MEASURING SOCIAL VALUE - PROVING IT
Understanding how our work creates changes in people's lives is vitally important. We invest time in measuring the social value that is created across FRC Group because it means we can make sure we are doing more of what works, investing our resources to the best effect and challenging ourselves to produce the best performance we can. We are members of Social Value UK and use the Principles of Social Value to measure the positive and negative changes that arise from our work.
The importance of measuring, proving and improving social value is embedded through FRC Group. We have a Social Value Committee, a sub-committee of the Board, which develops policies, social value models and sets performance expectations which are approved at Board level. Bringing people from across the organisation, the Social Value Team of staff members ensure that appropriate quantitative and qualitative data is collected, analysed and reported to the management team and the Board.
We use the social value data we collect to report how we are doing to our stakeholders and our stakeholders' concerns shape what we do and measure. Our policy on Stakeholder Engagement and Materiality is available HERE.
The flagship document is the annual public report that write to tell the 'warts and all' story of our year. We have produced a social report each year since 1998 and in 2014 we produced our first Integrated Social and Financial Value report. All of our reports are available HERE.