Social Value refers to the wider financial and non-financial impacts of programmes, organisations and interventions, including the wellbeing of individuals and communities, social capital and the environment.
As a result of the Public Services (Social Value) Act 2012, the public sector must consider how the organisations that will potentially be commissioned to deliver required services will engage with the community to deliver wider social, economic and environmental benefits. Subsequently, VolkerHighways use The Social Value Portal to assess and quantify its positive impact on local communities and measure its corporate social value impact.
The Social Value Portal can:
- Provide guidance and support on identifying local community needs and how organisations may respond
- Help develop organisations’ bespoke proposals using a Social Value Calculator, including converting Social Value pledges into a financial figure
- Provide measurement and contract management tools to assess progress and delivery of social value, as well as social value reporting
- Provide a solution for measuring additional social value delivered by supply chains
How it works:
Social Value is measured against a series of Themes, Outcomes and Measures (TOMs). Each measure is allocated a financial (proxy) value that reflects the cost saving and economic benefit to society and the individual of that measure being achieved. The cost-benefit analysis uses verified government sources like the Unit Cost Database, ONS, DWP, MOJ, DfT and WebTAG BEIS Toolkit. In some cases, where there is no direct saving, or it is inappropriate to allocate a value, then an estimated ‘cost’ to business is used.
For more information on this tool, click the resource below.