Keys to High Quality Social Investment

 

High quality social investment…

 

WHAT IS IT?

  1. It has a social purpose, with which it aims to complement and strengthen the social obligations of public administrations, helping them to ensure they fulfil their role properly. Explanation: Its priority is not to guarantee fundamental rights through economic activities, but to make it easier to fully comply with them by improving the exercise of these rights through areas such as innovation, prevention, infrastructures, social entrepreneurship, skills, inclusive digitalisation, and accessibility, to name a few.
  2. It offers an economic return over which social return is deliberately prioritised. Explanation: it prioritises social impact rather than economic profitability, by complementing existing resources.
  3. It measures and manages social impact by looking for appropriate indicators that favour continuous improvement. Explanation: what is sought here is what has been stated during the course, which is to make impact measurement a priority issue for the QSI, to place importance on appropriate impact measurement. It should be genuine and not just social washing and it should also favour continuous improvement, not only in the results part but in all parts of the process.
  4. It respects human rights and the legal framework that covers them. It also protects and is guided by the ethical aspects of human rights. Explanation: They will comply with international treaties and respect the protection of the human rights that are pertinent to the problem being addressed.

HOW DOES IT DO IT?

  1. It creates a system of governance and transparency that places the individual at the centre of its decisions and gives priority to its beneficiaries. Explanation: It will be people-centred, and will encourage cooperation with the ecosystem, teamwork, solidarity and with the beneficiaries. It will put people at the centre of decision making as the key to any social project, while emphasising the priority of focusing on the beneficiaries, to avoid beneficiaries being identified on the grounds of other interests.
  2. It is carried out in collaboration between the public, private and the social sectors. The collaboration should be reflected in the internal plans and codes of the organisations. Explanation: participation of the parties: engagement of the sectors involved is recommended starting at the design stage and throughout the process. For example, participation of a social sector representative in the advisory committee of a fund, or participation of experts from different sectors in the feasibility study.
  3. It aims to strengthen the rights of individuals, their training and their inclusion in society.