2021-10-12 P&E Agenda - Item 10 - Attachment 1 - Social Return on Investment Evaluation

2.0 Benchmarking
To support this evaluation, benchmarking was undertaken to ensure the Digital Hub was evaluated using the
full extent of the Social Return on Investment methodology. This verified SROI is relied upon to
comprehensively attribute financial value to social outcomes.

Many Australian and international case study were reviewed from the past decade, through desktop
benchmarking and interview.

Benchmarked projects included:

    •        Lifeline counselling services (national)
    •        Supply Nation services (multiple Aboriginal businesses) (national)
    •        Knox City Council business events (Vic)
    •        Sandbag – employment services (Queensland)
    •        Seedlings – environmental/sustainability initiative (Vic).

In addition, international and national SROI practice guidelines were referenced.

Key findings of benchmarking to guide this SROI assessment

These and other examples provided guidance on the key requirements to complete an SROI, particularly the
need for a disciplined approach to appropriately account for benefit to avoid over-calculation. These factors
are defined in more detail later in this report.




3.0 SROI Methodology
With reference to best practice and SRIO guidelines, the following methodology was applied to calculate value.

    •        Scope established and stakeholders identified
    •        Use of survey to generate data from first-hand observers and participants
    •        Dual data source – surveys to elicit qualitative and quantitative values, and review of financial records
    •        Identification of inputs, revenues and social outcomes
    •        Value generated and social costs avoided, and monetary values assigned
    •        Fields of enquiry within survey
    •        Results analysis & validation.

The seven, best practice SROI principles have been applied to this assessment:

        1.    Involve stakeholders
        2.    Understand what changes
        3.    Value the things that matter
        4.    Only include what is material
        5.    Do not over-claim
        6.    Be transparent
        7.    Verify the result.

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