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Social Return on Investment

Social Return on Investment. Social Return on Investment. Chris Rogers, Quality & Monitoring Officer. Background to SROI What, how, why, when? Who could undertake SROI? Size, expertise, infrastructure vs. delivery, funding model What are the problems in undertaking SROI?

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Social Return on Investment

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  1. Social Return on Investment Social Return on Investment Chris Rogers, Quality & Monitoring Officer

  2. Background to SROI • What, how, why, when? • Who could undertake SROI? • Size, expertise, infrastructure vs. delivery, funding model • What are the problems in undertaking SROI? • Measuring impact, metrics, structures • Do I have to use the whole framework? • Lessons learned by BVSC

  3. What is SROI? “A type of economic analysis that provides a framework for measuring social value. The SROI ratio represents the social value created for each £1 invested. Integral to this is the process of listening to stakeholders, understanding & valuing outcomes” New Philanthropy Capital

  4. Background to SROI • Understanding which stakeholders to include • Establishing a theory of change • Based on completing an impact map • Putting a value on those changes • Financial proxies • Can be evaluative (looking back) or forecast

  5. The principles • Involve stakeholders • Understand what changes • Value things which matter • Only include what is material • Do not over claim • Be transparent • Verify the result

  6. The six stages • Establishing scope & identifying key stakeholders • Mapping outcomes • Evidencing outcomes & giving them a value • Establishing impact • Calculating SROI figure • Reporting, using & embedding

  7. Ensuring accuracy • Displacement • Outcomes moved from elsewhere? • Deadweight • What would have happened if we had done nothing? • Attribution • Who else contributed to this change? • Drop-off • How long will these changes last?

  8. Simple example • Total Investment = £100 • Total value of interventions = £1,000 • Displacement -10% (£900) • Deadweight -20% (£720) • Attribution -20% (£576) • Drop-off 0% (£576) SROI figure £5.76 : £1 invested

  9. Who could undertake SROI? • Front line, delivery organisations • Large size • Easily defined project(s) • Objective outcomes • Outcomes across traditional policy boundaries • e.g. Mental health & employment

  10. Who should think hard? • Infrastructure organisations • Small size • Subjective outcomes • High variance in stakeholder opinions • Diverse range of projects / directorates

  11. Is SROI for me? • The key questions to ask yourself: • Will my stakeholders find SROI analysis useful? • Funders mostly • Do we have necessary preconditions in place? • Can we successfully engage stakeholders? • Quantitative data bank in place? • Can outcomes be monetarised?

  12. Do I have to use the whole framework? No, not if you don’t want to • Robust methodology for thinking about theory of change / impact • This can be an end in itself • Consider your theory of change (stage 1&2) • Makes you think more about evidencing impact • Can help you think about how / what to measure

  13. What are the problems? • Cost / time / complexity • Future commitment • Selecting appropriate stakeholders • Ensuring stakeholder buy-in • Avoid alienating them! • Benchmarking • High scope for variance • Do others have margin for error?

  14. Further problems • SROI does not tell you which outcomes to measure • The detailed analysis comes from your organisation

  15. What did BVSC change as a result? • New impact assessment framework • Wider impact of volunteering • Impact assessment included in remit of quality committee • Benchmarking • User feedback collection • In-depth metrics collected • Uniformity of data gathering methodology

  16. Further resources • “A guide to SROI”, Cabinet Office • www.thesroinetwork.org • www.sroiproject.org.uk • Database of Financial Proxies http://www.sroiproject.org.uk/sroi-database.aspx

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