Economic and Social Impact
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Overview
Assessing the economic impact of third sector organisations is a key research priority for TSRC. This is linked to our more general concern to map and measure the activity of the sector and has a particular focus on the role that third sector organisations (TSOs) play in delivering public services and, taking on a broader perspective, in contributing to general community wellbeing.
We are engaged in a review of the wide range of existing methods and tools for measuring impact within TSOs including Social Return on Investment (SROI), blended impact measures and other adaptations of cost/benefit analysis. We will also develop sector wide analysis of economic impact of third sector activity and its contribution to the wider economy, including analysis of workforce trends, volunteering and third sector value.
Key questions
• Contrasting and combining economic and social impact
• The effectiveness of existing tools for impact assessment within TSOs
• Defining and measuring the added value of third sector activity
• Development of aggregate measures of impact
Current work
A series of initial scoping papers on economic analysis, the concept of value and the relationship between social and private enterprise have been prepared by Andrea Westall, Associate Fellow. A review paper prepared by Malin Arvidson considers how evaluations and measurements are related to concepts such as accountability and legitimacy.
Further papers on impact measures and assessment of SROI are in preparation.
Future research will develop theoretical analysis of economic impact measures and critical assessment of existing tools. We will develop quantitative measures of aggregate impact and will utilise existing datasets to explore operationalisation of these.
Next steps
• Completion of scoping papers on different impact measures and SROI
• Expert seminar on impact measures
• Quantitative analysis of income, workforce and volunteering
• Critical assessment of classic economic tools including cost analysis, cost benefit analysis, cost utility analysis and cost effectiveness analysis
• Development and operationalisation of aggregate measures of value
Research contacts
Steve McKay (Research lead)
Domenico Moro
Pete Alcock
Malin Arvidson
Fergus Lyon
Andrea Westall