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Your business is probably doing some real good in the world, whether that’s hiring local people, improving energy efficiency, or giving employees time off to volunteer.
But if you want to talk about the difference you’re making in a way that resonates with stakeholders, you need to be able to measure it.
And there are plenty of ways to do that, depending on your goals. Terms like Social Value measurement, social impact measurement, or Social Return on Investment (SROI) often get used interchangeably – but they aren’t quite the same thing.
In this guide, we’ll unpack what each one really means and how to choose the approach that works best for your organisation.
Social Value refers to the additional social, environmental, and economic benefits that an organisation generates through its activities, beyond the core function of a contract or business as usual.
In the UK, this idea really gained traction with the introduction of the Public Services (Social Value) Act 2012, which requires public sector organisations to consider how the services they procure can deliver wider social, environmental, and economic benefits.
But it’s not just for the public sector anymore. More and more businesses are now using Social Value frameworks to track and improve their contributions to people, place, and planet.
💡 Read our breakdown: What is Social Value?
The most widely adopted tool for measuring Social Value is the Social Value TOM (Themes, Outcomes, and Measures) System™, formerly known as the National TOMs.
The TOM System was built to be:
The TOM System strikes a balance between rigour and usability and is particularly effective when Social Value needs to be embedded across multiple projects or consistently tracked over time.
💡 Explore: The Social Value TOM System™
Social impact is a slightly broader concept, referring to the change that results from your organisation’s activities, whether that change is social, environmental, economic, or a mix of all three.
Social impact measurement is often used by charities, foundations, and purpose-led businesses to understand how they’re contributing to positive change over time.
Compared to Social Value frameworks, social impact measurement is typically:
Social impact measurement is a good fit for organisations that want to limit their impact measurement to specific areas, can afford to invest in multiple qualitative evaluations, and don’t necessarily need to follow a uniform framework across teams or sites.
SROI, or Social Return on Investment, is a methodology designed to capture and monetise social, environmental, and economic outcomes as a ratio (e.g. £5 of value generated for every £1 invested).
This captures value not accounted for by traditional ‘return on investment’ calculations, helping organisations understand the full return from their activities.
While this methodology is characterised by rigour and depth, its practical application can present challenges. SROI tends to be:
While SROI has its place in the landscape of social impact and Social Value measurement, it is not typically used as a default reporting tool. Instead, it's often reserved for projects where proving value for money is critical, and there is capacity to conduct a detailed evaluation.
While Social Value, social impact, and SROI each offer distinct perspectives on measuring outcomes, they aren’t mutually exclusive, and in practice, many organisations draw from more than one approach.
We’re biased, but we think Social Value measurement, particularly through the adaptable yet rigorous frameworks of the TOM System, offers the most scalable and widely applicable foundation for embedding measuring and enhancing impact.
Here’s how the approaches compare in real-world use:
Use the Social Value TOM System™ if:
Use a social impact measurement approach if:
Use SROI (Social Return on Investment) if:
Whether you’re bidding, reporting for ESG, or assessing single project outcomes, the key is choosing a measurement approach that fits your goals.
Ready to take the first steps?
Try the Social Value Portal platform and the TOM System for free 👉 Get started here
Since 2017 Social Value Portal has been at the forefront of the Social Value movement. As creators of the endorsed Social Value TOM SystemTM, hosts of the annual Social Value Conference and founding members of the independent National Social Value Taskforce – they set industry standards and lead the business agenda.
Their unique mix of consultancy, cloud platform and programmes offer organisations the complete solution to accurately measure, manage and report Social Value – and create lasting impact.
In 2022, SVP achieved B Corp status, scoring above average in all assessed. The company’s aim is to promote better business and community wellbeing through the integration of Social Value into day-to-day business activity across all sectors.
Ready to make your Social Value count?
Book a 30-minute session with a Social Value specialist today.
The people, platform and programmes that support organisations to measure, manage and report on the social, economic, and environmental benefits they contribute to society.
Making Social Value Count TM