What is Social Impact measurement?
Social impact is the net effect of an activity on a community/ company / employees and the well-being of its individuals and families. To truly measure any progress done in the area of social impact progress, we must measure social value as well as its financial value. Without both, we may unwittingly increase one to the detriment of the other.
Until we measure the financial value of the social impact created, we will continue to make decisions at the cost of our personal, social and environmental wellbeing. Just as longitude is to latitude, we need social value and financial value to know that we are on track.
What does Maxout do?
The United Nations has laid down 17 Sustainable Development Goals (SDGs) to guide companies and organizations who aim to achieve high Social Impact.
Huber Social (Australia) is a part of the UNDP (United Nations development programme) SDG Impact assurance advisory group, which accredits members to measure Social Impact across the world.
Akanksha Sthalekar from Maxout Global (India) is accredited from Huber Social as a Social Impact measurement consultant (probation) and Maxout works in collaboration with Huber Social to measure Social Impact in India.
In order to achieve highest Social Impact value, Maxout measures Social Impact through a common yardstick; measuring progress in terms of overall wellbeing and identifying priority needs.
The Impacts measured being:
Progress overall in terms of a ‘shift’ in wellbeing
Outcomes achieved to contribute to this wellbeing
What people need, in terms of capability and opportunity, to maximize their wellbeing
Through measuring overall wellbeing, we account for both the negative and positive changes occurring. Identifying the contribution of the program and the specific outcomes is thus achieved.
Social Impact Measurement achieves the following:
Comparable: The ability to compare across programs/products fairly, so that resources are directed to have the greatest impact.
Actionable: It provides a data driven profile of the needs of people impacted to reform decision making across program/product design, delivery and ongoing performance.
Independence: Independent third-party assessment of your social impact that can be audited against a proven standard. This provides at least the same level of integrity as trusted financial assessments.
Maxout is dedicated to measuring what matters, so that resources can be directed to where they create the most social value.