We want our careers to be fulfilling, sustainable, and enriching in several ways. Beyond obtaining desirable compensation other paths involve intrinsic satisfaction with an important one being a belief we are contributing to making the world a better place. When reflecting on how effectively our careers are performing toward achieving such a lofty but worthwhile goal it may be beneficial to determine if value is being created as a result of all the hard work we do. 

A way to begin this career assessment is by asking ourselves if our professional pursuits add prosperity to society as a whole or detract from it. Simply put, we are either creating wealth or we are just transferring it from one party to another. By wealth I am not restricting myself to capital alone but refer more broadly to a wide range of functional and emotional life improving gains. Creating value powerfully addresses the needs of many consumers and by extension the greater society, whereas orchestrated wealth shifts benefit a relatively small segment of society. 

Economists identify rent seeking as a concept pertaining to the practice of acquiring shares of wealth created by others. Visualize the ubiquitous economic pie. Value creators are best at growing the pie’s size. Rent seekers in contrast are adept in figuring out ways to grab more slices of the existing pie. Rent seeking is expressed in various forms, for example corporate monopolization, opaque government subsidies, reduction of competitiveness, and exclusive resource ownership. 

In short ask yourself, does my career serve the greater population by expanding the pie or is it designed to assist relatively few, generally wealthy people, by shifting more slices their way? 

Diving more deeply into defining value creation we can look at the elements that comprise value. A few years ago, several marketing strategists from Bain & Company, the management consultancy, comprehensively identified four kinds of consumer needs that can be met with combinations of thirty different “elements of value”. They arrange these four domains and corresponding elements into a pyramid for easy comprehension. Their rationale is that by appealing to the right amount and configuration of consumer needs business will grow and customers will be retained. 

I suggest applying the same model to our careers. If we can assert that our work enhances people’s lives by producing value elements, we should be able to feel confident we are creating value. 

To summarize this model, recall another pyramid, Maslow’s Hierarchy of Needs. You may have run across this visual in one college class or another. That pyramid is structured to display a progressive arrangement of psychological needs ranging from base requirements such as food, water, and warmth to an optimal state of self-actualization. 

The Elements of Value Pyramid, on the other hand, presents the four fundamental clusters of consumer needs: Functional, Emotional, Life Changing, and Social Impact. Within each category are the elements that describe the nuanced values of products and services as perceived by the consumer. For example, Functional needs include value elements such as reduced effort, time saving, improved organization, and cost reduction. Emotional needs include items like anxiety reduction, therapeutic value, attractiveness, and fun. Life Changing needs contain motivation, providing hope, and affiliation. The Social Impact need is solely comprised by self-transcendence, which means a paradigm shift in vastly improved personal growth. 

We do not have to match in scale the impact realized by such power value creators like Steve Jobs, or Kia Silverbrook, inventor of high-speed color printing technology, or Sally Fox who developed a means of mitigating pollution found to be inherent in the bleaching and dying of cotton. Rather we can distinguish those discreet and profound ways we do make lives better every day by adding beneficial features to people’s lives like enhanced speed, quality, convenience, customer service, etc. 

Careers that create value are what make this a better world.