ABSTRACT
The concept of public value provides a solution to the difficulty of systematically absorbing and managing expectations in society. In contrast to customer value creation, public value creation focuses on contributions to what people view as “society” and its wellbeing. Public value calls for a robust value proposition that builds on a societal contribution that is boisterous even if new stakeholders appear or state regulations change. A public value proposition can be compelling enough to help a company attract and retain employees, which increasingly seek purpose and meaning in the workplace. Public value inquiries, concern the common ground people feel they share or accept as a matter of what they call “society at large”. Very similar to a balanced scorecard approach, each corporation develops its own specific public value scorecard. Public value leadership requires vision and passion, but also humility. Given the extent of ever-changing challenges, the model puts the quest for purpose at the core of leadership.
