Social value is a key component for the majority of sectors. In fact, Public Procurement Note PPN06/20 (2020) requires all government organisations to embed social value into their procurement process.
As one of the biggest construction companies in the UK, we have the potential to transform the built environment, creating more sustainable, inclusive, and resilient communities for future generations to come.
What is Social Value?
Social value is a term used to describe the benefits that are generated through both private and public construction projects, which go beyond the immediate outputs. These include but are not limited to economic development, employment opportunities, environmental sustainability, and social cohesion.
It cannot be measured in financial terms as there is no numerical quantification. However, some common metrics used in relation to the “Social Return on Investment” (SROI) tool to calculate social value over a project’s lifecycle are the number of jobs created, carbon footprint reduction, cost of resources and community engagement initiatives.
Additionally, surveys, interviews, and focus groups can provide qualitative data on how stakeholders perceive the organisation’s impact to make improvements and attract socially responsible investors.
The Benefits of Social Value in Construction
One of the most significant benefits of social value in construction is the creation of jobs. As one of the most accessible industries to get into, there are opportunities for apprenticeships and training programs, which can help reduce unemployment levels and support the development of new skills and knowledge for local workforces.
Another benefit of social value in construction is the potential to improve environmental sustainability. The operation of buildings is responsible for 30% of global energy usage and accounts for significant greenhouse gas emissions. By using sustainable materials, investing in renewable energy and minimising waste, we can help to reduce a community’s carbon footprint while encouraging innovation with regards to the development of environmentally-friendly technologies and project execution models.
Boost Local Economy
When construction projects focus on social value, they can have a powerful impact on underserved communities. By improving infrastructure and accessibility to public spaces and facilities, these bring people together and create a more cohesive, inclusive neighbourhood. That’s not all – as new areas become more desirable, local businesses have the potential to attract and retain loyal customers.
In the world of business, balancing costs is crucial to success. Fortunately, social value helps organisations make smart and effective decisions that benefit both their bottom line and the greater community. This in turn improves their relationships with stakeholders and creates more opportunities for collaboration when identifying specific issues or mitigating potential conflicts to deliver maximum return on investment.
In short, by integrating social value, construction companies can ultimately serve the needs of the local community in designing and executing projects.
Ready to Take Your Project to the Next Level?
Here at Hebs Group, we’re not just building structures – we’re building thriving communities too.
Our team is dedicated to upholding the highest quality standards and ensuring compliance with all regulations, resulting in critical infrastructure that brings both social and economic benefits.
We believe that our commitment to excellence is what sets us apart, and it’s why we’re on our way to becoming the top choice for Tier 1 contractors in the UK.
Give us a call at 0151 2360707 to discuss our comprehensive range of services, tailored to meet your specific needs. Alternatively, shoot us a message at email@example.com and we’ll get back to you as soon as we can.