According to the World Economic Forum, emotional intelligence has become one of the top 10 required job skills in 2020.
What is Emotional Intelligence?
Emotional Intelligence is that set of skills that allow us to perceive, understand and regulate our moods, and use emotional information to improve cognitive resources. The communication between our emotional and rational “brains” is the physical source of our Emotional Intelligence.
The competencies that comprise emotional intelligence can be learned. Just as exercise changes and improves the body, so too can the brain be changed and improved. “Plasticity” is the term neurologists use to describe the brain’s ability to change. As you exercise new skills, which differ from an old set of skills, your brain grows new connections. This gradual change allows the billions of microscopic neurons lining the road between the rational and emotional centers of your brain to branch off small “arms” (much like a tree), reaching out to other cells. A single cell can grow 15,000 connections with neighboring cells. This chain reaction of growth allows new behaviors to become second nature to us, changing our old “default settings”.
The Six Competencies of Emotional Intelligence
- Awareness of Others
- Emotional Reasoning
- Positive Influence
Influences how aware we are of our feelings, and how those feelings impact our interactions with employees, co-workers, clients, and colleagues. The more self-aware, the more conscious we are of how our feelings impact our personal interactions. People who demonstrate a high degree of self-awareness are said to be present. Those who demonstrate low self-awareness, tend to be disconnected from their colleagues.
Awareness of Others
Influences how aware we are of the feelings of those around us. People who demonstrate a high degree of awareness of others, are more empathetic towards their colleagues. Those who demonstrate low awareness of others, tend to be insensitive towards colleagues.
Influences how openly and effectively you express yourself and how you honor your commitments. Managers, who demonstrate a high degree authenticity are more sincere and straightforward when providing feedback to colleagues. Managers who demonstrate low authenticity, are perceived by colleagues as untrustworthy.
Influences how well you consider your feelings and the feelings of your employees, clients, and colleagues in your decision-making. Managers, who are more considerate of their feelings and the feelings of colleagues, are more open-minded in their decision-making. Managers, who neglect feelings, tend to be close-minded in their decision-making.
Influences how well we manage our moods and feelings and how well we strive for self-improvement. People who can manage their feelings and moods are more resilient when confronted with perceived threats. Those who have a harder time managing their feelings, become temperamental and moody when confronted with perceived threats.
Is a measure of a our ability to create a positive environment by positively influencing the way others feel through problem solving, feedback, and recognizing and supporting the work of others. People who demonstrate positive influence, empower and motivate colleagues. Those who do not, are indifferent towards colleagues.
How Enhanced Emotional Intelligence Impacts a Company
1. Reduces Costs Associated with Employee Absenteeism and Turnover
Following emotional intelligence training among managers and employees, agro-food giant, Amadori experienced a 63% reduction in turnover and absenteeism
2. Increases Market Share
An emotional intelligence initiative at Sheraton helped increase market share, 24%, reduced employee turnover, 20%, and increased guest satisfaction, 10%.
3. Superior Leadership
A PepsiCo., executives selected for their emotional intelligence qualities generated 10% more productivity, adding $3.75 million in economic value. Additionally, executive turnover rates dropped 87% .
4. Boosts Sales
Salespeople at L’Oreal, who demonstrated high emotional intelligence brought $2.5 million in more sales and 63% less turnover compared to those salespeople with lower emotional intelligence.
5. Grows Profits
By increasing key team emotional intelligence by 8.9%, a major pharmaceutical company experienced double digit profit growth.
Grow Your Company's Emotional Intelligence
If companies like L’Oreal and PepsiCo have successfully integrated emotional intelligence into their organization, so, too should you. With a willingness to learn and a commitment to change, your company can realize similar success and growth. But, it is up to you.