Best practices in social value measurement

1. Mixed-methods approach

• Combining quantitative and qualitative data is a common theme across organisations. Quantitative metrics offer comparability and scalability, while qualitative insights add depth and human context.
• This dual strategy allows organisations to present a comprehensive picture that appeals to funders, stakeholders, and community members.

2. Ongoing and embedded evaluation

• Effective social value measurement is continuous and integrated into service delivery, not a one-off exercise.
• Regular feedback loops (surveys, interviews, case studies) and data collection mechanisms help in shaping and adapting services to remain relevant.

3. Human-centred storytelling

• Organisations use personal stories to highlight individual transformation and long-term ripple effects. These narratives serve as powerful tools in grant applications and community engagement.
• A “Most Significant Change” approach is endorsed to capture meaning that eludes standard metrics, particularly in domains like wellbeing, inclusion, and empowerment.

4. Monetisation of Social Value

• Several organisations adopt financial proxy models (e.g., Social Value Portal’s TOMs framework) to assign economic value to social activities.
• This makes social value more tangible for internal stakeholders and funders, although concerns exist about oversimplification or underrepresentation of complex outcomes.

5. Use of standardised tools

• Tools such as the Warwick-Edinburgh Mental Wellbeing Scale provide validated, comparative insights into psychological and emotional wellbeing.
• These are often paired with storytelling to contextualise shifts in wellbeing, especially in post-pandemic recovery initiatives.
  
  

6. Local context and collaborative frameworks

• Tailoring measurement frameworks to local needs and priorities is vital. Efforts to create shared dashboards or region-specific reporting mechanisms encourage cohesion across sectors.
• Collaboration among councils, NHS bodies, social enterprises, and academia fosters aligned approaches and knowledge-sharing.

Approaches to social value measurement

A. Community-led social enterprises

• Employ a blend of statistics and lived experience to demonstrate value, especially to funders.
• Highlight geographic reach and demographic representation to underline service relevance.
• Use annual reports to present achievements in a structured, accessible format.

B. Standardised frameworks (e.g. TOMs)

• Provide a structured, evidence-based model using Themes, Outcomes, and Measures.
• Enable financial proxy calculations while accounting for deadweight and attribution.
• Useful for organisations with procurement responsibilities or extensive supplier engagement.

C. Participatory and narrative-based evaluation

• Favoured in academic and grassroots settings to highlight meaning, significance, and emotional resonance.
• Resists purely metric-based evaluations by emphasizing community voice and personal development.
• Examples include participatory storytelling and reflective interviews.

D. Corporate and institutional models

• Combine formal tools with strategic case studies to reflect brand values and social contribution.
• Emphasise reporting transparency, cross-sector partnerships, and non-financial support (e.g. pro bono services).

Key Considerations

• Balance between monetised and qualitative data is essential to avoid marginalising cultural and emotional impact.
• Adaptability of frameworks ensures broader usability across sectors with differing capacities.

Capacity-building may be needed to enhance internal understanding and improve data collection and analysis.