New tool to measure rail’s social value

A new online tool designed to help the rail industry measure the social value of its investments, infrastructure projects and day-today operations was launched on May 3.

Discussed at the following day’s National Rail Recovery Conference, during a presentation by Rail Safety and Standards Board Chief Commercial Officer Paul McLaughlin (pictured), the Rail Social Value Tool (RSVT) enables the rail industry to forecast, monitor and evaluate the social value of its activities.

Its development was co-funded by Network Rail and provided jointly by RSSB and Loop (formerly Social Profit Calculator).

The aim is to measure the impact on the welfare and wellbeing of both individuals and wider society. It calculates a net positive (or negative) social, economic and fiscal value generated by a project, organisation or specific initiative.

RSVT’s developers say that with 500 indicators, organised across 12 social impacts, the tool can measure and monetise a wide range of benefits. These include: Improving safety.

Jobs created, apprentices employed, and training provided. Change to air quality. Increasing biodiversity, by protecting and boosting plant and animal life, and planting trees.

Curriculum enrichment support for young people.

Design features that make rail travel more accessible and inclusive.

Employee and community volunteering.

Co-designing infrastructure and services with communities.

Since November 2021, the new tool has undergone extensive testing by early adopters, including Network Rail and companies in its supply chain.

RSSB Director for Sustainable Development George Davies said it was a “first” for the rail industry, adding: “Rail is one of the most sustainable forms of transport. However, until now, we haven’t been able to measure its social value in sufficient detail.

“We can now assess, and importantly place a financial value on, the effect the railway has in