Social impact is a difficult thing to measure but it’s very easy and gratifying to see its impact and that’s why it’s become such an important (albeit largely unquantifiable) metric for so many businesses. For those that work with vulnerable members of the public, meanwhile, the importance of social value is increased tenfold and having a credible and verified certification to validate all their hard work will prove incredibly beneficial.
This is where HACT (Housing Associations’ Charitable Trust) certification enters the frame as a powerful tool that allows businesses and organisations to give their important social value initiatives the recognition they truly deserve.
The Significance of Social Value
Social value goes beyond traditional metrics like profit margins and market share. It encompasses the broader impact an organisation has on society, considering its contributions to communities, environmental sustainability, and the well-being of stakeholders. Many businesses and organisations are realising that their success is intrinsically tied to their ability to create social value.
However, quantifying and measuring social value can be a challenge without a precedent to work from. This is where HACT certification steps in, providing a standardised framework for organisations to evaluate and communicate their social impact.
Understanding HACT Certification
HACT, short for the Housing Associations’ Charitable Trust, is a UK-based organisation that specialises in social impact measurement and certification; an ethical auditor, if you will. They offer a comprehensive certification program designed to assess and validate social value and impact and help businesses communicate the robustness of this value.
Certification requires organisations to be transparent about their social goals and outcomes, promoting accountability and trust among stakeholders. While this might prove daunting, it’s a process that can help businesses identify areas for improvement in their social value initiatives and develop strategies for greater impact.
All businesses that pass with flying colours will be presented with a full audit report, detailed recommendations on how best to move forward and, most importantly of all, the official HACT stamp of approval.
Benefits of HACT Certification
Credibility
HACT certification is widely recognised and respected in the UK and beyond and lends credibility to all social value claims, revealing that all values are being correctly applied, all systems and practices are in perfect working order and that all value can be adequately demonstrated to external funders and stakeholders.
Competitive Advantage
In an increasingly socially conscious market, HACT certification can be a differentiator that attracts socially responsible consumers and investors.
Investment and Funding Opportunities
HACT certification can open doors to funding opportunities and partnerships with organisations and investors looking to support socially responsible initiatives.
Improved Stakeholder Relations
Demonstrating a commitment to social value through certification can strengthen relationships with customers, employees, and communities, fostering goodwill and loyalty.
Continuous Improvement
HACT certification encourages organisations to continually assess and improve their social impact, driving positive change over time.
The ECCO Solution
By undergoing the HACT certification process, businesses can not only measure their impact but also gain a competitive edge, attract investment, and strengthen their relationships with stakeholders. In the pursuit of a better world, HACT certification is the stamp of approval your social value initiatives truly deserve.
ECCO has built a digital management software package designed specifically for the supported housing sector that is engineered to make life better for the millions of people in the UK in shared living facilities and could really help your business boost its social value in a practical way. It’s a smart, approachable, and flexible system that brings all data points together into a cohesive package and allows staff more free time to focus on what really matters – the people.
Contact us today and our team will get you sorted with a free ECCO demo and explore exactly what the software can offer your enterprise.
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