Through this year’s UKREiiF Social Value Report 2024, we reported that the forum has created £5 million in social value since 2022. After the event we crafted a detailed report showcasing just how much of a positivity impact UKREiiF have made.
Rifayat Mirza Miah, one of our economists at Loop, goes into more detail below on why measuring social value matters and how we at Loop make it happen.
Rifayat’s role at Loop
As an economist in the Research and Consulting team at Loop, Rifayat works with the team on numerous different projects including social value report creation, validation services for software users and implementing our internal social value strategy. Most importantly Rifayat works on the metric valuations within the National Social Value Standard (SVS) and Loop software, helping users to calculate their social value and impact on wider society.
Introduction to Loop
Loop is a part of the Pagabo Group of businesses which include Pagabo, Sypro and Risk Manager. Loop is a simple all-in-one software solution and consultancy service to help clients understand, evidence and accurately measure their impact. It is a perfect solution for public, private and not-for-profit organisations and is trusted by some of the biggest organisations in the UK. Having been one of the UK’s leading social value organisations since 2016, Loop have seen the social value world grow and develop, gaining valuable experience and knowledge.
How Loop measure social value
The SVS is the primary measurement framework integrated into Loop’s social value software. Offering a broad and versatile scope with over 1,000 metrics, 90% of which have proxy values across social, environmental, and economic pillars. These metrics are robust and regularly updated by social value economists, with additionality analysis conducted to prevent overclaiming. The SVS aligns closely to government and academic best practices, following guidance such as the HM Treasury Green Book and utilising the latest academic research. The SVS also aligns with key frameworks such as the United Nations Sustainable Development Goals (SDGS).
Why is measuring social value important?
Measuring social value provides organisations with a framework for accountability and transparency, allowing stakeholders (such as the public, policymakers, and investors) to assess whether an organisation is meeting its social, environmental, and economic responsibilities. It also enables efficient resource allocation by identifying which initiatives deliver the greatest positive impact on society, ensuring that resources are directed towards initiatives with the highest social benefit cost ratio.
Additionally, social value assessments help identify potential risks and negative consequences, allowing for early mitigation strategies to protect communities and stakeholders. By quantifying and demonstrating their impact, organisations can showcase the value they bring to the communities they serve, which is crucial for gaining public support, funding, and partnerships. Furthermore, integrating social value into tender proposals can provide a competitive advantage, as many clients now prioritise partners who align with their social, economic, and environmental goals.
How can organisations benefit from measuring social value?
Measuring social value by utilising a framework, such as the SVS, allows for a more accurate assessment of actual impact by using counterfactuals, additionality analysis, and economic treatments. This approach provides a deeper understanding than traditional ESG (Environmental, Social, and Governance) and sustainability frameworks that stop at the output stage. It serves as an effective communication tool by creating a common language that resonates with various stakeholders, such as local communities, employees, investors, customers, and contracting authorities, offering an intuitive sense of scale and understanding.
Another benefit of measuring social value is that it improves decision-making by translating diverse impacts into a common unit (£), enabling like-for-like comparisons and help optimise social value. This is particularly useful when assessing investment options or comparing bids during the procurement process, as it places social value alongside costs and financial returns. Additionally, it enhances accountability by supporting better monitoring of initiatives and commitments, ensuring both suppliers and internal operations are held responsible- a traditionally challenging area.
The partnership between UKREiiF and Loop
The partnership between UKREiiF (The UK’s Real Estate Investment and Infrastructure Forum) and Loop centres around driving positive social value outcomes and sustainability within the built environment sector. Loop collaborates with UKREiiF to quantify and demonstrate the social value generated at UKREiiF events. In their partnership, Loop has provided detailed social value reporting for UKREiiF’s annual events, measuring impact across key areas like employment, skills, community, and environmental contributions. This collaboration came about due to shared values focused on sustainability, social impact, and alignment with the UK government’s Levelling Up agenda. Both organisations emphasise using data to quantify and promote social and economic benefits, leveraging Loop’s expertise in social value measurement. This partnership also showcases how events like UKREiiF can have tangible social and environmental impacts.
UKREiiF and its social value
UKREiiF have generated over £5m in social value across the last three years (2022–2024) which is an impressive contribution to the wider economy and specifically to the local community in Leeds. The event not only provides a landscape to bring together key players and decision makers in the industry but allows for the opportunity to have the right conversations to drive conscientious and sustainable economic growth.
If you’re interested in learning more about UKREiiF and their social value, download our UKREiiF Social Value Report 2024.
If you want to speak to a member of our team regarding our social value software, book in for a demo.
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