Two of the biggest names in logistics property development, Prologis UK and Tritax, have joined forces to publish a report designed to inspire other businesses in the construction and logistics sectors to take a more proactive approach to delivering social value.
The report, entitled ‘Building for social good’ shares the experiences of both companies in their efforts to deliver a positive impact to people and communities in the areas where they own and develop logistics properties. Importantly, the report also explains how each has successfully managed their social impact through the use of data, which has enabled accurate and meaningful measurement. This in turn has helped to engender the support needed to prioritise social value delivery in the future.
Both Prologis UK and Tritax have used a social value measurement tool, called the National TOMs (Themes, Outcomes, Measures) Framework. . Mapped to the UN’s Sustainable Development Goals (SDGs), this Framework enables businesses to quantify the social and local economic value of their activities by attributing a monetary value equivalent to them. This in turn enables businesses to measure and manage social value.
The National TOMs Framework centres on five themes – jobs, growth, social, environment and innovation - and outcomes include wide-ranging activities such as giving up staff time for community training initiatives, creating jobs and improving the local environment.
In addition to providing guidance on its implementation, the report includes several case studies to illustrate how the Framework is being applied by Prologis and Tritax . For example, during the construction of a state-of-the-art Logistics Operations Centre for Jaguar Land Rover in Solihull, West Midlands, Prologis explains how more than £12 million of social and local economic value has been committed by the project partners. Similarly, Tritax explains how a brownfield redevelopment project at Littlebrook, Dartford, is generating more than £13 million in social and local economic value, including the creation of 1,300 jobs.
Simon Cox, head of sustainability, Prologis UK, said:
“Once you understand the power of social value initiatives to boost jobs, create lasting economic value, attract investment and enhance employer brands, it becomes hard to argue against. Which businesses wouldn’t want to invest in social value creation, in the same way they might consider investing to improve their products or services?”
Alan Somerville , ESG Director , Tritax, commented on the company’s project at Littlebrook saying:
“Creating social and local economic value is about creating a positive legacy for the future that enhances the world in which we live and work. Our scheme at Littlebrook has enhanced biodiversity in the local area at the same time as creating valuable training and employment opportunities.”
A free download of the report is available here.