The report was produced to start “a fundamental rethink of how the value of work is recognised and rewarded”—specifically by creating a relationship between jobs that create a benefit for society and the environment and their compensation.
The BBC looks at the report and has produced a summary of the findings:
- Waste workers: Create £12 of value for every £1 they are paid.
- Hospital cleaners: Create over £10 of value for every £1 they are paid.
- Childcare workers: Create £9.50 worth of benefits for every £1 they are paid.
- City bankers: Destroy £7 of value for every £1 they generate.
- Senior advertising executives: Destroy £11 of value for every £1 they generate.
- Tax accountants: Destroy £47 for every £1 generated.
In addition to these figures:
- Advertising executives “create stress, […] dissatisfaction and misery, and encourage over-consumption, […] high spending and indebtedness. [They also] create insatiable aspirations, fuelling feelings of dissatisfaction, inadequacy and stress.”
- Waste workers “promote recycling”.
- Childcare workers “create net wealth to the country [by releasing] earnings potential by allowing parents to continue working”.
I can’t help feeling that these results are largely swayed by the public opinion* and that the six jobs compared by NEF were chosen due to their potential for controversy (read: publicity) and incorrect interpretation.
However I did like the ten myths of pay and value (further information in the report):
- The City of London is essential for the UK economy.
- Low paid jobs create a ladder for people to work their way up — opportunities to advance are open to all.
- Pay differentials don’t matter, so long as we eradicate poverty.
- We need to pay high salaries to attract and retain talent in the UK.
- Workers in highly paid jobs work harder.
- The private sector is more efficient than the public sector.
- If we tax the rich, they will take their money and run.
- The rich contribute more to society.
- Some jobs are more satisfying, so they require less pay.
- Pay always rewards underlying profitability.