Value for money
Value for money is important to us. So much so that one of our strategic priorities is to place value for money at the heart of what we do. Achieving value for money allows us to do more: building more new homes to meet the needs of older people, investing more to improve the quality of our homes, and providing more services to improve the wellbeing of our customers.
Our value for money aim
To have a sustainable and value for money business model in place to enable us to deliver our mission of meeting needs of older people.
Our value for money objectives
- driving value and affordability for our customers and the public purse
- maximising efficiency to generate additional financial capacity
A history of sound management and foresight has placed Hanover in a strong position from which to deal with the future financial changes to our operating environment. However, we face challenges as a result of reductions in the income we receive due to government controls, whilst some costs are increasing as the economy changes.
In September 2015, our Board concluded that the way to rebuild financial capacity was through a three-pronged approach:
- Stage one was an immediate action to review and challenge expenditure levels on non-pay costs and build sustainable savings.
- Stage two is to fundamentally alter the way the organisation delivers services and secure financial savings as a result. This includes a root and branch review of; our overall pay costs, how we go about providing services to residents, the value extracted from our office and our IT infrastructure. This is the five year programme of change in the diagram above that will require initial investment.
- Stage three is to consider the size and scale of the organisation.
To find out more, read our Value for Money Self-Assessment 2014/15.
If you have any comments or questions regarding our approach to value for money please contact Nick Sedgwick, Director of Service Development.