Ethos Public Relations Manchester

VfM remains a mystery

by Ethos public relations

Effective Value for Money (VfM) is becoming more and more important as the sector tightens its belt - but a survey carried out by Housing e-Academy found that only 43% of respondents actually understood the principles of VfM.

“The Audit Commission has placed a major focus on VfM and set out what an ‘excellent’ and a ‘fair’ service looks like – but it seems some housing staff are still struggling to get to grips with the principles,” said Chloe Weatherhead, Head of Housing e-Academy.

“Value for money is not just about the cost of something it also includes quality, whether it is fit for purpose and its timeliness to your organisation.”

The benefits of an effective VfM strategy will improve organisational efficiency and effectiveness, encourage best use of resources and make your organisation stronger and viable. However, the strategy will only work in an open and transparent culture

“Because every single member of staff has a part to play in delivering value for money, it can only work well in a housing association that has a transparent culture,” adds Chloe. “Everyone has a part to play in securing value for money and this can only be achieved if all members of staff are fully aware of the organisations corporate objectives.

“It’s also vital that a VfM strategy is shaped around your customers. If it does not work for residents then it doesn’t work at all.”

To test your knowledge of Value for Money take the VfM quiz at www.housingea.co.uk. You can also download a FREE VfM e-Book at the website.

The Housing e-Academy in collaboration with Sovereign Housing Group has developed a brand new e-learning course which explains the key principles of Value for Money and how it can be applied across an organisation. It also includes a toolkit which will help to review current and future need.

For more information about e-learning call 01943 885085 or e-mail info@housingea.co.uk.

To read other news from Housing e-Academy click here.

Posted at 26^th April 2011