Value for money

Last updated - 16 January 2020

Our commitment to achieving value for money
We aim to achieve value for money (VFM) and to be transparent in how we operate. This is core to delivering our corporate strategy. The way we will do it is outlined in our value for money strategy.

On this page you can also see previous value for money strategy 2016- 2017 and value for money self-assessment 2016-17 for the former Genesis Housing Association.

Our approach to value for money has a number of key elements:

  • benchmarking – using the Housemark analysis and comparisons with peer associations in the G15
  • self-assessment by service managers linking the cost of service provision with meeting Corporate Objectives
  • understanding the economic performance of our property assets through participation in the development of IPD’s UK Social Housing Index
  • a strategic approach to procurement to make sure Genesis gets the most appropriate goods and services with a view to delivering value for the whole life of its contracts
  • an understanding of the Social Return on Investment, working with the HACT model to demonstrate how investment from Genesis benefits the public purse.

Corporate Strategy 2019-24

At Genesis, value for money means using our resources wisely to deliver good quality products and services to our customers.

We think value for money is important in helping us to do just that. That’s why it’s a key strand of our Corporate Strategy 2015-20 and reflected in all aspects of our work through our value for money strategy.

We are finding ways to improve our efficiency and effectiveness to free up resources so we can build more homes and deliver great service.

  • The period which our Corporate Strategy covers will usher in great change to the external landscape: socially, politically, economically and technologically.
  • The demand for housing across all tenures is more acute than ever and this will only increase.
  • The days of high levels of public investment in housing supply have gone, perhaps never to return. When the budget was handed down in November 2015, we all got a bit of a shock with the 1% rent reduction that no one saw coming. It’s been acknowledged as a bit of a game changer for us and for the housing sector generally.
  • More than ever, we have to ensure that every pound counts.

The greater the value money we can achieve, the more we can deliver for our customers.

Value for Money 2016/17

Every year, we produce a Value for Money Self-assessment report to inform our customers and stakeholders of how we are meeting our objectives.

This year, the Genesis Value for Money Assessment sets out our work and commitment to achieve value for money against our corporate objectives and targets.