Many experts now believe that a person’s emotional intelligence quotient (EQ) may be more important than their IQ and is certainly a better predictor of success, quality of relationships, Meaningful Conversations and overall happiness.
I have written many blogs on the subject, some of my readers may even recall the balance of IQ vs EQ is it really necessary?
Emotion has long been something of a taboo subject in the workplace. It’s widely seen as inherently negative – it clouds decision-making; allegedly it’s a source of weakness; it should be left somewhere but certainly not at the office. But recent changes in business and the wider world have caused a seismic shift in how people view emotion and appreciate its power when used intelligently.
One of the root causes is that the composition of the workforce has changed vastly over a relatively short period. It has become far more diverse in terms of ethnicity, culture, religion, gender and sexuality. And a gap has opened up, especially between members of the older generations who run most organisations and the millennials and gen Z-ers who work for them when it comes to personal values and expectations of employment.
The Deloitte Global Millennial Survey 2019 has found that millennials (defined by the researchers as those born between January 1983 and December 1994) and gen Z-ers (born January 1995 to December 1999) are mistrustful of businesses that prioritise their own agendas over their impact on society.
Many respondents to the Deloitte Global Millennial Survey said they would cut immediate ties with any company that didn’t share their values.
With the active rise of EQ, The World Economic Forum now considers EQ a crucial skill for the fourth industrial revolution, while research has always shown that EQ improves decision-making and morale in organisations.
The Fourth Industrial Revolution introduces integrated adjustments to the way we interact with the world around us, including new advancements like the Internet of Things, the Internet of Systems, artificial intelligence, and more. We’re looking at not just technological assistance, but a flourishing form of technological assimilation
Move over, IQ; it’s not just about increased academia anymore. The Fourth Industrial Revolution will change how we interact with one another in conjunction with our technology, and it requires that we reconnect with our EQ (emotional quotient). As AI begins to make its way into the decision-making processes of modern business, emotional and social intelligence become two capabilities that can’t be automated yet – so more Meaningful and Purposeful Discussions…….?
In fewer than five years, more than a third (35%) of skills considered important today will have changed, according to this REPORT by The World Economic Forum. Amongst cognitive abilities such as complex problem solving and critical thinking, emotional intelligence – often referred to as ‘street smarts’ – has been identified as a crucial social skill that will be needed by all.
The report, based on the opinions of chief HR and strategy officers from leading global organisations, suggests that seismic advances in technology including artificial intelligence, advanced robotics and machine learning will revolutionise the way we live and work. As a result, organisations and employees will be under growing pressure to upgrade and fine-tune their skillsets to thrive, or even survive, in what is being termed The Fourth Industrial Revolution.
It’s one thing to have complex thinkers with lightning-fast computational skills and incomparable technical abilities, but it’s quite another to have an intercommunicating workforce that’s situationally aware and adaptive.
Consider the example of FedEx, which took EQ to heart when designing its leadership program. By focusing on building emotional intelligence into its management team, the company has yielded an 8-11 percent increase in core leadership competencies. Employees also made vast improvements in their decision-making and influencing abilities and experienced a marked improvement in their quality of life.
According to The World Economic report, by 2020 there will be a greater bidding war for employees with social abilities including persuasion and emotional intelligence compared to more limited technical skills like programming or equipment operation and control. Furthermore, professions previously seen as purely technical will see new demand for interpersonal skills, such as being able to communicate data effectively. Emotional intelligence is likely to be a major deciding factor in who will be able to adapt and flourish in these new roles.
In his books, ‘Emotional Intelligence: Why It Can Matter More than IQ and Working With Emotional Intelligence’, Daniel Goleman presents five categories of emotional intelligence. To hire candidates who will thrive in your workplace, look for those who have a handle on these five pillars:
1. Self-awareness: If a person has a healthy sense of self-awareness, he understands his own strengths and weaknesses, as well as how his actions affect others. A person who is self-aware is usually better able to handle and learn from constructive criticism than one who is not.
2. Self-regulation: A person with a high EQ can maturely reveal her emotions and exercise restraint when needed. Instead of squelching her feelings, she expresses them with restraint and control.
3. Motivation: Emotionally intelligent people are self-motivated. They’re not motivated simply by money or a title. They are usually resilient and optimistic when they encounter disappointment and driven by an inner ambition.
4. Empathy: A person who has empathy has compassion and an understanding of human nature that allows him to connect with other people on an emotional level. The ability to empathize allows a person to provide great service and respond genuinely to others’ concerns.
5. People skills: People who are emotionally intelligent are able to build rapport and trust quickly with others on their teams. They avoid power struggles and backstabbing. They usually enjoy other people and have the respect of others around them.
Daniel Goleman on the importance of emotional intelligence
Effective leadership requires mastering and blending both left- and right-brain thinking.
Accenture recently conducted a research study across 200 C-suite executives from France, Germany, Italy, Spain, the United Kingdom and the United States which indicated that pushing the C-suite to find new ways to lead, grow and sustain their organisations, demands a new type of leader to engage passion, principles and capabilities. Their expectation? Leaders who have a strong balance across analytics-led and human-centred skills.
This approach blends what’s traditionally been considered “left-brain” (scientific) skills that draw on data analysis and critical reasoning with “right-brain” (creative) skills that draw on areas like intuition and empathy. Bringing the two together intentionally to drive deeper levels of problem-solving and value creation is critical.
But the majority (89%) of today’s C-suite leaders hold business school, science, or technology degrees and have honed “left brain” skills—like critical reasoning, decision-making and results-orientation. Numbers. Data. Stats. The science of management, rooted in reasoning and proof points. This has served them well, and these capabilities will always be vital. But they are no longer sufficient.
Final thought. As the pace of change continues to accelerate and we head towards the Fourth Industrial Revolution, being able to identify and anticipate future skills requirements will be crucial. Those organisations and employees who embrace and prepare for the changes will be the biggest winners.
Look around you: Tech is being transfused into the veins of every industry. You need to make an educated guess as to how — and which — new technologies could impact your business and then act.
Rapid disruptive change is inevitable, and the assimilation of technology into every aspect of modern business is unavoidable.
The question is whether today’s business leaders can remain competitive in a technological world that’s rapidly and exponentially evolving. The tide is rising on the Fourth Industrial Revolution.