Creating Value In Schools
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The DfE has collected a suite of guidance and resources under the umbrella of Maximising value for pupils. There are four pillars to this approach:
Bringing these different aspects of operations together highlights the importance of considering how maximum value for money can be gained in every area of school life, for the benefit of pupils. As the policy paper puts it, ‘so every pound delivers for children’.
The guidance promotes the use of the DfE’s benchmarking tool, the Financial benchmarking and insight tool (FBIT). Users can input the name of any school, trust or local authority and see graphs comparing the organisation with those of similar characteristics across a number of areas, including
Schools or settings are RAG rated in each category, for example red indicates that spending is higher than similar schools. This is for information rather than a performance indicator; there may be strategic reasons why one setting’s spending is higher than another’s.
The tool gives further links to ‘Find ways to spend less’, and is a useful way to raise questions and generate insights.
To access all elements of the tool, you will need a DfE login.
The commercial pillar focuses on collective buying, such as the energy for schools pilot and the get help buying for schools service.
This section focuses on the need to manage physical and financial assets. Is your setting getting full value from its assets? How are reserves being used? There’s a reminder that:
‘Schools and trusts are required to make sure that reserves are used in the best interests of their pupils and that the amount is within a reasonable benchmark, with the excess invested.’
The DfE’s banking comparison tool can aid in comparison of interest rates and benefits.
Are you managing your estates effectively? Do you have a climate change action plan in place?
For more ideas and resources, see:
Settings are encouraged to use the FBIT to compare their workforce spend (e.g. on supply staff, teaching staff and consultants) against similar establishments.
Integrated curriculum finance planning is also mentioned as a tool which schools can use to plan their curriculum and staffing spend. As mentioned in Understanding the school business leaders role, the latest school business professionals survey showed that there are still many headteachers and governors who aren’t confident in how ICFP can benefit their setting.
ICFP also came up for discussion in our latest SBLs Unbound podcast; have a listen for training ideas.
The DfE is also keen to tackle overspend on supply staff and encourage use of the Teaching Vacancies service.
For more evidence-based thinking on recruitment and retention, see What influences staff recruitment and retention?
Developing capability: digital and financial planning
This section highlights the role of effective digital planning and use of AI tools, as well as the role of school resource management advisers, whose support is available free of charge. Training and support networks for school business professionals are vital – see the guidance for ideas of what’s available.
See also:
