Embedding social value within the credit union movement
Although we often talk about not wanting reports to gather dust on a shelf, sometimes that is exactly what happens. That is why the new SVI Principle 8 ‘be responsive’ is so important.
As a freelance consultant, I always try very hard to ensure that any organisation I work with has a plan of action for the next steps it will take after my work with them has finished. I also offer to be at the end of the phone line if there is anything clients wish to ask or discuss further and I usually check in with them after a certain amount of time has elapsed to see how things are going. However, I cannot force them to implement any recommendations I might have made. There is therefore always a slight sense of trepidation …
Luckily, in the case of my work with Irish credit unions over the past few years, it would appear that any such worries were unfounded.
In 2019, I was approached by Donore Credit Union which had become aware of a well-publicised SROI study I had undertaken of an Irish sports club, to see if that approach might work equally well for a community-based financial cooperative. We decided to give it a go and in the summer of 2020, a Social Value International assured report of the credit union was published called A Social Dividend: Not Just A Financial One. Interestingly, at around the same time, Clockwise Credit Union in England independently commissioned Natasha Jolob, Kai-Zen (under the auspices of CASE) to undertake an SROI study of its activities, and we were able to compare notes.
In the meantime, the Irish League of Credit Unions, which is the main umbrella body for the movement in Ireland, was keeping a watchful eye on developments in the credit union impact reporting space. They kept abreast of emerging academic research in this domain, such as that on realising the potential and rebalancing legitimacy. They were impressed by the work of Vancity in Canada, liked the social impact report produced by Bristol (now Great Western) Credit Union, were intrigued to see how Hoot Credit Union in England had applied the evolving credit union social impact measurement toolkit produced by the Swoboda Research Centre, and closer to home, tried to come to grips with the SROI approach that Donore Credit Union had chosen to pursue. A decision was made in 2021 to commission me to undertake two more SROI studies with Irish credit unions and for the League to provide some level of financial support towards this process.
Naomh Breandan Credit Union lies in the west of the country and its resultant SROI report carries the title of its organisational vision: Together Building A Better Tomorrow For Our Community. Newington Credit Union is based in Northern Ireland and its report is simply but effectively entitled People Helping People. I completed the research and writing of both reports at the same time and they were assured earlier this year: a process that was not without its challenges!
In June 2022, the Irish League of Credit Unions hosted a very well-attended webinar on this topic. In my presentation, I stressed that SROI was only one of a number of possible ways to communicate impact and value. The CEOs of the three Irish credit unions with whom I had worked also shared their views. The discussion was very heartening.
Newington Credit Union has recognised that it must explain all it does and what it has achieved far better, and it has also decided to review all its policies and procedures through a social value lens.
For Naomh Breandan Credit Union, the SROI study re-emphasised how important values-based working and collaboration are, and its board has committed to reporting on both its financial and social performance over time.
Donore Credit Union talked of a recently published two-year update we had worked on together: A Continuing Focus On Social Value Reaps Rewards and explained how they had moved away from thinking and communicating primarily about their products to focusing far more on people, with noticeable results.
The Irish League of Credit Unions reported that it is very keen to support its members to begin articulating their social impact, even in a small way. On the basis of its own research and the three SROI reports completed, it has formulated ten social impact criteria and it has developed various tools and templates that credit unions can start using straightaway, in full or in part. An analysis of credit unions’ annual reports by the end of this year should show whether there has been a take-up of these supports or if alternative/additional methods need to be put in place. The League, too, must be responsive.
Sandra Velthuis
Whitebarn Consulting
Level 3 Accredited Practitioner
Co-Founder of Social Value Ireland