processes?
We’re continually working with partners and suppliers to review our processes within procurement, to gather social value from tenders and align them to our Thriving Communities Strategy and Corporate Plan. This allows us to make sure that we take a consistent approach and drive forward the aims of our organisation.
How will community organisations be able to leverage funding?
We've partnered with the Social Value Exchange. Using their digital platform, we'll be leveraging £50m of our procurement spend over the next 12 months to get additional resources into local community organisations. Charitable groups and organisations in our communities will be able to register on the platform and use the funding opportunities to build capacity and extend their reach and impact.
What’s The Social Value Exchange, how does it work?
The Social Value Exchange is a free to use, online platform which links community organisations with social value opportunities gained through procurement supply chains. Resources tend to be either time based - like mentoring or workshops, or equipment such as laptops and tablets for example, or specific investment grants. https://www.socialvalueexchange.org/
Find out more
Email Debs Williams, our Social Impact Manager on Deborah.Williams@sovereign.org.uk