Tuesday, December 15, 2009

British Study finds Hospital Cleaners More Valuable to Society than Bankers

New research carried out by the London based think tank New Economics Foundation concludes that hospital cleaners are more valuable to society by creating £10 of value for every £1 of pay. Bankers on the other hand destroy £7 of value for every £1 they earn. BBC News reports on some interesting findings from this study:
The Foundation has calculated the total contribution various jobs make to society, including the impact on communities and environment. Eilis Lawlor, 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".
She said the aim of the research is not to target individuals in highly paid jobs. "The point we are making is more fundamental - that there should be a relationship between what we are paid and the value our work generates for society. We've found a way to calculate that.
The study analyzed 6 jobs: banker, childcare worker, hospital cleaner, advertising exec., tax accountants and waste recycling workers. Some of the study's findings include:
Elite Bankers: are a drain on the country because of the damage they caused to the global economy. [Instead they] are being handsomely rewarded [with lavish bonuses] for bringing the global financial system to the brink of collapse.
Advertising Executive: The industry encourages high spending and indebtedness. They are responsible for campaigns which create insatiable aspirations, fuelling feelings of dissatisfaction, inadequacy, stress and misery, and encourage over-consumption. Top advertising executives destroy £11 of value for every pound in value they generate.
Now in case you are thinking that our banker and advertising buddies are at the very bottom of the list, fear not - the last spot is reserved for tax accountants who destroy £47 of value for every £1 of pay. See there is hope in this world. Bankers are not the worst people after all.

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