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Social Value Workshop
- 2. What do we mean by Value? •Traditional approach to valuation •Outputs and numbers •Economic impact •Fiscal impact •Social value
- 4. 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
- 5. Why are you interested in social value? •Prove? •Improve? •Funding? •Any other?
- 6. Whatever your driver, if you don’t start measuring your value – others will start measuring your cost...
- 7. 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)?
- 8. Who changes? Funders Project Partners Beneficiaries Others –
- 9. How do they change?
- 10. 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?
- 11. How much do they change and was it you? •Distance travelled / key transitions •Attribution • Displacement • Substitution • Additionality
- 12. How do you know? •Reported • Feedback from beneficiaries •Observed • Feedback from staff •Measured • Surveys •Evaluated • Other reports
- 15. 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
- 18. Card game “It is better to be roughly right than precisely wrong.” ― John Maynard Keynes
- 19. 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
- 20. 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
- 21. Who START changes? Intervention Economic benefits Fiscal benefits Social benefits Arts on Prescription People with medium MH problems Increased local output (people more employable) Reduced mental health costs Less stress and increased confidence START over 50 Isolated older people Increased trade for local shops Fewer GP visits Reduced isolation START youth Under 25 with MH problems Increased long term opportunities Education and welfare savings Less family stress / carer benefits
- 22. “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
- 23. 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
- 24. 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!
- 25. Guide to Social Value and a range of other materials FREE Our Plain English Guide to social value is included in your pack today. Please leave your name and address on the sheet, or come and speak to us next door
Editor's Notes
- Don’t comment on the cartoon...just leave it up. Explain who we are and why we are here and check they are here for the same reason – i.e. To explore social value and see if it is something they should be doing anything more about. Then go on to the exercise in the perspective – reasons for wanting to use social value.
- Although things have changed a little there is still a persistence with many funders to look at numbers – they talk of outcomes but ask for outputs! This is because it is still in our mindset to look at the traditional approaches to value. We look at economic value – the financial impact on an individual or economy (e.g. increase in earnings) Or we look at fiscal value – savings made e.g. reduction in benefits These are important measures that we would never ignore but the third sector in particular delivers much more than that – it delivers social value and while we have known this for years, it’s been difficult to secure recognition, mainly because it’s difficult to measure – how do you measure intangibles such as increased confidence. Yet these are often the very reason we invest in projects. But there is change coming and social value has finally been recognised by the Government – indeed it appears in the Treasury Green Book
- Explain cost, price and value using the aspirin.
- These are some of the reasons we think there is a growing desire for people to demonstrate social value. Techniques like SROI are becoming increasingly popular. Government and funders are interested. Many third sector projects and social enterprises want to demonstrate their value - and improve it – in times of austerity.
- But the bottom line is that if you don’t start doing something about this it is highly likely somebody else will.
- Not funders And there are always some you don’t know – ask beneficiaries
- Exercise as per the perspective – getting them to come up with some examples of outcomes.
- Here are some values against each of the outcomes – the values are just “units of value”. They dont mean anything other than some sort of “importance points”. Now you can see that in fact the first project (or the first year) dealing with a smaller number of people has a much bigger impact or at least the impact it has is much more important to the people its helping. Looked at like this you would see that the first project could teach the 2nd project some lessons. Or if it was the same project over 2 different years that in fact its performance was falling so you need to do something about it.
- There are three approaches to looking at value. We are note going to go into them all in depth now – but we always suggest using more than one. It’s good research practice to ‘triangulate’, so this is what we do.
- This stuff isn’t some cooky made up nonsense as some people have suggested. It is actually based on very strong and robust economics. For example you can read this review published by the Treasury.
- Or perhaps not!!
- Make this up using the slide!
- Make this up using the slide!
- Here are some examples: Carlisle Youth Zone is a big multi-million pound new youth centre in Carlisle. Its been able to raise hundred of thousands of pounds for its revenue costs, from the private sector and public sector, by demonstrating how much social value it creates – not cost savings but the value to the young people who use the centre. At the other end of the scale Sunderland Youth Villages is a mobile and “camp” that has been able to focus limited resources on particular aspects of the project – such as employing young apprentices – that add most value.
- Make this up using the slide!
- NOTE – THIS IS AN ANIMATES SLIDE! (at least I think so) Explain that we have devised a low cost, high impact service. You could say we used to do and still do lots of expensive evaluation reports but we think it is much better to help people do it for themselves. Then explain the whole bit about how we don’t sell them guides and tools because they can get them for free but we do sell them hand-holding and support.