Loop backs launch of National Social Value Standard

We’re pleased to be backing the National Social Value Standard (SVS) as it launches its new social value measurement framework this week.

The new measurement framework sits at the forefront of an ever-changing social value world and includes more than 800 metrics – 90% of which are monetised – all aimed at increasing the robustness and accuracy of forecasts and estimates.

We use the framework across our software and have inputted our expertise in the field into developing the standard. Every outcome and every grouping has been carefully reviewed by our economists in line with the latest academic and government thinking.

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 framework structure.

Many of the metrics have also been renamed or consolidated in order to improve consistency and make them more user friendly. They are now grouped under five headings to add more structure and improve navigation:

• Jobs, apprenticeships and placements

• Workforce wellbeing, training and skills

• Supply chain

• Community, charity and other stakeholders

• Environmental

On top of all the changes to existing metrics, a number of new metrics and valuations were developed. For example, under the environmental heading, the monetised waste metrics have been significantly built out, with changes in waste treatment between all levels of the waste hierarchy leading to specific values – 39 in total.

The standard also allows tracking of negative values, supporting the framework’s push to mitigate overclaiming. Allowing users to use metrics that generate a negative value, such as the ‘made redundant/dismissed’ metric, and enter negative inputs for certain metrics, such as CO2e emissions, is a key step towards measuring a more accurate view of social value.

Loop Social Value week, which begins on 17 October, is shining a light on all things social value, examining what social value is, and what its impact is, its measurement and its future.

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.

“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.”

Gerard Toplass, group CEO of Loop’s parent organisation The 55 Group, 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 delighted to be backing the framework during the launch of Loop’s Social Value Week. We are excited for the new social value measurement framework to be rolled out and look ahead to the future of the social value.”

The National Social Value Standard will be available to the public via its website. For more information, please visit: National Social Value Standard.