Value for money

Our approach to having a sustainable and value for money business model.

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.

We take a three-pronged approach to help maintain and improve the financial capacity of the organisation:

  1. To review and challenge expenditure levels on non-pay costs and build sustainable savings.
  2. 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.
  3. To consider the size and scale of the organisation.

To find out more, read our Value for Money Self-Assessment 2016/17.