The economic impact of the education you provide goes far beyond the expected future salary of your graduates, including a higher skilled workforce, reduced social costs, and an increased tax base. But how can you calculate and communicate these benefits? Our aim is to help you demonstrate your impact clearly and effectively, at a cost-effective price.
With the Government shining a spotlight on university impact to the wider community, measuring social impact and quantifying the economic value that your university brings in a clear and compelling narrative that speaks to a broad range of stakeholders is crucial.
Having carried out more than 1,000 Economic Impact Studies globally, we've been able to refine our methodology to include a number of measures that other studies don't contain, and also scale our studies to keep costs to a minimum. To find out more about what our studies give you, download our free PDF.
Many impact studies measure the impact of university and student spending on their local area. Our studies contain much more.
As well as measuring the impact of staff, institution and learner expenditure, we also take account of how this money then multiplies through the economy. But what marks our studies out as being really unique is our Added Workforce Skills figure. This is where we calculate the economic contribution made by your university's students who find employment in your area after leaving, essentially representing the increased economic growth as a result of the education provided by your university.
In addition to the impact analysis, our studies also calculate the return on investment that your university brings to its students, the taxpayer, and society as a whole. In all three cases, we calculate a cost/benefit analysis, looking at both direct and indirect costs, set alongside future benefits. From this we are then able to express a figure, either as a percentage or a number, showing how much students, taxpayers, and society are likely to receive back for each pound they invest in education at your institution.
The results of an Emsi Economic Impact Study (EIS) can be used to provide the context for submissions to the Research Excellence Framework (REF). In REF 2021, impact is defined as "an effect on, change or benefit to the economy, society, culture, public policy or services, health, the environment or quality of life, beyond academia". By commissioning an EIS, your university can provide hard data measuring a number of these aspects, both across the university as a whole and for different faculties.
Amongst the seven key areas set out in the Knowledge Exchange Framework (KEF), universities will need to provide a statement relating to local growth and regeneration, including a description of the targeted activities undertaken by the institution to meet its area's needs, plus outcomes achieved. By using an Emsi EIS to measure impact and return on investment, your university will have a great baseline from which to develop a compelling narrative detailing how you are meeting this.
According to the UPP Foundation's Truly Civic report, few universities are fully cognisant of the true impact that their presence has on the local economies which host them. Our EIS not only enables your university to understand its impact, but also serves as an excellent starting point for discussions with key stakeholders, including local business groups, economic developers, and other education providers. In short, the EIS is a great door opener to conversations about true civic engagement.
We'd love to hear from you about how you are currently evidencing your university's impact and how we might be able to help. Contact us and we will:
We'll discuss the specific message you'd like to communicate and how we can best articulate this.
We'll work to timescales that suit you and tailor findings and reports to your specific audience.
We'll deliver the findings in a compelling report that can be shared and used to support your case.
A cost-effective report that will enable you to communicate the economic impact of your university to your stakeholders.
A means of quantifying the impact your university brings that can be used to bolster your REF and KEF submissions.
A way to engage employers and prospective students with a message of the value the education you provide can bring them.
We are currently working with universities across the country, providing solutions on a number of other challenges. Click on the appropriate box below to find out more.