Despite the increasing financial pressures on social housing providers and our customers, our underlying approach to value for money (VFM) remains unchanged – it’s embedded in everything we do.
VFM recognises the need to balance factors such as available resources, risks and other duties that we must comply with (ie health and safety requirements) to ensure long-term financial viability, while securing the best value for our customers and communities.
It considers the quality of our homes and services, as well as how much it costs us to deliver them – we want things to be better for customers, smarter for colleagues, and good value for everyone.
Our three objectives are to ensure:
- Our core strategies and transformation programme deliver better homes and services to customers, smarter ways of working and good value over the long term
- The principles of ‘better for customers, smarter for colleagues, good value for everyone’ are embedded in our operational plans and ways of working
- We understand our performance in relation to value for money and where we can improve.
These objectives are underpinned by the principles of:
- Effectiveness: Better for customers: the extent to which objectives are achieved and the relationship between intended and actual impacts
- Efficiency: Smarter for colleagues: the relationship between the output from goods or services and the resources to produce them
- Economy: Good value for everyone: minimising the cost of resources used while having a regard to quality.