Championing health in retail.

Social and economic impact

The Public Services (Social Value) Act 2012, requires people who commission public services to think about how they can improve the social, economic and environmental wellbeing of their local area.  

Before they start the procurement process, commissioners are asked to look at whether the services they are going to buy, or the way they are going to buy them, could secure these benefits.  

Our partner in creating our social value calculations is Loop. Loop is a consultancy that applies HM Treasury Green Book calculations of social value to our activities.

This is the first year we have used new and more accurate measures of social value that conform to the Wellby standard. The Wellby is a measure backed by the Government’s Social Impact Task Force that takes as its base a one-point change in life satisfaction for one year.

We have moved to the new KPIs because they are now the only accepted measure of social value.

Using the new measure of social value, the Retail Trust delivered over £91 million of social and economic value to individuals and local communities. The numbers reflect in financial terms the impact we have had on the lives of the colleagues we have supported. The total includes savings to the NHS through improved health and wellbeing benefits, better life opportunities and a reduction in sick pay claims.