When the concept of Emotional Intelligence was first introduced to a wide audience in 1995, it quickly dawned upon the companies that the qualities that were traditionally associated with leadership, like intelligence, determination, and being well-informed were not sufficient in order to succeed in the fast-changing business scenario.
People started realizing that only Intelligence Quotient is not sufficient to run a business successfully. In order to have a sustainable business, it’s always very important to keep interacting with your customers. In other words, businesses woke up to the concept of Emotional Quotient.
Experts identified a few core competencies that enhanced an individual’s Emotional Quotient and his aptitude for successful business. They are as follows −
- Self-awareness − This is the ability to recognize your feelings and understand your emotional reactions, and how they influence your behavior and performance. It helps people get an idea of the perception they create in other people’s minds. A self-aware person is both confident of his own abilities and mindful of his current limitations.
- Handling emotions − People who know how to manage their feelings can keep calm under tremendous emotional pressure. This is essential to develop as a responsible employee who doesn’t shirk away from being held accountable for the team’s performance. This prevents them from taking hasty decisions which they might regret later.
- Self-motivation − The ability to motivate yourself in face of adversity is the hallmark of a perseverant individual. People who can put a positive spin on their negative emotions and end up as performers are prized in organizations.
- Empathy − Empathy is the quality of putting yourself in other people’s shoes and knowing where the shoe pinches. Understanding the problems of others by thinking of them as your own will not only help you in earning their respect but also taking a just decision.
- Resilience − In today’s world, resilience is a very important quality to have. Someone who can beat all the odds through his perseverance is a winner all the way. A resilient person can adapt to a changing environment and have a broad vision to understand the trends that are going to be followed.
In a recent study, it was concluded that leaders who use their Emotional Quotient to foster a sense of caring and engagement with their teams deliver significant bottom-line results. Teams with higher engagement are −
- 50% more likely to have lower turnover (work gets done faster)
- 56% more likely to have higher-than-average customer loyalty
- 38% more likely to have above-average productivity
- 27% more likely to report higher profitability