HACT have long been pioneers in the development of social value measurement. The latest evolution has been developed in partnership with Morgan Sindall and Simetrica and incorporates a suite of value outcomes which are tailored to specifically measure the impact of activities through the supply chain.
Use tailored values to drive social impact through your procurement activities
Understand the needs of the community and integrate through your end-to-end tender process
Show your accountability across your projects and activities and demonstrate your commitment to long-term impact
Build on your capability and show a clear path for improvement to your stakeholders
The value outcomes can be grouped into seven areas.
Each outcome demonstrates the social value to individuals, the savings to the state and the local business. It has been designed for the built environment and supply chain so you can fully demonstrate your transformational impact to people and local communities in which you operate.
The Built Environment Bank uses the wellbeing measurement which is endorsed by the Government through the HM Treasury Green Book.
For the first time in compliant methodology, the suite of values will speak to three valuation strands.
You can access the methodology papers, outlining how these values are calculated here
In 2024, we will be incorporating a new suite of value outcomes into Social Value Insight. They will enable organisation model, monitor and measure the impact of their supply chain activities. See the progress we have made so far and what it will include.
The outcomes focus on individual wellbeing which means, first and foremost, when you measure the numbers you know that means your are creating an improvement to an individuals wellbeing, in real communities.
We've listened to what would be helpful. The bank has been developed with Simetrica Jacobs, Morgan Sandal and informed by engagement with a sub working group of HACT's social value user group.
Don't just tick the box for social value but bring suppliers along in your social value journey, incorporate ongoing engagement and knowledge share.
Set up your projects, choose the outcomes and set targets and a budget for each
Model, monitor and measure all your projects in one place
Create meaningful reports that can be exported to demonstrate your impact
Maximise your social impact across the built environment
Get in touch with our social value team to discuss your social value journey and how we can help you create more meaningful impact.
