7 key sales metrics you need to know and measure work in progress

We are now in an age where sales managers have a mass of data measurement and analytics options available to them. Through sales analytics software, visual data discovery or Business Intelligence software, sales managers can gain insight into their sales team’s pipeline and have a team that works more effectively and efficiently.

But are they measuring the right things?

The above analytics options have revolutionised sales measurement. They enable sales managers to pinpoint where their teams can generate more leads as well as cross-sell and upsell to existing customers and much more. The potential exists for sales managers to enjoy great benefits. Whether they get to enjoy such benefits depends on how they use the tools.

So, are you measuring the necessary metrics to ensure your sales team are working at optimum level? We outline the seven metrics every sales manager should measure.

1. Your Sales Pipeline

This is a great way to gauge your company’s health. Sometimes presented in a graphical format, it shows the sales opportunities your company currently has and an estimation of the amount of revenue your sales team is going to generate in the coming months. If the opportunities within the pipeline are managed well, your sales team will stay organised and feel more in control of their sales figures, giving you more confidence in the targets that can be achieved.

What metrics should be measured in a sales team’s pipeline?

• Number of potential deals in your pipeline

• Average size of a deal (in £) in your pipeline

•Average percentage of deals that are converted from leads to customers

•Average time deals are in the pipeline (measured in days)

2. Sales Revenue

Measuring the revenue a sales team brings in, instead of only their profit margin, gives a sales manager more insight into the business' performance. If a company experiences steady “top-line growth”, it could be viewed that the performance in that period was positive even if the earnings growth or “bottom-line growth” didn’t change.

Measuring revenue allows you to to identify the profitability of the business. By calculating the profit ratio (divide net income by sales revenue) businesses can reveal how much of every dollar brought in by sales actually makes it to the bottom line.

3. Forecast Accuracy

Forecasts will never be exact, but there are tools available that will assist a business in creating the most accurate forecast as possible. The accuracy of a sales team’s forecasts needs to be measured on an ongoing basis to ensure that they are continually reaching their predicted targets or at least getting closer to them as time goes on. Producing accurate forecasts enables a company to reveal issues threatening the business as well as opportunities available.

4. Sales Funnel Leakage

No sales team wants a leaky funnel but sometimes with limited technology and man-power this can happen. It’s imperative to know where the holes in your funnel are, how they occurred and how you can essentially ‘plug’ them. Things to review include:

•Lead response time: a business that responds quickly to a sales qualified lead is more likely to win the sale

•Rate of follow up contact: persistence is key, a sales teams should be continually following up with a lead via phone calls and emails until they are deemed no longer qualified

By constantly monitoring this data and putting means in place to avoid opportunity leakage, the overall sales numbers will improve.

5. Win vs Loss Rate

It’s important to understand the reasons why leads buy or don’t buy a company’s product / service. This information is crucial as it can assist in improving a sales team’s close rate thus gaining more market share for the business.

6. Cross-sell and Upsell Opportunities

Cross-selling and up-selling can be complex and risky. However, with the challenges around new customer acquisition, businesses must find ways to improve sales from existing customers. With the right analytics tool, businesses can identify cross-selling and upselling opportunities in the organisation and ultimately, generate more sales for the business.

7. Closure Rate aka “Win Rate”

It’s important to be aware of how many leads or opportunities are being converted into customers. This metric focuses on the final stage of a sales team’s pipeline. By this point a sales team would have invested a lot of time and resources into the lead so this rate should be as high as possible.

A low or constantly changing closure rate signifies lack of competitiveness in the market, it means the value proposition being offered to the leads is not good enough. It may also mean that the sales team requires additional training.

Measuring a sales team’s performance has evolved from the simple spreadsheets used back in the 20th century. There are now advanced business intelligence software options that provide dynamic reporting capabilities with dashboards to help automatically track key metrics. This gives a sales manager the ability to become more proactive as well as make more insightful and strategic decisions that will benefit the company.

Your Mobile salescoach 'Pause & Reflect' before and after each sales call

Less field accompaniment coaching is done by managers compared with a few years ago.

So today you have to coach yourself - either from your desk or out in the field.

Since Ofcom tell us today that the UK is a smart phone society where we spend 2 hours per day on the smart phone why not let your smart phone be your field coach.

Before you make that phone call to your client or visit face to face, take a PAUSE prepare for the call and then after each call REFLECT on what happened, what went well , what needs further work, what's the aim of the next call.

Here's a useful acronym "PAUSE and REFLECT "

So before you make that phone call or face to face visit gather your thoughts and PAUSE !


Plan what agreements you want 

Ask open questions to establish their needs

Use relevant benefits to match need


Select techniques best suited open and close your call

End with agreement to act



After the call reflect on what happened.

Carry out a quick Review and ask yourself , did you

REFLECT ?


Reach your objective

Establish Real Needs of your client ?

Find the relevant personalised benefits ?

Listen to your client's reaction

Eliminate Objections

Commit your client to action ?

Target your next objective?


Why not bookmark this PAUSE and Reflect post link on your smart phone right now !

Let your smart phone be your sales coach

Good Selling

Relate Links

UK now a smartphone society Ofcom

Leadership in Selling, Selling Authenticity and Well-being Ideas from Davos 2015

“There are four ingredients in true leadership:  brains, soul, heart and good nerves “  

Klaus Schwab  founder and Chairman of World Economic Forum  Davos 

 21^st January 2015

Here are some findings of research on leadership which readers may find interesting in view of this leadership theme at Davos this week

Tel Aviv University’s Yona Kifer  published  January 28, 2013 a study in Psychological Science.

The study concluded that :

employees were 26% more satisfied in their roles when they had positions of power.

The researchers also found that feelings of power also translated to more authenticity and feelings of well-being.

Power made the subjects feel more “true to themselves,” enabling them to engage in actions that authentically reflected values they hold dear.

This subjective sense of authenticity in turn created a higher sense of wellbeing and  happiness.

Drawing on personality and power research, Yona Kiferl and colleagues suggested that holding a position of authority might enhance subjective well-being through an increased feeling of authenticity. 

 

The researchers predicted that because the powerful are able to

“navigate their lives in congruence with their internal desires and inclinations,” they feel as if they are acting more authentically — more “themselves” — and thus are more content.

The findings were published in Psychological Science, a journal of the Association for Psychological Science. 2013

In their first experiment, the researchers surveyed over 350 participants to determine if Internal  feelings of power are associated with subjective well-being in different contexts: 1.  at work,  2. with friends, or 3.  in romantic relationships.

The results indicated that people who feel powerful in any context tend to be more content.

The most powerful people surveyed felt 16% more satisfied with their lives than the least powerful people.

This effect was most pronounced in the workplace:

Powerful employees were 26% more satisfied with their jobs than their powerless colleagues.

The power-based discrepancy in happiness was smaller for friendships and romantic relationships.

The researchers suggest that this may be because friendships are associated with a sense of community rather than hierarchy, and therefore having power in this kind of relationship is less important.

 

Causal relationships  in power, authenticity and wellbeing

In the second and third experiments, Kifer and colleagues examined the causal relationship between

a. power,

b. feelings of authenticity,

c.  general well-being,

by manipulating each of the factors independently.

The results revealed that being in a position of power causes people to feel more authentic and “true to themselves” — that is, it allows their actions to more closely reflect their beliefs and desires.

Feelings of authenticity, in turn, enhance subjective feelings of well-being and happiness.

“By leading people to be true to their desires and inclinations — to be authentic — power lead individuals to experience greater happiness,” the researchers conclude.

Kifer and colleagues propose that future research into power dynamics, happiness, and authenticity should focus on specific kinds of power, both positive (such as charisma) and negative (such as punishment).

Together, these findings suggest that even the perception of having power can lead people to live more authentic lives, thereby increasing their happiness and well-being.

Co-authors on this research include Daniel Heller of Tel Aviv University, Wei Qi Elaine Perunovic of University of New Brunswick, and Adam Galinsky of Columbia Business School.

The 'Feeling of Power' - productive, performing and pleased

Research has shown that helping others feel more powerful can boost productivity, improve performance, and leave employees feeling more satisfied on the job. A study conducted by Yona Kifer of Tel Aviv University and published in Psychological Science found that employees were 26% more satisfied in their roles when they had positions of power.

Feelings of power also translated to more authenticity and feelings of well-being, the Researchers found.

Power made the subjects feel more “true to themselves,” enabling them to engage in actions that authentically reflected values they hold dear. This subjective sense of authenticity in turn created a higher sense of wellbeing and happiness.

Yet Gallup research has found that typically 70% of American workers aren’t engaged or committed to their employers. Gallup estimates the cost of their apathy at between $450 billion to $550 billion in lost productivity per year.

I reckon those workers aren’t feeling all that powerful.

While it would be great to think we could just repeat a mantra each morning to facilitate these well being -enhancing feelings of power, another global study conducted by Gallup found that among some 600,000 workers across several industries,

• leadership support,
• recognition,
• constant communication,
• and trust

were essential to creating a thriving environment where front-line employees felt they had the autonomy to make a real difference in the organization. In other words, to instil a sense of power , people for sustained engagement you need the support of the entire system.

The Importance of Buy-In

By contrast, overly structured management-driven empowerment programmes that are coupled with continuous improvement initiatives don’t work, according to researchers from the University of Illinois, as employees tend to feel such programs are often ‘ forced upon them’ without their input on  the initiatives’ usefulness.

Instead, the researchers found that even the least powerful employees will commit to finding ways to make their organisation more efficient if given the autonomy to make decisions and execute the improvement measures they find most useful.

Sales Managers are advised to act more as coaches, giving direction and support, and trusting that front line salespeople, who are the experts on the ground, know better which improvements ultimately work in the best interest of the organisation.

The study, by Gopesh Anand, Dilip Chhajed, and Luis Delfin, shows that employees will be most committed to the organisation when they feel their day-to-day work environment is autonomous and when they trust leaders to have their back. 

 These feelings of power and the reciprocal trust in leadership in turn lead to proactive behaviours by front line salespeople, as they’re likely to take charge in continuously seeking ways to improve their day-to-day work practices that lead to organisational efficiency.

While a company-wide effort of making employees feel autonomous and trusted yields the greatest benefit in employee commitment, managers can start with their own team members.

Encouraging others to

• share their unvarnished views on important issues,

• delegating

• and sharing leadership,

• assigning managerial tasks,

• communicating frequently,

• and allowing for mistakes to serve as learning opportunities can all empower employees and develop them into independent thinkers who aren’t afraid to take risks and actively contribute in moving the organisation forward.

It isn’t necessary, or indeed possible, to elevate every member of the sales team  to a Leadership position.

But a good sales  manager can offer choices that lead to empowerment, no title required.

While we know that people instinctively crave higher status, M. Ena Inesi of London Business School discovered that agency is just as important.

She primed study participants to feel either powerful or powerless.

They then had to choose whether to shop at a nearby store with fewer options, or a store that was further away but which offered considerably more options. When participants felt powerless, they craved more choices. 

The participants who felt powerful, however, were content to have fewer choices.

“You can imagine a person at an organisation who’s in a low- level job,” Inesi said at the time.

“You can make that seemingly powerless person feel better about their job and their duties by giving them some choice, in the way they do the work or what project they work on.”

The dangers of Learned Helplessness

People need to believe they have a sense of control over their situation, particularly in times of change and uncertainty, or they may adopt what psychologist Martin Seligman at the University of  Pennsylvania termed “learned helplessness,” where they basically stop trying.

In a similar vein, Harvard psychology professor Ellen Langer conducted research on mindfulness and ‘choice’ and found that giving people choices over their environment actually extended life by years, according to her studies conducted among the elderly in nursing homes.

Tom Peters once said, “Leaders don’t create followers; they create more leaders.”

Giving Your employees real autonomy and helping them feel more powerful is not only your best chance to buck he trend of disengagement and apathy; it is at the heart of competitive strategy.

 Perhaps the good and the great at Davos this week would agree with not only the founder of the World Economic Forum but some wisdom from some two and a half thousand year ago

"A leader is best when people barely know (s)he exists, when their work is done, their aim fulfilled, the people will say: we did it ourselves." 

Lao Tzu    571 BCE

Related links

http://www.psychologicalscience.org/index.php/news/releases/power-helps-you-live-the-good-life-by-bringing-you-closer-to-your-true-self.html 

http://blogs.hbr.org/2014/05/make-your-team-feel-powerful/

 

Davos is for Salespeople also

Sales Talent Churn challenges posed by Defectors, Misfits and Remnants

Of all the sales management metrics that tell us about economic growth, the ones that we in selling know ( and often to our cost)  is talent churn.

 In London according to  recent issue of the London Evening Standard, it is predicted that 

40% of employees plan to move within next year.

Managers ( including sales managers) turn from corporate game keepers who guard and develop their company's  talent to one now of  poachers who may feel the need entice talent away from competitors.

More than half those leaving jobs in London then try to entice their colleagues to follow them and many choose to take them up on their offer.

40+ %  when asked when anyone had left their place of work and tried to ‘poach them’ to go and work in a new company  “Yes and I took them up!”

25% replied that they had been approached but declined

33% said they had never been approached

DEFECTORS

Research from Adecco reveals the reason for defections.

That the most common  reason for wanting to move is bad management.

 30% wanted to move because of poor management nearly twice as high as those saying they would leave primarily because of low pay.

Ironically the worst bosses are to be found in HR with nearly 40% saying that bad management was the strongest reason for moving jobs followed by arts and culture at 37%.

Poachers are most likely to work in:-

• Professional services
• HR
• Sales
• and Media

MISFITS

Not only is poor management the main cause of defections their exacerbate the problem by then replacing them with the wrong people.

70% of those polled say their firm made hires that were ‘clearly  a wrong fit for the organisation’

Legal professionals are far more likely to poach successfully. 40% in London have done so successfully. But 80% of legal professionals say that their firm has made bad hires. ( the average is 73% across London.

REMNANTS

If defectors and poor replacement hires were not enough of challenge to sales management , the task of sustaining team morale when key staff leave ( and possibly try to take colleagues with them) 24% of staff feeling ‘de-motivated’ when someone leaves.

40% say they are ‘disappointed’ when someone leaves

20% say they are ‘frustrated’ when someone leaves

And only one in seven admitted to being ‘happy’ to see certain people leave.

Half of Londoners in the Adecco study are also concerned about the increased workload with 25% saying they are worried that more people  will then leave ( and many of these will be poached)

54% of  Londoners believe their firms have a problem with retention   38% believe better management training is the number 1 solution

Ironically HR who you would think would be best at managing staff- has the  worst management   with 50% saying that there is a lack of management training for staff compared with 35% across the board.

Eon Ofgem - any lessons for Professional Selling and Sales Management ?

Marketing Week's Sebastian Joseph suggests  that  E.On's brand reputation is at risk after admitting its efforts to reset customers relations have been hampered received a record £12 million fine from Ofgem for mis-selling its energy tariffs.

Quite rightly the vulnerable customers are to be compensated as a result of the investigation by regulator Ofgem.

(I am sure there are also many good sales people trying to do their best for their customers at E.On whether in house or subcontracted agents . The company has a Sales Improvement Plan underway)

Eon's logo is currently displayed on the Institute of Sales and Marketing Management's (ISMM) web page of  corporate members and partners. 

The ISMM states the Institute " are committed to increasing the professionalism and ethical standards of the sales profession.”

Should any fellow trainers, sales directors , managers or  supervisors  or for that matter members of the ISMM care to scroll around the detail of the Ofgem report ( link at end of  this post) they  might  detect considerable shortcomings exposed. 

Ofgem in summary said that E.On had opportunities to improve its sales practises long before 2013, but its response was inadequate. Ofgem's criticisms included:-

E.On 

• failed to train and monitor its own staff, as well as staff employed by agencies
• provided incorrect information to customers
• failed in its management arrangements
• paid insufficient attention to energy sales rules
• had poor auditing results
• did not always give the key terms of a contract before it was signed

But as many undertake finger pointing at E.On , it is worth remembering that as we point a finger at someone it is worth remembering three face back at us !

Sales management can better meet buyer needs and improve sales productivity by creating a culture of sales coaching, providing the processes and resources to help sales managers coach their salespeople and holds these managers accountable for coaching initiatives.

Benchmarking:

A study into IT sector provided insight into industry best practises, sales manager coaching frameworks, and detailed practitioner case studies to help sales and sales operations executives further develop their sales managers and improve sales productivity.

IDC Sales and Marketing Sales Advisory Service http://www.idc.com/eagroup/index.jsp
The Sales Advisory Service Blog http://blog.salesadvisorypractice.com/

The IDC Sales Advisory Service publishes through three research categories, annually.
Sales Benchmarks for Budgeting and Planning research

1. sales revenue,
2. expense,
3. and productivity benchmarks based on the leading vendors across the IT industry.

Sales Management and Operations Best Practises consist of business cases and Best Practises to enhance organisational effectiveness, sales operations, and solution selling strategies and sales operations. Sales and Industry Insights investigate specific, targeted issues that IT Sales executives are facing

Data from TACK research on  face to face field accompaniment  

.IDC 2010 Sales productivity study of 2,663 sales organisations

Only 22% of sales coached their salespeople !

67% of sales organisations performing below expectations reported that their sales managers did not coach at all.






Ian Segail in Winning Edge Magazine suggested ten reasons why managers don't coach

1. No process for coaching
2. Have no formal skills in coaching
3. Don't see the value of coaching
4. Not held accountable for changing the behaviour to impact on results
5. Coaching not a formal part of the job
6. It is not measured by the board -so it's not done
7. Never had good coaching themselves and don't believe in it
8. They are not currently coached or mentored themselves
9. Fear of engagement with sales team members with years of experience
10. Can't find the time


Misplaced  Confidence in the numbers:

"The sales numbers are great, so everything must be hunky dory."

Does such thinking remind us of the misplaced confidence we saw in the Baring -Leeson affair before the disaster struck ?


Perhaps one of the unintended consequences on over-reliance 'digitised' sales turnover statistics is the illusion that sales can be managed entirely by remote control . 

Merely collecting data  from Sales process software, ticking the boxes of quality standards  and basking in good turnover metrics are not enough. A manager needs to get out of the office and see the reality.


Time to get out of  the office?

Time to check whether the numbers reflect the WHOLE story?

Time to resurrect SMBWA - Sales Management By Walking About.?




Related link

 Ofgem notice on Eon in May 2014

Ofgem Press Release Page

Breaches for both Telesales and Marketing were from June 2010 – December 2013. You can read the penalty notice on the investigations section of Ofgem’s website go to the link above and scroll down to penalty notice.

10 personality characteristics of Key Sales Talent

There is much discussion among sales managers about what makes a successful salesperson.  

What is it that they have or possess that separates them from their adequate or under-achieving colleagues?

When hiring salespeople management tends to concentrate on two key criteria:

·         Outward appearance and mannerisms and,

·         Experience in the field, industry, market or in sales generally.

With the competitiveness of the market today (and this is not expected to become any easier, as talent is once again on the move according to the Halgoen /CIPD report last week  ) recruiting and keeping the best is a tough task for management. 

Management needs however to hire the best and not just anybody to fill the space, and thus time should be invested in obtaining the best from the marketplace.

So what are the traits of successful salespeople?  The analysis based on experience and research suggests the following:

·         Self worth:  Successful salespeople have a strong sense of their own self worth.  This is not arrogance but high self-esteem and confidence.  They thrive on success and are able to bounce back from failure/rejection.

·         Assertiveness:  Not to be confused with aggressiveness, this involves an ability to control and lead the sales process, to be confident in one-on-one discussions, presentations and negotiations.

·         Personable: The time tested adage of ‘People buy from people,’ is still relevant today.  Relationship building, the ‘Ambassador’ role is key for successful salespeople who are usually friendly, curious, talkative and interested in their clients.

·         Empathy:  The ability to be in the other (customer’s) person’s shoes.  If you are trying to sell to somebody you must be able to see from their perspective, not just to understand their needs but the reasons behind those needs.

·         Thinking outside the box:  The successful salesperson is always looking for ways to differentiate themselves.  They are looking for the new angle, the new approach, method, product or service to set themselves apart from their competitors.

·         Risk taking:  Closely allied to thinking outside the box is their attitude to risk.  The successful salesperson will try something different; will take risks if they believe the risks will help them to succeed.  As the selling environment rapidly changes so the successful salesperson responds by trying the new, doing something different and risking being wrong.

·         Conceptual selling:  This is all about the ability to sell ideas, thoughts and abstracts.  As selling becomes more complex it is important for success that salespeople can sell both the tangibles, (e.g. products) and the intangibles, (e.g. the services behind the product.)

·         Sense of urgency: It is about making things happen and happen now!  The successful salesperson reasons that if they don’t get it (the sales process) done then the competition will gain.

·         Sense of realism:  Successful salespeople have a realistic streak in them.  They don’t always trust the customer or others.  They question to be sure and are thorough in their approach.  They tend not to promise too much and deliver too little.

·         Competitiveness:  The best are competitive even if they are only competing against themselves.  They want to win and get that sale, order, new customer or key account.  They want success and work for it.

Not every salesperson will have all these characteristics but sales managers should use them to assess new recruits.  Additionally they should help you to find new salespeople from within other areas of your company.  People in other departments and positions demonstrating these characteristics are thus potential for your team.

Sales managers should also look at what industry specific characteristics they need and add them to their list.  The chances of recruiting successful salespeople for your company must improve if you seek to break the old formula of hiring using the two criteria mentioned at the start. 

The role of sales managers ‘increase profitable sales through other people’, and thus you are responsible for recruiting and retaining the right people to achieve success.

The costs of losing Selling Talent

How many in your sales team are looking for a new job ?

The CIPD/Halogen Employee Outlook study of about 3,000 employees  published last week has tracked the following :

Talent once again on the move

% of Workers are looking for a new job

20% Spring 2012

21% Spring 2012

24% Autumn 2013   ( 24% in private and voluntary sectors, 23% in public sector)

Recruitment freeze - signs of thawing

% of Employees reporting their employers have a freeze on recruitment

29% in Winter 2012

28% in Spring 2013

25% in Autumn 2013.

These numbers signal a decline in fear around job security. It looks like talent is on the move again and sales managers need to keep a closer eye on retaining their key talent.

If monitoring their sales force progression and providing opportunities to discuss career development is not undertaken they could well risk losing some of their best salespeople

The  Halogen / CIPD study showed the intention to look for a new job increases with job dissatisfaction –

 62% of unsatisfied workers were looking for a job, compared to 10% of satisfied workers.

Importance of Exit interviews 

Even if many sales managers know the theoretical value of undertaking  an exit interview of salespeople who leave the company most don't have  the time to undertake it or perhaps even the courage to do it.

But the duty is undertaken to commercial advantage by the recruitment industry. The study by Finlay James Associates confirms that money is seldom the reason for a move only 13.% moved because of inadequate remuneration.

Their findings are in the chart below

Losing sales talent can be a costly affair

What would the costs be to your company of the following?

• The cost of a  vacant territory and subsequent loss of sales opportunities  £,,,,,,,
• The cost of your and  your senior sales additional staff’s coaching time £,,,,,
• The cost of  reduced team morale £.....
• The cost of damaged customer loyalty
• Potential litigation costs – unfair dismissal claims, etc
  
  let alone damaged reputation to your organisation
  
  
  
  

  Related links

  
  

  
  

  http://www.hrmagazine.co.uk/hro/news/1139693/top-talent-job-market-recovers-cipd-warns

Happiness and wealth - are the fruits of your selling success ever satiated ?

“ … there is now overwhelming evidence that wealth is good for one’s well-being with no upper limit.”

Allister Heath’s editorial in City AM April 30^th 2013 delighted in what he sees to be ‘proof’ that the more money we earn , the happier we are.

He quoted research from the University of Michigan study by Justin Wolfers and Betsey Stevenson published by the Brookings Institution of 1,014 individuals with varying incomes asking whether or not they were happy and how satisfied they are with their lives.

 (Back in the day 1974 Richard Easterlin  posited that increasing average income did not raise average well-being, a claim that became known as the 'Easterlin Paradox')

Stevenson and Wolfers found no evidence of a satiation point. The income–well-being link   when examining only the poor,  is similar to that found when examining only the rich.

 


They show that their findings are robust across a variety of sets of data, for various measures of subjective well-being, at several thresholds, and that it holds in roughly equal measure when making cross-national comparisons between rich and poor countries as when making comparisons between rich and poor people within a country.

Their study  is confined to the sorts of evaluative measures of life satisfaction and happiness and shows that the focus of proponents of the (modified) Easterlin hypothesis  to be questionable.

 Income and well being illustrated by Gallop world poll for cross country and inter country comparisons show equivalent relationships in their study of 25 countries.

Life satisfaction rises logarithmically as GDP per Capital increases-rich nations have more satisfied citizens than poorer ones

It will be interesting to see whether this study has any effect on our views in selling and sales management when considering areas of motivation – Hierarchy of needs, Vroom, Hygiene factors etc.

Measurements of happiness unlike measurements wealth are subjective. Happy people with a positive outlook tend to do better at work and are more likely  to be appointed to better paid jobs.

Maybe ? !

Related links

 

http://www.brookings.edu/research/interactives/2013/income-well-being

 

http://www.brookings.edu/research/papers/2013/04/subjective-well-being-income