Shropshire, UK based outsourced waste and resource management service provider, Reconomy, has created of over £1 million in social value since the launch of the Reconomy Social Value Programme (RSVP).
The company said that RSVP is a core part of its overall Sustainability Strategy and reflects its commitment to a value-driven approach. As well as helping employees to make a difference, RSVP also leverages Reconomy’s relationships with its customers and suppliers, inviting them to be a part of its journey to help change lives. The two main strands of RSVP, which include a range of preventative and rehabilitation initiatives, are:
- Bridging gaps for young people leaving care
- Breaking barriers for ex-offenders and the homeless.
The focus on these areas, coupled with effective employee engagement, has been the main contributor to the £1,118,783 of social value generated by Reconomy.
Reconomy’s partnership with Barratt Homes in London is one example of RSVP in action. The housebuilding project, which employs ex-offenders as on-site waste managers, was said to have generated £132,784 social value in less than a year whilst also helping to reduce waste volumes on the site by 15%.
Commenting on the announcement, Reconomy’s CEO, Paul Cox, Said:
“I’d like to thank all our employees, customers and suppliers for enabling us to reach this milestone figure. We recognise that meeting our social, as well as our commercial and environmental obligations is vital to us realising our full potential as a business.
“Our ability to accurately measure the social value we create, using a recognised, well respected and independent system is vital as it provides total transparency and traceability. This evidence-based approach Is very important to our customers.”
Reconomy explained that the figures reported are calculated using the Social Value Portal and National TOMs Framework. The National TOMS (Themes, Outcomes and Measures) provide a consistent and transparent approach to measuring and reporting social value. These robust quantitative assessments reduce the uncertainty around social value measurement and help users make informed business decisions.
The total social and economic value created by the Reconomy group, which includes the value attributed to local employment around the company’s office locations, is huge at over £9.6 million.
Reconomy operates through a nationwide network of suppliers. The social and economic value from the company’s spend with UK SME’s has increased from £70 million in 2018 to £88.5 million in 2019. This is an important measure for the UK Government and many larger customers.
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