Social value is more than just a buzzword in the UK construction and property sectors – it’s a critical framework for delivering lasting, positive change to local communities. For SMEs working on construction projects, understanding social value is vital for creating meaningful community benefits. But what exactly does social value mean?
At its core, social value refers to the positive outcomes that businesses and projects create for society beyond financial returns. In the context of the UK construction sector, this can involve everything from creating local jobs to supporting small businesses, reducing environmental impact, and enhancing community well-being. With UK procurement regulations now increasingly requiring a social value component, especially through frameworks like TOMs (Themes, Outcomes, and Measures), ensuring positive social impact has never been more important.
For SMEs, embracing social value can lead to stronger client relationships, better project outcomes, and a solid competitive advantage. Whether it’s through engaging local suppliers, offering apprenticeships, or improving green spaces, SMEs can play a crucial role in delivering social value.
