Understanding how social value is measured, why wellbeing valuation matters and how HACT methodology provides independent validation.
What is social value?
Good question – Social value is a way to quantify how different interventions affect people’s lives – the overall impact on people’s wellbeing, or their quality of life. It is a way of measuring the positive benefits your work has on both individuals and communities.
Understanding the different ways social value can be built into projects is key to ensuring the social value you build in to your plans has a positive tangible impact on the community.
Why use HACT’s Social Value measurement?
Developed over 10 years ago, the UK Social Value Bank contains a suite of 88 outcomes. Each outcome has a defined financial metric, which incorporates a wellbeing value, a health top up value and, where applicable, an Exchequer value (savings to the state).
The outcomes have been developed using a consistent methodology, using more than eight years of research and national data surveys. The Bank builds on person centred principles, using data on self-reported wellbeing and life circumstances measuring people’s actual experiences. This means that the values for each outcome are based on how they impact people’s lives as they live them.
Take a look in more detail on the HACT website – click here
