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Eddie Tuttle, Director of Policy, External Affairs and Research at the Chartered Institute of Building shares experience and insight into developing and using the Value Toolkit.
At the Chartered Institute of Building, we were delighted to be part of the development process for the Value Toolkit and lead on the inclusion of the Human Capital which focused on improving the knowledge, skills and competencies embedded in individuals as well as their physical and mental wellbeing.
The Human Capital brought together expertise from across the industry to define what human elements we must consider during a project and how can it be measured at each stage.
The Value Toolkit comes at a crucial time, with businesses are recovering from the impact of Covid-19, which has caused many to look at new and innovative ways of operating. Clients are key to addressing significant challenges in the industry and having a toolkit that helps to facilitate open discussions between clients and its contractors helps us to understand what the key objectives are and how to achieve them will enable better environmental, societal, and economic outcomes. This is something that we continuously strive for at the CIOB.
The CIOB is therefore delighted to support the design, development and roll-out of the value toolkit which will enable the industry to transform decision making to measure and achieve added value throughout the lifecycle of a project."
CIOB started working on the development of the Value Toolkit in 2020 in the summertime along with the other professional bodies such as RICS, RIBA, UKGBC and Social Value UK.
CIOB brought together experts from the built environment to work on the development and design of the Human Capital. We then merged groups with the Social Capital as there were several overlaps that we wanted to ensure did not create doubling of work.
Covid-19 has presented the industry with an opportunity to change, with many businesses looking at new and innovative methods when undertaking projects. Value-based decision making not only benefits businesses working on the project but also the environment and the community surrounding the site.
We have been working on the Human Capital which focuses on the knowledge, skills and competencies of the new and existing workforce as well as their physical and mental wellbeing. To fully understand the human element to value we pulled together experts from across the built environment to feed into this and how it can be measured at the different stages of the project.
CIOB’s membership is diverse and contains members from across the whole of the construction industry working in both the public and private sectors. The Value Toolkit will help drive members’ discussions from both a client and industry perspective on how they can identify value drivers and how they can be achieved.
The toolkit provides clients and industry with a more consistent approach to communicating, measuring and realising value within projects and programmes."
The Value toolkit uses a four-capitals approach which covers the social, environmental and economic objectives that can be achieved through a project during its lifecycle. The Toolkit is beneficial for the workforce and those in the community who are using and living around the asset.
CIOB has a varied membership base that spans the whole construction industry and as a professional body who works with a public interest remit we see real benefits for those in the industry who adopt the value toolkit in order to enable value-based decision making. The industry has had several long-standing issues in terms of quality of the built environment and the competency of workers as well as worker safety. Value-based decision making will take the right steps into addressing these issues in addition to improving the sustainability of the built environment and economic value for those who live work and play where projects are based. CIOB are therefore part of this process.
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