We know that through talking with residents, there is intrinsic social value created through living in a Stockland retirement living community. To better understand and communicate this social value that is created by our Retirement Living portfolio for its residents, the local community and state-level government, we completed a Social Return on Investment (SROI) research project in partnership with Ernst & Young (EY). The outcomes of the SROI will assist us to communicate and enhance the intangible social value created by our retirement living communities.
Our approach was four-fold:
- Conduct extensive stakeholder engagement
- Design a Theory of Change and Measurement Framework
- Undertake a resident survey to measure the outcomes
- Assign proxies to value the outcomes.
Part of our stakeholder engagement involved four resident focus groups which were vital in unpicking the depth of, and commonalities among, our residents’ experiences of Stockland retirement living. Overall a range of consistent positive and supportive sentiments were heard from the residents about their experiences and the value they have gained from moving into the community. For most, they expressed the sentiment that they did not realise how good the move would be, and would have considered moving earlier had they known. These focus groups helped EY researchers to design a specific survey around the key themes (outcomes) identified to measure the benefit and value created by the villages for our residents and other stakeholders. For all residents surveyed (637 in total), sense of community and sense of safety and security were the most significant wellbeing outcomes. This was closely followed by reduced worry, stress and concern, and greater independence.
Some key findings from the SROI include:
- The SROI found that Stockland creates $1.66 in social value for every $1 invested in its Retirement Living portfolio
- 64 per cent of the positive changes reported by residents are attributable to the services and amenities provided by Stockland
- 41 per cent of residents felt their wellbeing would have worsened during the course of the year if they had not been living in a Stockland retirement living community
- It is estimated that state-level government authorities receive nearly as much value in the form of avoided costs on health and care services ($162 million).
We will use the key findings from the SROI to inform messaging and support for our business to maximise the value we provide to our residents and local communities.