Utilising the social return on investment (SROI) framework to gauge social value in the Fast Forward Program

A market paradigm shift towards a ‘knowledge-based economy’ means Australia is moving towards a major skills crisis whereby the workface will lack skills attainable from higher education. Moreover, those from low socio-economic backgrounds, and who are confronted with disadvantage, still face challenges in gaining entry to university. The Fast Forward Program (FFP) aims to increase attainment of higher education for X high school students in years 9–12, with a focus on dismantling the social barriers preventing attainment. To achieve this aim, the program hosts a range of student and parent in-school workshops and on-campus visits. To capture the social impact of the program for all participants, the social return on investment (SROI) methodology was implemented. The SROI ratio is represented as a return in dollar value for every dollar invested; due to the success of the program, the investment represented $5.73 for every $1 spent. The key findings indicated that students and parents gained a deeper familiarity and understanding of university which, in turn, created a deeper confidence and motivation for students to enter higher education. Additionally, participants reported being able to better use their time to cater for study, and were more comfortable about going onto a university campus.