outcome measurement

Using SROI for a Social Impact Bond

Emma Tomkinson Social Impact Bonds, Social Impact Measurement , , , , , , , , ,

Social Return on Investment (SROI) and Social Impact Bonds (SIBs) are two ideas that are increasingly mentioned in the same breath. SROI is a measurement and accounting framework and SIBs are a way to contract and finance a service. Both require three common ingredients:

  • the quantification of one or more social outcomes for beneficiaries,
  • a valuation of these outcomes, and
  • an estimation of the cost of delivering these outcomes.

While not a necessary ingredient, SROI can contribute to the design, operation and evaluation of SIBs.

*NB the word ‘outcome’ is used here to represent a change in someone’s life – some readers (particularly from the US) may use the word ‘impact’ to mean the same

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Will we see more randomised controlled trials in social program evaluation?

Emma Tomkinson Evidence-based policy, Social Impact Bonds, Social Impact Measurement , , , , ,

Randomised controlled trials are the preferred measurement method for the NSW social benefit bond (social impact bond) trials. The Coalition for Evidence-Based Policy published an overview and demonstration of rigorous-but-low-cost program evaluations in March 2012. The publication highlights the use of randomized controlled trials (RCTs) with administrative data systems, providing a number of examples from existing studies. RCTs are widely considered best practice with respect to program evaluation.