The social value of public health
Nationally and internationally, there is a growing recognition of the need for targeted and sustainable investment in people’s well-being, health equity, and prevention. Emerging frameworks are resulting in the holistic restructuring of systems, as well as the prioritisation of health and well-being in decision making processes. This evolving narrative aligns with global commitments such as the United Nations Sustainable Development Goals and national legislation, such as the Well-being of Future Generations (Wales) Act 2015.
Alongside this, there is increasing awareness of the need to expand traditional ‘value for money’ approaches. Organisations are exploring ways to identify, measure, and embed broader social, economic, and environmental impacts and value into their operations, strategies and budgets.
By integrating social, economic, and environmental outcomes into decision-making and funding prioritisation in Wales, we can not only enhance health and well-being but also help secure a sustainable future for current and future generations.
What is social value?
Social value is commonly referred to as “the quantification of the relative importance that people place on the changes they experience in their lives”. Although there is no set definition, social value encompasses the broader value that organisations create through their day-to-day operations for society, communities, and the planet beyond financial and economic gains. It encompasses the positive impact of these activities on individuals, communities, the environment and overall societal well-being.
In the context of public health, using social value methodologies to examine the value of a service, intervention or programme provides a systematic and comprehensive way to measure, assess, and evaluate ‘real’ outcomes, and impacts. Social value approaches are stakeholder-led and account for the outcomes and impacts experienced by all direct and directly impacted stakeholders. Social value evidence offers many benefits including informing and supporting:
- The allocation of resources to where they are having the greatest impact (value) on people, specific groups, communities, society, the economy and the environment. Sometimes a social value analysis may identify novel sources of value that have not been considered before.
- Investment in high value upstream interventions (primary prevention and early intervention) to protect and improve health and well-being, and to reduce health inequities.
Work on social value
The Well-being Economics and Value Team has developed a suite of evidence and tools to support organisations to understand and capture the wider social value of their activities and increase the knowledge base around socially focused approaches.
We have developed and established the current evidence base on the social value of public health and have published academic papers and corresponding evidence briefs on the following topics: the life course, mental health and physical activity and nutrition.
One way to measure the social value of services is through a ‘Social Return on Investment’ (SROI), which is an outcomes-based measurement methodology that captures and quantifies the social, environmental and economic value created. The approach engages a broad range of stakeholders to gather insights and experiences resulting from the service and translates this valuable qualitative information into monetary values.
The Social Value E-guide for Public Health is a step-by-step resource that explains how to use socially focused approaches, including Social Return on Investment, for decision-making and prioritising finances. It aims to support stakeholders including practitioners, researchers and decision-makers in understanding and capturing the social value of the interventions and services they design and deliver.
Social value masterclass
In January 2024, the Well-being Economics and Value team delivered an online masterclass on the concept and application of social value to enhance understanding and assessment of the broader holistic value of public health. The specific objectives of this masterclass were to:
- Promote the importance of capturing and measuring the wider value of public health.
- Enhance understanding of why value and social value are important by introducing the strategic and policy context in Wales and beyond.
- Showcase practical applications of how the social value of public health interventions and services can be captured.
Watch the online masterclass on measuring the value of public health.