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We toil away at our jobs. Sometimes we love what we do and other times it can seem like a chore. A question this poses is ‘what is the PERCEIVED VALUE' of the work you do? This applies not only to how others see it but how you perceive it as well. This article will outline some of the factors that contribute to the ‘perceived value' of what you do. This applies whether you work in a large organisation or a small/micro business.
What is Perceived Value?
Oftentimes perceived value is described as an assessment of the perceived benefit something provides in conjunction with the perceived cost to acquire it. Cost does not only relate to dollars it can be time, effort required to obtain it and any trade-offs that might need to occur to name but a few. The diagram below attempts to graphically explain the concept of perceived value.
There are two terms that often get used interchangeably which are value and worth. On looking up the dictionary the following definitions were discovered:
Value is defined as:
- the relative usefulness of an item or action
- the level of importance, useability or merit as perceived by the potential owner or user
- to regard or esteem something highly
Worth is defined as:
- quality or attribute that renders something desirable, useful and valuable
- excellence in quality or character
- usefulness and importance
As these definitions show there is an interrelationship between the two however they are not exactly the same. This article is focussing on perceived value rather than perceived worth.
Relevance of Perceived Value to the Work We Undertake
There are a number of factors that can be taken into account either by ourselves or others when determining the perceived value of what we do in our businesses. These are:
| Perceived Value Factors for Consideration |
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| Routine nature of our work activities |
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If the work we do is considered to be routine and can be systematised into a guideline, rule or checklist this has a tendency to lower the perceived value of our work. This is often due to the fact that others and maybe even those doing the work think it could be automated or done by someone else. An example of this would be ensuring the correct processing of customer applications. |
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| Perceptions of quality differ between the provider and potential customer |
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It is usually the customer who will determine the quality of an item or activity. They are the potential users so it will be a case of whether it serves their purpose or not. An example being does a business man think they simply need a well cut suit or one that has a well known brand associated with it? |
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| The packaging of the product or service |
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The perceived value in the eyes of a customer is often higher when the product or service is considered to be specialised and even unique rather than being a one-stop shop for anything and everything. Bundling of items often better serves the seller of the products more so than the buyer. The customer may not need all that you have to offer they don't want to be confused and overwhelmed they just want to be able to satisfy the need they have at a given point in time. eg: If all you need is a plumber you are not going to care if the service provider also does bathroom renovations. |
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| Both customers and workers see what they do as a commodity |
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Many services and offerings start out as unique and then once they become more popular and the demand grows the perception of the value of the item shifts. A good example of this is web design. Other examples are certain types of accounting activities and legal services. The actual availability and number of service providers will also have an impact on perceived value. |
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| Technology provides substitute for what you do |
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This is where a programme or application is developed that can be used relatively easily by a variety of users. An example being accounting packages that enable small business to maintain their own accounting records rather than needing a book keeper. |
When you think about the work you do does any or all of it fall into any of these categories? If so, you might like to consider the impact this has on how you and those who use your services perceive the value of your work. What might need to change in order for the perceived value to positively change?
Carol McGowan is a Business and Life Coach, Counsellor and Educator. Her passion is helping individuals and businesses to make successful transitions. Carol has over 35 years experience in business and has just released a book called Aspiring to Good Business. She may be contacted at
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
. Information about Carol can be found at www.besa.com.au
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