Developed by expert economists at the social value consultancy and software organization, Loop, along with contributions from academic, public sector, and nonprofit institutions, the measurement framework and its methodology are available to any organization to assess the impact of its actions.
The new measurement framework includes over 800 metrics – 90% of which are monetized – all aimed at increasing the robustness and accuracy of forecasts and estimates.
Gerard Toplass, Group CEO of Loop’s parent organization, The 55 Group, said, “Social value is an ever-changing space that continues to expand to reflect the social, environmental and economic world in which we live.
“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’re proud to use the National Social Value Standard framework because, with these updates, we believe it’s the broadest, most robust, and most accessible framework available.”
“Our Loop economists worked hard on the framework alongside the National Social Value Standard to ensure a more comprehensive and diverse range of measures and valuations were achieved.
“We are excited that the new social value measurement framework is rolling out and look forward to the future of social value.”
Loop, which uses the framework in its software, noted how it was able to use its expertise in the field to help develop the standard, with each outcome and grouping reviewed by Loop economists in line with the latest academic and government thinking.
The update includes streamlining the social value pillars into three impacts – social, environmental and economic – which the loop says creates a clearer and more compatible framework structure.
Many metrics have also been renamed or consolidated in an effort to improve consistency and make them more user-friendly.
They are now grouped under five headings to better structure and improve navigation: Jobs, apprenticeships and internships; Workforce welfare, training and skills; Supply Chain; Community, charity and other stakeholders; and Environment.
Ken Chalk, Senior Economist at Loop, said: “This is the most significant update to the framework in recent times, with the large-scale changes made now allowing future iterations to focus on minor tweaks.
“We decided it was time to develop this new version, as methodologies and understanding of social values continue to mature.
“Whether it’s new methodologies being developed or a more sophisticated and adapted use of existing approaches, the goal is to increase the robustness and accuracy of the framework.
“The changes made are essential to ensure a more accurate and aligned with Her Majesty’s Treasury Green Book representation of social value, which can then help drive more effective creation of positive impacts.
“We are confident that the updated framework has resulted in a more comprehensive and diverse range of measurements and assessments, and we look forward to feedback.”
Loop was founded in response to the Social Value Act 2012, with the aim of providing a range of services to help businesses and public sector organizations measure the social impact they are creating.