Social value is the conscious effort on the part of a business to deliver outcomes that benefit society – whether that be social, economic, or environmental.
The delivery of social value is becoming a key component in business strategies across sectors, challenging traditional approaches where economic goals are the primary drivers behind business activity.
Construction is uniquely placed to produce long-term public benefit and improve wellbeing as processes are conducted in the public sphere, and the final product directly impacts the way we live, move, and work.
The AEC sector has significant capacity to create social value and deliver a wide range of additional outcomes throughout a project lifecycle and beyond.
The UKGBC recognises outcomes under three broad themes – jobs and economic growth, health, wellbeing and the environment, and strength of community.
Outcomes can range from training and employing long-term unemployed people and supporting local businesses, to creating thriving social networks and reducing air pollution.
RICS, RIBA, CIOB and Social Value UK have joined forces with the Construction Innovation Hub (CIH) to develop a new industry-wide definition of value.
This new Value Definition is the first of four core elements of a comprehensive new ‘Value Toolkit’ which the CIH is developing in close collaboration with industry.
The Value Toolkit has moved into a pivotal phase, giving early implementers a chance to pilot the new approach.
The pilot phase, which will run over the next six months, will see the Toolkit’s process and suite of tools put through a rigorous course of testing with clients and practitioners before the final industry-wide version is unveiled later in the year.
