New measurement framework set to change how orginisations measure the impact of their actions

Developed by specialist economists at social value software and consultancy orginisation, Loop, along with input from academic, public sector and non-profit institutions, the measurement framework and its methodology are available to any organisation to evaluate the impact from their actions.

The new measurement framework includes more than 800 metrics - 90 per cent of which are monetised - all aimed at increasing the robustness and accuracy of forecasts and estimates.

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 excited for the new social value measurement framework to be rolled out and look ahead to the future of social value.”

Loop, which uses the framework across its software, noted how it has been able to use its expertise in the field to help develop the standard, with every outcome and grouping reviewed by Loop’s 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 –which loop says creates a clearer and more compatible framework structure.

Many of the metrics have also been renamed or consolidated in an attempt 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; and Environmental.

Ken Chalk, principal economist at Loop, 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.”

Loop was founded in response to the Social Value Act 2012, with its with a view to providing a range of services to help businesses and public sector organisations measure the social impact they create.