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Reasons to leading with Emotional Intelligence

by Forbesarticles
Reasons to leading with Emotional Intelligence

There are more than 3,000 studies on reasons to leading with emotional intelligence have shown that EQ, or EI, contributes to both personal and professional success.

What is Emotional Intelligence?

“Your ability to recognize and understand your emotions and your skill at using this awareness to manage yourself and your relationship with others.”
(Drs. Travis Brandberry & Jean Greaves, Authors of The Emotional Intelligence Quick Book)
There are many models of emotional intelligence and the popularize EI by Daniel Goleman.
According to Daniel Goleman, an American psychologist who helped to popularize EI, there are five main elements of emotional intelligence:
1. Self-awareness
2. Self-regulation
3. Motivation
4. Empathy
5. Social skills

As “emotional intelligence” becomes part of mainstream vocabulary (at this point there are 60 million hits on Google, and 664,000 results on Google’s book search), leaders are increasingly considering how this concept brings value.
In a recent study, when asked, “What are the top issues you face at work?” leaders said that 76% are on the people/relational side, and only 24% on the finance/technical side.2 In another of primarily man- agers and senior managers, of 775 respondents, a massive 89% identified EQ as “highly important” or “essential” to meeting their organizations ‘top challenges.

Reasons to leading with emotional intelligence

1. EI was ranked sixth in the World Economic Forum’s list of the top 10 skills that employees will need to possess to thrive in the workplace of the future.

2. “Travis Bradberry” said that 90% of top performers are also high in emotional intelligence.”

3. Competency research in over 200 companies and organization worldwide into top performers suggests that (Goleman, 1998):
• One-third of this difference is due to technical skill and cognitive ability.
• Two-third is due to emotional competence.

4. According to research by Daniel Goleman, EI contributes 80 to 90 percent of the competencies that distinguish outstaying from average leaders sometimes more.

5. Study of 358 leaders within Johnson and Johnson identified a strong link between superior performing leaders and emotional competence. The conclusion is powerful: “Emotional competence differentiates successful leaders.

6. In a recent study, when asked, “What are the top issues you face at work?” leaders said that 76% are on the people/relational side, and only 24% on the finance/technical side.

7. In another of primarily managers and senior managers, of 775 respondents, a massive 89% identified EQ as “highly important” or “essential” to meeting their organizations top challenges:
• we have customized training program;
• We can get best results;
• improved relationships;
• improved communication with others;
• better empathy skills;
• acting with integrity;
• respect from others;
• improved career prospects;
• managing change more confidently;
• Increased team performance;
• feeling confident and positive;

In this case study you can see the value of  reasons to leading with emotional intelligence.

Emotional Intelligence
8. Experienced partners in a multinational consulting firm were assessed on the EI competencies plus three other (Boyatzis, 1999).
Findings:
• Partners who scored above the median on nine or more of the 20 competencies delivered $ 1.2 million more profit from their accounts than did other partners.
• 139% incremental gain.

9. An analysis of more than 300 top-level executives from 15 global companies showed that six emotional competencies distinguished stars form the average. (Spencer, 1997)
Findings:
Distinguishing Emotional Competencies:
• Influence
• Team Leadership
• Organizational Awareness
• Self-Confidence
• Achievement Drive
• And Leadership

10. Looked into the productivity of ‘top performers’ in jobs of medium complexity (e.g. sales clerks, mechanics) and the most complex jobs (e.g. insurance sales people, account managers)
(Hunter, Schmidt, & Judiesh, 1990).
Findings:
 Top performance in medium complexity were:
• 12 times more productive than those at the bottom.
• 85% more productive than an average performer.
 Top performers in the most complex jobs were:
• 127% more productive than an average performer.

Competency research in over 200 companies and organization worldwide into top performers suggests that (Goleman, 1998):
• One-third of this difference is due to technical skill and cognitive ability.
• Two-third is due to emotional competence.
• In top leadership positions, over four-fifths of the difference is due to emotional competence.

11. At L’ Oreal, research (Spencer & Spencer, 1993; Spencer, McClelland & Kelner, 1997) showed that sales agents selected on the basis of certain emotional competencies significantly outsold sales people selected using the company’s old selection procedure.
Findings:
• On an annual basis, salespeople selected on the basis of emotional competence sold $91,370 more than other salespeople did, for a net revenue increase of $2,558,360.
• Salespeople selected on the basis of emotional competence also had 63% less turnover during the first year than those selected in the typical way.

12. In a national insurance company research showed the difference in policy premium sold (Hay/McBer Research and innovation Group, 1997).
Findings:
• Insurance sales agents who were weak in emotional competencies (i.e self-confidence, initiative, and empathy) sold policies with an average premium of $54,000.
• Insurance sales agents who were very strong in at least five of eight key emotional competencies sold policies worth $114,000.

13. Blanchard Companies launched a follow-up study in 2006 in which more than 1,400 leaders, managers, and executives shared their views on the critical skills and common mistakes connected to leadership. The top five things leaders admitted they fail to do were the following:
1. Failing to provide appropriate feedback (praise, redirection)—82% of respondents
2. Failing to listen to or involve others in the process—81% of respondents
3. Failing to use a leadership style appropriate to the person, task, and situation (over-supervising or under supervising)—76% of respondents
4. Failing to set clear goals and objectives—76% of respondents
5. Failing to train and develop their people—59% of respondents

14. A study in Harvard Business Review by Laurie Bassie and Daniel McMurrer showed a strong link between leadership skill and the bottom line. The study looked at 11 publicly traded financial service firms and their stock price. They found that companies with higher scores for their investment in human capital delivered stock returns that were five times higher than those of companies with less emphasis on human capital.

15. In a 2006 Fortune article, Tom Neff, a top CEO recruiter, stated, “Companies don’t want dictators or kings or emperors. Instead of someone who gives orders, they want someone who asks probing questions that force the team to think and find the right answers.
Fortune has stated:
“Talent of every type is in short supply, but the greatest shortage of all is skilled, effective managers.”

You can increase your better decision-making and performance, and see the importance of reasons to leading with emotional intelligence.

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