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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

Social Return on Investment

Social Return on Investment

Chris Rogers,

Quality & Monitoring Officer

slide2

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
what is sroi
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

background to sroi
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
the principles
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
the six stages
The six stages
  • Establishing scope & identifying key stakeholders
  • Mapping outcomes
  • Evidencing outcomes & giving them a value
  • Establishing impact
  • Calculating SROI figure
  • Reporting, using & embedding
ensuring accuracy
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?
simple example
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

who could undertake sroi
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
who should think hard
Who should think hard?
  • Infrastructure organisations
  • Small size
  • Subjective outcomes
  • High variance in stakeholder opinions
  • Diverse range of projects / directorates
is sroi for me
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?
do i have to use the whole framework
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
what are the problems
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?
further problems
Further problems
  • SROI does not tell you which outcomes to measure
    • The detailed analysis comes from your organisation
what did bvsc change as a result
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
further resources
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