- Standards Australia is seeking consultation on its newly drafted Handbook, SA HB 204, Measuring Social Value – guidance on approach and methodologies.
- Social value measurement is currently used to inform government budgets, policy development and more.
- An Australian first, the Handbook seeks to assist decision-makers in measuring social value impact.
Standards Australia is now seeking consultation on the draft Handbook SA HB 204, Measuring Social Value – guidance on approach and methodologies.
Social value measurement is a vital tool in understanding an organisation's impact on a community or even the wider planet. Measuring social value can capture critical insights into employee wellbeing, solutions to complex social issues and ensure financial resources are efficiently used for a greater impact.
Currently, there is no national standardised framework or definition on social value, and therefore a fragmented market and approach to measuring social value.
Standards Australia Project Committee PC-001, Measuring Social Value, has developed SA HB 204 to achieve a common understanding of social value on a national level. The Handbook aims to assist decision-makers in ensuring their approach to social value measurement is fit-for-purpose.
“Social value as a measure is increasingly informing decisions across government budgets, procurement, policy development, legislation, private sector investment portfolios, and everyday decision making about what we buy, where we work, and who we vote for,” said CEO of Huber Social, Georgina Camp.
“The Handbook seeks to guide decision-makers to be clear on the level of accuracy and validity of different social impact measurement approaches in their context so that they can match the level of rigour with the potential consequences of their decisions,” Ms Camp said.
Huber Social has led the drafting of the Standard, together with other Committee members including, Sweef Capital, Trust Waikato (NZ) and Oxford University, Blavatnik School of Government.
The Handbook will be one of the first national standard documents focused on social value in the world. The UK published a national Handbook for ‘Enhancing Social Value’ in early 2021. Sweden will be drafting a national Social Impact Measurement standard in later 2021.
“We’re pleased to be one of the first National Standards Bodies to develop a Handbook on social value,” said Adrian O’Connell, CEO of Standards Australia.
“I’d like to thank those who contributed to this Handbook and encourage the wider public to review and provide comment on the draft document,” Mr O’Connell concluded.
SA HB 204, Measuring Social Value – guidance on approach and methodologies, will be in the public commenting period until 3 December 2021, via Connect.