Can money buy happiness? It can, but only at a certain point.
Kahneman and Deaton’s survey
According to a serious survey from Daniel Kahneman and Angus Deaton in 2010, there would be a correlation between the rise of your wage and your “emotional wellbeing”. But this very emotional wellbeing reaches its highest point at a wage amounting to $75,000, the researchers say. Beyond that point, you could not be happier!
That survey is quiet interesting and revolutionary. Measuring the amount of money which could improve one’s happiness is revolutionary! What could it happen if CEOs took heed of this survey?
Dan Price’s case
Well we already know it. Indeed Dan Price, CEO of Seattle technology company Gravity Payments, decided to raise the wage of its own staff up to $70 000 per year ! That is just incredible. In order to enable this pretty salary rise, Dan Price has slashed his own wage. Likewise Simon Wolfson, CEO of the firm Next, gave up his extra-bonus to raise the wages of his employees.
Kahneman and Deaton’s survey has revived the debate regarding the wage gap between CEOs and employees. How big can be the wage of a CEO without being considered as unfair? Do all the CEOs have to cut their own salary to share more with their staff? Or have fairness and morality to keep away from businesses? The question remains in abeyance…
Inspired by the Guardian
Étudiant à l'École de Management de l'Institut Mines-Télécom.