Social value creation
TCL is developing a social accounting approach for measuring and reporting the outcomes achieved from assisting clients. TCL focuses on measuring customer satisfaction, employee satisfaction, revenue, overheads and hours worked per individual. The choice of measures are tied to the purpose of the business and to providing transparency for members12. The social accounting is also communicated qualitatively, through stories and blog posts.
The aim is for the social accounts to be verified by a social accounting panel. The panel will consider four key factors12:
- The extent to which the accounts are comprehensive;
- The reliability and comprehensibility of information;
- Whether the indicators need to be changed in order to better correspond to the aims and objects of the co-operative; and
- Whether the aims of the objects of the co-operative remain relevant or require modification.
The panel is chaired by an independent, qualified social auditor with the accounts presented at the Annual General Meeting.
Shared value creation
International examples of employee owned co-operatives such as Sunderland Home Care Associates (Sunderland) and Care and Share Associates (CASA) demonstrate the range of commercial and social benefits which can be achieved. These include14:
- Low staff turnover, thus making a significant contribution to continuity and quality of support;
- More profit reinvested in staff training and development; and
- Commitment to service innovation, in particular the development of self-directed support services.