Whilst a purely profit-focused business can look to its bottom line to check its activities are working, an organisation that seeks to create improvements in society needs a measure of its social impact.
There are also legislative and regulatory motivations for measuring social impact. The Public Services (Social Value) Act 2012 requires those commissioning or procuring public services contracts to consider how the service can improve the wellbeing of the area.
Wellbeing Valuation allows you to measure the success of a social intervention by how much it increases people’s wellbeing, which is widely regarded as a useful common currency for improvements to society. To do this, the results of large national surveys are analysed to isolate the effect of a particular factor on a person’s wellbeing. Analysis then reveals the equivalent amount of money needed to increase someone’s wellbeing by the same amount.
The main advantage of Wellbeing Valuation is that the values are consistent and robust. The consistency means that while you may be examining values for different types of outcomes, you are still comparing like with like.
Although the Wellbeing Valuation approach uses statistical theory to derive values, once calculated they can be applied using simple techniques – take a look at the tools available. If you want to learn more, check out our upcoming Events, or enquire about organising some bespoke training. The Help Centre will hold all of our most recent thinking.
Who is it for?
The social housing sector has long been committed to investing in initiatives to strengthen communities and
to aid individuals, through a belief in the positive social impact created by these activities. The Social Value Bank allows housing associations to evaluate their initiatives, and represent them fully in an assessment of value for money.
Contractors will often go above and beyond contractual requirements to support the social aims of clients, producing a wide range of projects and services that address everything from health to employment. The Social Value Bank allows contractors to capture the value of this work and communicate it to clients, both current and prospective.
Local Authorities run a wide range of services. With the Social Value Bank, different services can be evaluated with the same consistent approach, improving resource allocation decisions and aiding communication with citizens.
Whether you’re working in a housing association or a charity, the Social Value Bank will improve your relationships with investors and donors by setting out clearly what you hope to achieve with the resource available. When bidding for new funds or evaluating existing projects, the Social Value Bank will give confidence to investors and donors that you have a clear plan.
The Social Value Bank was first created in 2014 when Wellbeing Valuation was used to value 53 outcomes. Since then homelessness outcomes have been valued and research into the additional health impacts of outcomes has changed some values. If we can find a question in a large national survey that relates to an outcome you are interested in, a value could be generated. Get in touch to find out more.
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HACT is an innovation agency that provides futures-oriented solutions, projects and products for UK housing. HACT delivers thought leadership and drives new ideas for business transformation through our platform of research, impact measurement and data analytics, as well as through our engagement with other sectors and our work on connected technologies. We work alongside housing providers to drive change within their own businesses.
Simetrica offers social impact analysis and policy evaluation of the highest scientific rigour to governments, international organisations, and the private and not-for-profit sectors on some of the most important and pressing areas of policy. They use innovative and technically robust methodologies in social impact analysis in order to provide results and recommendations based on the best available evidence.
The consultancy group at Simetrica is formed of a team of academics and experienced social scientists. They have been the pioneers of some of the most important philosophical and methodological developments in social impact analysis techniques in use today.
OCSI is built upon open data, working with community and public sector clients to use data to do better and are the team behind the 2015 Indices of Deprivation. Value Insight, the leading web-tool that helps users with social impact measurement, is developed in house. They are a spin-out research consultancy from the Social Disadvantage Research Centre at the University of Oxford and since launching in 2003 they have worked with over 200 organisations. Based in Brighton, their core team combines specialised research skills and an expert tech team to provide tools, analysis and support to organisations working for social good.