Money (Over $75K) Doesn’t Buy Happiness?
According to the New York Times, some people seem almost
hardwired to make money: “A 2007 article in The Journal of
Happiness Studies reported that college freshmen who stated
that they wanted a high salary by and large achieved that goal
20 years later. The article said that ‘individuals with strong
financial aspirations are socially inclined, confident, ambitious,
politically conservative, traditional, conventional, and relatively
less able academically, but not psychologically distressed.”
However, the Times article also points to a study in the Pro-
this year’s result was slighter lower at 59 percent (Figure 5). Some of
the reasons cited by this group ranged from:
• Inadequate raises. “The last 10 years of pay increases are less
than the increase in inflation,” said one respondent.
• Increases in responsibility without a corresponding pay increase:
“I took on three times the sales volume this past year and more
responsibilities and did not receive a bump in compensation.”
• An insufficient compensation package for the amount of road
time required. Said one in response for whether his pay was ad-
equate? “Not for the amount of travel and stress that it causes.”
For those who do travel (88 percent of the sales/sales manage-
ment group), about 37 percent travel less than 20 percent of their
time. A third of the total group travels 20 to 50 percent of the time,
and 17 percent have a travel schedule of higher than 50 percent.
In summary, the responses to this year’s survey highlight a group
who is primarily happy with their compensation and prospects for
ceedings of the National Academy of Sciences which suggests
that household income over $75,000 “does nothing for happiness, enjoyment, sadness, or stress.” The study, which analyzed
Gallup data of 450,000 randomly selected Americans, did find
that one’s “life evaluation” — a self-assessment of one’s life
— continued rising well above $75,000. But this is not the same
as experiencing day-to-day happiness.
( NYTimes.com; September, 2010)
Do you feel you are faced with
adequate job growth opportu-
nities within your company?
growth. Where better insight can be gained is in how to best identify the personnel within your companies that don’t exactly have
the warm and fuzzy feelings about their prospects. In an industry
that continues to struggle to fill positions with dedicated, skilled
talent, management should take a close look at not just compensation, but culture and communication as well.