By Olivia Sutcliffe, Social Value Associate at Savills

Developers, investors and other stakeholders are beginning to view social value in a project as an investment, not simply a cost. With the importance shifting from a nice to have to a must have within the real estate industry, the profession of social value is rapidly evolving. From on the ground delivery, strategic consultancy, bid writing support, to measurement, the roles within social value are growing as the real estate puts a greater emphasis of the S of ESG.  

With the change of government we have seen updates to legislation such as the NPPF (National Planning Policy Framework) and the NPPS (National Procurement Policy Statement) which has helped to put sustainable development is on all agendas. It is vital for the real estate industry to continue to invest in social value to secure and deliver work, however there is also an opportunity for organisations to attract and retain young talent through the empowerment of a cultural shift to making a positive impact through real estate.

Investing in social value through recruitment and encouraging those individuals to drive change at all levels is pivotal for a diverse workforce that can make a difference. With the release of Deloitte’s 2024 Gen Z and Millennial Survey, which gathered insights from over 22,800 respondents across 44 countries, the findings highlight the potential of social value careers in attracting and retaining young talent within the real estate sector. Three quarters of both Gen Z and millennial participants stated that an organisation’s community engagement and societal impact are important factors when considering a potential employer.

In July, Savills Future Generation Committee hosted a social value breakfast to upskill and inspire young professionals working within various organisations in real estate of the role that they can play to positively impact communities. Of the 60 professionals in attendance, 77% of young professionals stated that they feel their role has potential to positively impact local communities so there is a real  opportunity for real estate to empower young professionals to deliver meaningful social value.

Social value is a rapidly evolving profession. As a result, I founded a free networking group in 2022 that aims to bring together young professionals that are passionate about making a positive impact to connect, create and collaborate. Young Professionals in Social Value (YPSV) has over 350 members across the nation.  Through this network we have created the first cross-sector social value focused mentoring scheme, contributed to research, delivered thought leadership workshops, and are providing young professionals with the opportunity to shape the social value movement. Earlier this year, I was honoured to be invited to the UKREiiF Social Value Summit representing young professionals with the aim of ensuring that the future generation of leaders within real estate can understand how to have a positive impact on the local communities in which they operate.

Social value can enable real estate to unlock and support diverse talent from local communities, it promotes accessibility, social mobility and inclusion within all areas of the industry. An organisation that truly invests but also believes in social value as part of its core values will enable an opportunity to create a diverse empowered workforce.

Social value is on a journey and I am optimistic that we are moving towards a future where professionals feel empowered with their responsibility to positively impact communities through their role. This cultural shift will support real estate in attracting and retaining young professionals highlighted by the Deloitte report which stated that 86% of Gen Zs and 89% of Millennials indicated that having a sense of purpose in important to their overall job satisfaction and wellbeing. This reinforces that social value is not merely a cost but an investment, ensuring that real estate businesses secure investment, win contracts, deliver on their values, support communities, and not only attract but also retain exceptional talent.

By Olivia Sutcliffe, Social Value Associate at Savills