What is social performance and social value?
Social performance is the extent to which Network Rail’s operations, activities, and decisions impact people – be they passengers, employees, suppliers, communities, or other groups affected by Network Rail’s physical and socio-economic presence.
Social value is defined by Social Value UK as “the quantification of the relative importance that people place on the changes they experience in their lives. Some, but not all of this value is captured in market prices.”
These terms can be used interchangeably with social impact, which is the change that people experience in their lives. This can be both positive and negative.
Network Rail’s social value framework
Network Rail’s social value framework assists regions, projects and teams to better understand and address needs in the communities in which they operate.
Managing social value is about improving business process – making business as usual the best it can be. It joins up national initiatives already in place and adds value, not cost.
By applying the social value management process outlined in the full framework, we understand local need, opportunity and risk and can integrate that qualitatively into decision-making.
The new Rail Social Value Tool (RSVT) will include monetised values that have been compiled in in accordance with UK Treasury Green Book principles. These can be integrated quantitatively into decision-making, for example by providing projected social value in investment papers.
Network Rail’s priorities and ambitions
Network Rail advocates use of the UK Government’s Social Value Model, adapted to the context of rail. This aligns with priorities of governments in Wales and Scotland.