## The Social Value Playbook:  Six Principles

Six principles for embedding social value creation in urban development projects.Large-scale redevelopment projects take many years and involve multiple stakeholders. This poses systemic challenges to social value creation even for willing actors, and therefore requires an intentional and structured approach to achieving transformational goals. The Social Value Playbook identified six principles, summarized here, to help the public and private sectors collaboratively achieve social impact goals in urban development projects.

[Read the Full Report](https://centres.weforum.org/centre-for-urban-transformation/improving-social-outcomes-in-urban-development)


### Foster local ecosystems to drive urban development

Whether the project is publicly or privately initiated, creating a broader coalition of local stakeholders, beyond a formal public-private partnership, provides a foundation for effective collaboration to drive social value creation based on a shared vision.


### Balance certainty and flexibility

An investor or developer needs a degree of certainty to evaluate the financial and regulatory risk attached to the project or investment while maintaining a sufficient level of flexibility to adapt to social change. This can take the form of a development agency that will endure through political changes or a development charter in the event of cost and time overruns.


### Build social value outcomes into project design

An effective cross-sector collaboration needs clear definitions of outcome objectives that are realistic and deliverable. Utilizing co-design principles enables meaningful and impactful community engagement throughout the delivery process.


### Prioritize social value when selecting partners

How a project is set up – relationships between partners, financial sources, governance structures –affects social value outcomes. Prioritising core objectives in the selection criteria and subsequent contract documents enables a successful execution even when changes become necessary.


### Monitor and manage alignment with social outcome objectives

In order to achieve transparency and accountability, defining objectives, key performance indicators and metrics will help create a robust framework to align decisions with the shared vision throughout the project.


### Embed social value in ongoing stewardship

Ongoing social value creation requires a sturdy foundation for long-term stewardship, even as the end-users, stakeholders, and functionality changes over time. A tool like a community charter for ongoing management and oversight will help ensure long-term investment and community value.


### The Social Value Playbook was developed by the World Economic Forum and Avison Young, in close collaboration with a task force of real estate, city, and civil society leaders.


### Our goal is to improve outcomes in urban development

If you would like to be part of the Social Value Playbook and learn more about our work, please contact us at cities@weforum.org

[The Social Value Playbook](https://centres.weforum.org/centre-for-urban-transformation/improving-social-outcomes-in-urban-development)