What is 'social value’?

Social value is a term that has massively grown in use over the last twenty years or so, but what is it, and what does it mean for the public library sector?

Put simply, social value is a way to measure value that goes beyond the monetary and the financial. Rather than profit, the value is based on the impact a decision or offer has on someone’s well-being. This could be by reducing loneliness, improving their employability or increasing their health awareness. 

Measuring these changes, which can often be subjective and difficult to quantify, forms the basis for the holistic approach of social value. Whilst there is a lot of variation, generally these approaches all combine qualitive consultation with relevant communities and data analysis to provide a comprehensive picture of the change and it’s impacts. 

And whilst social value goes beyond the financial, it often uses inspiration from financial structures and measurements to provide rigour and consistency and with a monetary figure then used to communicate that value. But this is not a cash value, instead it looks at things like money saved by the individual or state through interventions, or the monetary value created through the increase of skills. 
 

A way of measuring library work

So how is social value relevant to public libraries? 

It is relevant in two main ways, in procurement and measurement.

In terms of procurement, public service contracts must include a percentage of social value to be delivered in the community. Libraries are excellently placed to deliver this social value, either through their own bids or by delivering for partners. These contracts can be complicated enough but especially when having to quantify social value, which brings us to the, arguably most important, way it is relevant to libraries, measurement.

Libraries do amazing work, but it can be hard to represent that outside of more commonly understood targets such as profit. Even with income through things like room hire, libraries exist on a completely different scale. Social value, therefore, is a way to measure what libraries do and the impacts they have on their communities in way that is evidenced, tangible and consistent. 

As mentioned, this measurement combines community consultation and data analysis alongside research of the community surrounding the library. So, looking at the needs of the area, its demographics and then speaking with users, staff and partners and then looking at things such as running costs, event attendance and visitor figures. 

So for example, a library could speak to the attendees of an art club to find out about the impact it has had on their lives, look at the costs associated with the club and it’s take up and then run the data through an existing tool or methodology to be able to say the art club produces £X value. The consultation will support this figure by evidencing the club’s effect on wellbeing by reducing loneliness or providing new skills together in a comprehensive package. 

This then allows library services to communicate their value to those outside the sector in more tangible, quantifiable ways that can be easily understood. Whether that is by the general public, local partners or council decision-makers this is something that is extremely important. Especially in these times of reduced budgets and increased focus on data.

As well as measuring what is already on offer, this method also allows libraries to forecast the benefits of new projects or offers whether to funders or working with a partner as part of a larger contract. 

Explaining the ‘why’ of libraries

Here at Libraries Connected, we have seen the increased interest around social value in the sector over the last few years so. Carrying on from our Libraries for Living report by academics at the University of East Anglia we have created the Social Value Impact Programme to support libraries in these processes. This support comes in the form of webinars, how-to sessions and a community of practice providing peer support alongside more intensive offers coming this year. 

We know how important libraries are and the vital work they do every day in branches across the country. Social value allows us to communicate that in a comprehensive way going from ‘of course libraries are amazing’ to ‘libraries are amazing, and here’s why…’..

For more information on this work please get in touch with Chad on chad.bentley@librariesconnected.org.uk.