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

Why are you interested in social value?• Prove?

• Improve?

• Funding?

• Any other?

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 changes?

Project

Funders

Partners

Beneficiaries

Others –

How do they change?

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

Why value outcomes?

Why value outcomes?

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!

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

Guide to Social Value and a range of other materials FREE