social value workshop
TRANSCRIPT
What do we mean by Value?
• Traditional approach to valuation• Outputs and numbers• Economic impact• Fiscal impact• Social value
Drivers for change
• Austerity• Early intervention• Preventative activity • Third sector and private sector delivery• Quality of life measures• Social Value Act• ....choosing what really matters to society
Whatever your driver, if you don’t start measuring your value – others will start
measuring your cost...
Key questions to value what matters
• Who changes?• How do they change?• How much do they change?• Was the change down to your activity?• How do you know?• How much does the changes matter (value)?
Who and how?
• Project one; training for NEETs• Project two; reducing isolation in older
people• Project three; support for carers• Project four; employability for over 50’s• One paragraph project description• 5 core outcomes for your project• 1 NEGATIVE IMPACT?
How much do they change and was it you?
• Distance travelled / key transitions• Attribution• Displacement• Substitution• Additionality
How do you know?
• Reported• Feedback from beneficiaries
• Observed• Feedback from staff
• Measured• Surveys
• Evaluated• Other reports
Valuation techniques
Revealed preference
Desk research and consultation to see what similar outcomes people spend on – and how much
Stated preference Asking people directly how much something is worth to them or by comparing directly with other goods and services
Hedonistic pricing(!)
Robust research, based on national surveys, identifying average values for soft outcomes
Card game
“It is better to be roughly right than precisely wrong.”
― John Maynard Keynes
Getting started
• Decide on those outcomes which matter most
• Consider resources – prioritise• ‘Better to measure a few things well than lots
of things poorly’• Balance qualitative and quantitative • How will you involve beneficiaries?• Agree on reporting timescales
Case study – START in Salford
• Arts and creativity in mental health• Stakeholder event• Outcomes short, medium, long term• Prioritisation with beneficiaries• Nine outcomes• Tools – qualitative and quantitative• Proxies – core values
Who START changes?
Intervention Economic benefits Fiscal benefits Social benefits
Arts on PrescriptionPeople with medium MH problems
Increased local output (people more employable)
Reduced mental health costs
Less stress and increased confidence
START over 50Isolated older people
Increased trade for local shops
Fewer GP visits Reduced isolation
START youthUnder 25 with MH problems
Increased long term opportunities
Education and welfare savings
Less family stress / carer benefits
“every £1 invested in START provides a return on investment of £6.50 ”£490,000 of investment in START created
• Fiscal savings – £1.5 million (5 years)• Economic value – £600,000• Social value – £1.25 million
How START is using social value
• Measure impact – an evaluation tool• Engaging community – communications tool• To secure funding – funding tool• Self evaluation– capacity building tool• Publicise proven impact- marketing tool • Measure and improve – performance tool• Identify maximum impact – investment tool• Identified social values – procurement tool
Help we can offer
Not guides and tools – have them for free!
Not training – it doesn’t stick
Not doing it for you – you don’t learn much
Practical help
“Social value needn’t cost the earth” - me!