Virtual work experience (VWEX) in the UK has delivered more than £98m in social value in the last three years through programmes created in connection with such employers as Amazon Future Engineer, Fujitsu, Barclays, Direct Line Group and Jaguar Land Rover, according to research from careers platform Springpod.

The findings are part of a white paper that launches a framework for calculating the Social Return on Investment (SROI). Developed in partnership with impact data and intelligence provider GIST Impact, the methodology helps organisations to assign a financial value, based on pound for pound investment, for the positive social impact of work experience programmes. It takes into account reduced welfare dependency and increased economic productivity, giving employers greater impetus to embed early career programmes into both HR and ESG strategies.

According to Springpod, more than 1m people have enrolled on its VWEX programmes. So far, participants have reported a 59% rise in job readiness and feel “very confident about securing a job”, with 45% saying their career confidence increased after completing a VWEX programme, based on their greater awareness of possible career paths.

How do VWEXs work?

Each programme is bespoke, Springpod says, but typically includes employer-led content, live or pre-recorded talks from professionals, interactive workplace activities and employability training covering CV writing, interviews and job applications. Students complete around eight to 10 hours of learning on any device – at either their own pace or as part of a live cohort – and receive a certificate upon completion.

Students undertake simulated work projects for real companies, participate in interactive simulations, experience behind-the-scenes access to companies and industries through virtual tours, receive online mentoring and take part in interactive workshops that help them develop essential workplace skills such as communication, teamwork and problem solving.

What is the SROI and how is it measured?

Under the Springpod approach, it captures the social impact of change by assigning monetary values to social, environmental and economic outcomes, measuring social value in financial terms. “This allows us to calculate a ratio of benefits to costs. For example,” Springpod’s white paper explained, “a 3:1 ratio means that an investment of £1 generates £3 of social value.”

A similar application of SROI can be found in community sport and leisure activities in England. Sport England’s autumn 2024 report, ‘Active Lives’, reported that the annual social value of community sport and physical activity was £107.2bn.

The value was made up of £96.7bn in annual wellbeing value for adults, children and young people taking part and volunteering in sport and physical activity – and a further £10.5bn in wider savings to the health and social care system a year. Sport England explained: “This relieves pressure on the NHS through the prevention of illness, reduced mental health service usage, fewer GP visits and a reduced need for informal (unpaid) care.”

With VWEX, Springpod says it aims to use SROI to quantify their social impact in terms of improved career outcomes, increased employability and enhanced social mobility. It also intends to provide data-driven insights to inform programme design, resource allocation and strategic planning along with demonstrating the VWEX programmes’ value and impact to stakeholders such as funders, educators and employers.

Movement growing

Other organisations have discovered the benefits of VWEX and implemented variations on the theme. In April this year, STEM recruitment firm Matchtech launched its STEM Futures programme, a free and on-demand employability initiative designed to help young people break into engineering and technology roles. STEM Futures aims to provide “practical, accessible and high-impact employability support”, the firm said in a statement.

Matthew Wragg, CEO at Matchtech, said the programme was about “more than just job-hunting advice – it’s about empowering young people with the tools, confidence and insights they need to thrive in engineering and technology”.

The content offered will include employability sessions covering areas such as CV writing, interview techniques and job search strategies; bespoke modules on resilience, personal branding, networking, growing confidence and using AI, tech and social media in career development; and downloadable career path guides and industry insights.

The STEM Futures platform is live and offers 13 expert-led sessions that can be accessed anytime. Users can also sign up for live webinars running from May to July.

Employers also benefit from VWEX programmes, Springpod contends, by:

• increasing talent pools and enabling them to engage students beyond their immediate geographic reach
• enhancing applicant and candidate quality
• improving workforce diversity and ensuring a more equitable hiring pipeline by removing location and cost barriers
• and scalability, by reaching thousands of students with minimal operational disruption.

In addition to social value, Springpod argues that this form of work experience programming generates key economic outcomes and benefits, such as risk reduction for potential NEET (Not in Education, Employment or Training) populations, and public cost savings.

The results so far reflect only the beginning of VWEXs’ potential impact, Springpod says: “These cost savings are not yet incorporated into the calculation of the £98m in social value. We plan to include them in future iterations of the framework. This means that the £98m is just the starting point of the impact, and there is more potential for additional social value to be recognised in future calculations. The actual impact is likely to be even greater than this initial estimate.”

Can the existing VWEX programme evolve to involve even more UK students? “We are working with educators and policy makers to embed VWEX into mainstream career education, advocating for universal access to high-quality work experiences that prepare students for the future,” Springpod said in a statement.

Power points

1. Beneficiaries, or learners who complete most or all of a Springpod experience, will typically experience a programme lasting six to eight hours.
2. Virtual programmes are flexible and unlikely to prevent participation in other experiences.
3. Currently, 14.5% of 16-to-21-year-olds are unemployed (2024).
4. Maximum income if unemployed, also known as the job seekers’ allowance for under-24s, is £3,727.
5. Minimum income if employed at minimum wage of £6.40/hour, 36 hours per week is £12k. This results in an £8,272 difference between employment and unemployment. To validate the figures, Springpod surveyed alumni (with 1,000 respondents), whose reported average income ranged from £15k to £20k, exceeding the £12k assumption.
6. Among top companies generating social impact through virtual work experience are Barclays, Fujitsu, Airbus, ICAEW Chartered Accountants, Amazon Future Engineer, Direct Line Group, TLT, JLR and JLL.

The majority of this report is excerpted from ‘The ROI of opportunity: Measuring the social value of Virtual Work Experience’, by Springpod in partnership with GIST Impact.

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