How the Well-being of Future Generations Act Can Give You a Firm Foundation for Social Value

18 May 2023

Everyone has a vested interest in improving the social, economic, environmental and cultural well-being of Wales, and the Well-being of Future Generations Act is a tool that can be used to help public bodies meet their responsibilities in this regard.

However, here at Cwmpas we strongly believe that the seven well-being goals outlined in the Act also present a sound blueprint for other businesses and organisations – for all businesses and organisations – who want to improve the economic and social resilience of their communities. In other words, for organisations that want to generate social value.

More and more businesses across the globe are discovering that ‘earning while returning’ makes sound business sense, not least because the more vibrant and resilient our communities are, the more economically active they are. Similarly, having a workforce that feels committed to creating social value in their communities, gives a real sense of self-determination, self-esteem, and motivation.

The seven well-being goals to be found in the act are:

  • A prosperous Wales
  • A resilient Wales
  • A more equal Wales
  • A Healthier Wales
  • A Wales of Cohesive Communities
  • A Wales of Vibrant Culture & Thriving Welsh language
  • A globally responsible Wales

These goals describe the kind of Wales we want to see, don’t they?

Here at Cwmpas we are focussed on helping organisations to find ways to bring social value to their operations that are tailored to the specific needs of their communities. Let’s not use the act as a tick-box exercise that helps us meet legal requirements but doesn’t really bring tangible benefits locally. It’s in everyone’s interest here in Wales to help build a prosperous, innovative, low carbon society that uses its resources smartly, develops a skilled well-educated population and an economy that generates wealth.

How do we apply this to our organisations?

We can help you with this. Our Business Consultancy team offers flexible social value guidance and support, closely aligned to the principles detailed in the Well-being of Future Generations Act, to help you define and reach your social value goals, wherever you are on your social value journey. You can hop on and off at any point that suits you and your organisation. So, you might come to us for support with:

  • Social Value Stakeholder Events
  • Social Value Strategy Development
  • Social Value Procurement
  • Social Value in Practice
  • Social Value Audit

And, as part of your journey, we would encourage you to make the Five Ways of Working, to be found in the Act a go-to-guide. These will prompt you to think about:

  • Making sure the activities you have planned in order to meet short term needs don’t undermine longer-term plans.
  • Considering how your organisations objectives and goals integrate and impact each other, and how they impact your stakeholders.
  • How you can involve the right people in making your organisation more social value-savvy, and how you can ensure they are a diverse group, with a range of talents.
  • How you can collaborate well, both with people within your organisation, in the community, or with clients, customers and stakeholders, to bring added social value to your operations.
  • How working to prevent problems unfolding or getting worse might help you meet your social value objectives.

Sound interesting?

Our bespoke services can help you achieve your social value ambitions, that aligns with your commercial and strategic goals, making sure that any change you deliver is as unique as your organisation.

Start your unique positive change today. Contact us today to find out how we can help you.