Too often viewed as a ‘bolt on' – where companies throw some cash at communities and do a spot of volunteering – the power of social value is a vastly underestimated channel to address broader societal challenges.

While it's meaningful to orchestrate cash, in-kind donations and volunteering into community organisations, these initiatives are not usually part of comprehensive programmes and delivered in an uncoordinated way.

It is not acceptable for the private sector to remain a tokenistic player in addressing these very real and complex societal challenges – namely decarbonisation.

The private sector needs to be a true partner to the public sector on the road to net zero and this means utilising social value as a means of seeking meaningful solutions.

Take the example of skills and labour. Some of the biggest barriers faced by the public and private sector alike, is the lack of skills and labour in the industry. It is estimated that 350,000 brand new ‘green' roles will need to be created within the construction industry and radical changes to skills development and deployment are required at speed and scale.

With that in mind, put interaction with those that aren't traditionally in the construction industry at the fore of social value agendas; engage with young people, with women or migrant communities; imbed pathways to employment from pre-employment support, to work placements and then opportunities for apprenticeships and employment to entice new talent into the sector.

We have the power to influence and shape the communities in which we operate through who we hire, where we invest and how we engage.

Chrissy Galerakis is head of social value strategy, EQUANS UK & Ireland

This article is sponsored content for The MJ