{"id":1177,"date":"2018-09-21T11:18:00","date_gmt":"2018-09-21T11:18:00","guid":{"rendered":"http:\/\/virtualspeech.co\/?p=1177"},"modified":"2024-07-10T15:09:12","modified_gmt":"2024-07-10T15:09:12","slug":"importance-emotional-intelligence-workplace","status":"publish","type":"post","link":"https:\/\/virtualspeech.com\/blog\/importance-emotional-intelligence-workplace","title":{"rendered":"Emotional Intelligence – What is it and why is it Important for your Business?"},"content":{"rendered":"\n

Undoubtedly, an effective leadership is critical for achieving business goals. In the modern workplace characterized by open communication and teamwork, a leader must understand their followers and know how to motivate them properly.<\/p>\n\n\n\n

That\u2019s why the business world has been paying an increased attention to \u201cemotional intelligence\u201d, a term first coined in the 1960s by researchers Peter Salovey and John Mayer. This ability has been recognized as an important one to succeeding as both a leader and an employee and achieving business goals more effectively.<\/p>\n\n\n\n

For example, The Future of Jobs<\/a>, a recent report published by the World Economic Forum, named emotional intelligence as one of the top 10 skills desired by employees by 2025.<\/p>\n\n\n\n

In this article, let\u2019s explore emotional intelligence more in-depth and define why it\u2019s so important for your business.<\/p>\n\n\n\n

What is Emotional Intelligence (EI)?<\/h3>\n\n\n\n

According to The Future of Jobs, emotional intelligence is defined as \u201cbeing aware of others\u2019 reaction and understanding why they react as they do.\u201d Also, it\u2019s the ability to identify and manage own emotions.<\/p>\n\n\n\n

Daniel Coleman, one of the most prominent advocates of the concept who wrote Emotional Intelligence: Why it Can Matter More than IQ<\/a>, define five crucial skills of emotional intelligence. They include:<\/p>\n\n\n\n

Self-awareness<\/strong> \u2013 the ability to identify and understand emotions of other people and the ways how they impact others around them<\/p>\n\n\n\n

Self-regulation<\/strong> \u2013 the ability to think before acting and manage impulses<\/p>\n\n\n\n

Internal motivation<\/strong> \u2013 the drive to achieve goals for personal reasons, not for rewards and recognition<\/p>\n\n\n\n

Empathy<\/strong> \u2013 the ability to identify and understand motivations of other people<\/p>\n\n\n\n

Social skills<\/strong> \u2013 the ability to effectively manage relationships and build teams.<\/p>\n\n\n\n

\"Emotional<\/figure>\n\n\n\n

Why is emotional intelligence important for businesses?<\/h3>\n\n\n\n

So, the concept of emotional intelligence says that personal qualities such as the ones listed above strongly influence both personal and business success in the modern workplace.<\/p>\n\n\n\n

“In terms of businesses, it can impact everyday decisions they make, including hiring, promoting, leading, and firing,” explains Mike Booker, an HR consultant. “On the other hand, in terms of personal success, a leader possessing emotional intelligence knows how to handle failures, motivate followers, and maintain self-control in critical situations.”<\/p>\n\n\n\n

In fact, Jack Welch once said in an interview to the Wall Street Journal:<\/p>\n\n\n\n

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“A leader\u2019s intelligence has to have a strong emotional component. He\/she has to have high levels of self-awareness, maturity and self-control.”<\/p>\n<\/blockquote>\n\n\n\n

Let\u2019s begin by discussing how assessing emotional intelligence of your existing and potential employees could improve the performance of your business.<\/p>\n\n\n\n

Benefits of emotional intelligence in the workplace<\/h3>\n\n\n\n

Multiple organisations use EQ to make important decisions, such as, hiring employees and deciding on pay rises. The World Economic Forum (2016) ranked emotional intelligence sixth<\/a> in the top ten skills employees need by 2025 to succeed in the future workplace.<\/p>\n\n\n\n

Other benefits of being an emotionally intelligent leader include:<\/p>\n\n\n\n