Social value culture must go beyond just money, expert says

The culture of social value in the UK should move away from measuring outcomes on a purely financial basis and instead examine other benefits when supporting communities, a podcast has heard.

Social value expert Catherine Manning told Let’s Talk Social Value that too much emphasis was placed on money when considering whether or not community benefit has been achieved.

Instead, analysis of benefit should focus on issues such as wellbeing, the environment and an improvement in people’s happiness.

Ms Manning, who sits on the board of Social Value International and is head of impact practice at Impact Reporting as well as the programme director of new valuation framework MeasureUp, added that social causes like reducing loneliness could be far more effective than simply handing over cash.

Earlier this year, the UK Government introduced the Procurement Act, strengthening requirements for public sector bodies to give consideration to social value elements before awarding a contract.

Catherine Manning, head of impact practice at Impact Reporting and board member of Social Value International, said:“Social value is about wellbeing and about changing wellbeing.

“We’ve got a very well set up system of counting one limited version of value.

“We are really, really good at methodically counting money and letting that money – numbers, the financial systems – guide the majority of our decision making no matter what type of organisation we are in.

“Whether that’s in the private sector, or charities, or government departments.

“The money metrics guide so much of our decision making and it’s such a limited view of value.

“We’ve got to broaden it out to the stuff that really matters. Our relationships, the nature around us, our access to plants and trees, the quality of our air.

“All of this stuff isn’t captured within our financial systems and we’ve got a real opportunity to change the way that we think, the way we make decisions, the way we run our organisations and we can choose to do that in a way that prioritises people’s wellbeing.

“Just because it’s got a pound sign on it doesn’t mean it’s more useful in describing what it represents.

“We’re talking about bringing visibility to the stuff that isn’t financially valuable.

“You could put on a coffee morning and invite all the local people who have caring responsibilities at home.

“The room is free and the coffee and cake might cost £20 a week.

“That group say this has increased their connections to others in a similar situation, it has increased their networks, it has reduced their loneliness.

“To them, that could be worth £10,000.”

Sarah Stone, director of Samtaler, said: “Sometimes the things that matter most to people don’t have to cost a lot. They can be simple, low-cost or resource-light – but still deeply meaningful.

“You can do something inexpensive and it can still be highly valuable for the recipient.

“Social value is about so much more than hard cash, and as a society – both recipients in communities and businesses who invest – need to take this on board.”