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Age and Happiness

I did data analytics for a long-term project on family businesses, while at Case Western Reserve University a little over 2 decades ago. Using survey data from hundreds of respondents across dozens of companies over several years, we tried to analyze predictors of success at family firms. The astonishing finding was that the biggest finding was not about usual factors like ‘Succession Planning’ and ‘Clear Strategy’ etc. The biggest amazement was that across almost all dependent variables, the age of the respondent showed the greatest impact. We found what I used to call a bucket curve. For respondents under the age of 30 and below, their perceptions of their company was good. Similarly, for respondents of age 50 and over, their perceptions of their company was good. In the middle age, the respondents’ perceptions were not too good, across all variables. No other independent variables, like gender and education level and years of experience and even whether the respondent-employee was also a member of the owning family, made any difference. The AGE variable ran away with the whole variance, and thus the whole story.
We went to the retired dean of the school of business to express our excitement, amazement as well as trepidation at such a result. This old wise man looked at the results, asked some questions, and said that it all makes sense. The younger employees are glad for what the company has given them. The older people are looking back with pride at what they have achieved. It is the folks in the middle who are nervous and frustrated  as they have half their career behind them and want/expect the company to give them more opportunities to do better.
The paper was sent for publication on the strength of this finding. It got published at Family Business Review, the top journal in the field, in 1997.  Twelve years later I accidentally discovered that this paper had been included in the authoritative Handbook of Family Business all these years (there are less than 30 papers in that handbook). This paper was significant for just this insight, that age changes perceptions like nothing else. At our age, we are mostly happy as we have accomplished a lot!
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