By being efficient and cost-effective, we're able to transform even more lives around the world with clean water, decent toilets and good hygiene.
An organisation gets good value for money by finding the right balance between low costs, high productivity and effective outcomes. This involves:
- Economy: buying resources in the right quality and quantity at the lowest cost.
- Efficiency: achieving the best outcomes with the smallest possible use of resources.
- Effectiveness: doing things well, in line with our objectives and values, to achieve our aims.
WaterAid defines value for money as the relationship between economy, efficiency and effectiveness. This diagram from the Audit Commission explains the links between the three:
Our management team is responsible for achieving value for money. They do this by creating effective processes for the planning, authorisation and control of the use of resources. These include:
- Documented policies and procedures (for example, our Global Accounts Manual)
- An internal control framework (including budget monitoring)
- Strategic decision making (e.g. how we select our programmes and partners)
- Living our values – respect, accountability, courage, collaboration, innovation and integrity.
We have a working culture committed to achieving good value for money, promoting effective and efficient working, and challenging cost implications.
To demonstrate our ways of working, we use a framework to show the key mechanisms in place for ensuring good value for money.
We designed the framework to use as a management tool to maintain best practice and to monitor where we need to take further action. This is supported by several sources, including internal audit reports, Country Programme evaluations, benchmarking exercises and Chief Executive and Director reporting.
How we're run
We’re run by a team of talented and experienced individuals, committed to changing normal for everyone, everywhere.
Our annual reports
Our annual reports let you meet the people changing their lives, and see how your support is making a lasting difference around the world.
Our fundraising promise
We couldn't do the work we do without you, which is why we value your trust so highly. It's also why we make this promise to you.