I am really looking forward to the year ahead with the Australian Social Value Bank (ASVB).
Why do I think the ASVB is a game changer?
If we want people outside of the world of social impact to understand in simple terms the social impact an organisation, program or project is having in our society we need a common currency.
The ASVB creates this currency by providing wellbeing values for social outcomes which touch all the major parts of Australian society; from changes in personal wellbeing to wider community wellbeing. It does this by using national datasets to understand how changes in someone’s circumstances affect their overall wellbeing.
The approach has been developed by Simetrica, who is a world leader in the measurement of social impact and value. Simetrica and their founder, Daniel Fujiwara, work with Governments across the world, including the UK, Canada and New Zealand, the OECD, and some of the largest multi-nationals across the globe. These wellbeing values are used by organisations such as the World Health Organisation (WHO) and the United Nations because they allow anyone to easily comprehend the social value being created.
Who do I think can benefit from using the ASVB calculator
The ASVB is unique in providing a tool which can be used by professionals and organisations at both ends of their social impact measurement journey.
Those at the start of their journey can use the tool provided by the ASVB to not only quantify their impact but to collect the data they need to make their calculations. ASVB provides survey questions, for pre-intervention and post-intervention, which come with guidance on how to administer them. These surveys can be used as a standalone data collection activity or can be embedded into an organisation’s current administrative data collection. From my experience, I would always highly recommend that these activities are embedded in the everyday workflow of frontline staff to ensure success in data collection sample sizes.
On the other hand, if you already carry out impact measurement or evaluation activities which output reports on your outcomes, the ASVB allows you to convert your outcomes into financial wellbeing values. These can be incorporated into Social Return on Investment and Cost-Benefit methodologies. Many organisations already quantify their outcomes in financial terms using different methods to create the values, but what makes ASVB unique is that it is built upon the largest datasets available in Australia and is simply the most robust set of indicators currently available. As the underlying methodology is consistent across the bank of values, you can also compare values in ways not previously possible.
What am I most looking forward to in the role?
I am passionate about organisations, large and small, being able to utilise the ASVB in order to continuously improve the impact they are having in their communities. I look forward to meeting all the current subscribers to the ASVB and supporting them in their work. I open the invitation for anyone looking to begin their journey in impact measurement or looking to add the ability to quantify their impact, to reach out to the ASVB to start a conversation on how we can help. And finally, I look forward to the exciting projects, activities and events we have planned in the next 12 months, to build a vibrant ASVB community of practice.
Let’s do this!!