A key tool for organisations to assess the impact of their actions, devised by a specialist Hull consultancy, has had a new measurement framework added.
The National Social Value Standard has been developed with the help of economists at Loop, part of The 55 Group, together with input from academic, public sector and non-profit organisations. It includes more than 800 metrics - 90 per cent of which are monetised, and is focused on increasing the robustness and accuracy of forecasts and estimates.
Included in the update is the rationalisation of the social value pillars into three impacts – social, environmental, and economic – creating a clearer and more compatible structure.
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Many of the metrics have also been renamed or consolidated in order to improve consistency, with further steps taken to mitigate over-claiming.
Ken Chalk, principal economist at Loop, who worked on the National Social Value Standard, said: “This is the most significant update to the framework in recent times, with the large-scale changes made now allowing for future iterations to be about minor adjustments.
“We decided it was time for the development of this new version as social value methodologies and understanding continues to mature. Whether that is new methodologies being developed or a more sophisticated and tailored use of existing approaches, the aim is increasing the robustness and accuracy of the framework.
“The changes made are vital to ensure a more accurate, HM Treasury Green Book aligned, representation of social value, that can then help drive more efficient creation of positive impacts.
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“We are confident that the update to the framework has ensured there is a more comprehensive and diverse range of metrics and valuations available, and we look forward to hearing feedback.”
Loop is one of a clutch of companies operated out of the recently-overhauled former HSBC in Whitefriargate. Gerard Toplass, The 55 Group chief executive, said: “Social value is an ever-changing space that continues to develop to reflect the social, environmental, and economic world that we live in. It is vital that this continues to be the case in order to increase the robustness and accuracy of forecasts and estimates.
“At Loop, we are proud to use the National Social Value Standard framework as, with these updates, we believe it is the broadest, most robust, and most accessible framework available.”
“Our economists at Loop have worked hard on the framework alongside the National Social Value Standard to ensure that a more complete and diverse range of metrics and valuations have been achieved. We are excited for the new social value measurement framework to be rolled out and look ahead to the future of the social value.”
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