December 14, 2009

A London-based think tank called the New Economics Foundation recently conducted a study on the value of various jobs. They calculated the job's total contribution to society, and the impact it has on communities and the environment. They analyzed the overall value of six different jobs: The elite banker, childcare worker, hospital cleaner, advertising executive, tax accountant, and waste recycling worker. I think this is an interesting way of looking at the value of different positions.

They found that hospital cleaners create 10 pounds (as in the English currency) of value for every one pound they are paid. They "play a vital role in the workings of healthcare facilities" and they "contribute to wider health outcomes" by keeping hospitals clean and maintaining hygiene standards.

Bankers reportedly destroy seven pounds of value for every one pound they are paid. This is because of the damage they caused to the global economy.

For childcare workers, for every pound they are paid, they produce up to 9.50 pounds worth of benefits to society. They provide a valuable service to families, which allows parents to continue working and making earnings.

Advertising executives destroy 11 pounds of value for every pound they are paid. This industry "encourages high spending and indebtedness. It can create insatiable aspirations, fueling feelings of dissatisfaction, inadequacy, and stress."

Tax accountants destroy 47 pounds in value for every pound they are paid. The researchers say they hurt the county by coming up with schemes to reduce the amount of money available to the government. "Every pound that a tax accountant saves a client is a pound which otherwise would have gone to HM Revenue."

Waste recycling workers generate 12 pounds of value for every pound they are paid. They provide benefits to society by "processing and preventing waste and promoting recycling. Carbon emissions are significantly reduced. There is a value in reusing goods."

The spokeswoman for the New Economics Foundation said, "Pay levels often don't reflect the true value that is being created. As a society, we need a pay structure which rewards those jobs that create most societal benefit rather than those that generate profits at the expense of society and the environment... There should be a relationship between what we are paid and the value our work generates for society." (Full Story)