What is Emotional Intelligence (EQ), and why is it vital for business success?

EQ is rapidly becoming a leadership ‘must-have’ with old-world views such as ’management by hierarchy’ giving way to inspiring leadership through cooperation, collaboration and service.

Communications specialist and Icehouse programme facilitator Amanda Fleming says growing your EQ is not flaky or soft.

“It is pragmatic, competence building so that you can stay present to the emotional content of life, grow resilience, master life turbulence, and help others do the same. Leaders grow more leaders.”

Amanda adds emotional intelligence can continue growing throughout life, but we can accelerate the process by deliberately paying attention to personal motivation and people/social skills.

“This is personal growth, and it is now a 21st Century professional issue.”

What is your EQ? Take Amanda’s test:

How would you rate yourself (on the 1 – 10 scale) against the following emotional competencies found in truly effective leaders (ie: leaders other people choose to follow and co-operate with, of their own free volition):

Self-awareness: Do you know yourself well? (including knowing your personal ‘strengths and stretches’?). Do you know what drives you? Is your ego aware of itself and its' patterns?

Self-expression: Can you communicate effectively? Do you say what you mean and mean what you say? Can you safely express your emotions in mature adult ways?

Stress Management: Do you have the capacity to handle pressure? Are you aware of your own causes, symptoms and healthy strategies? Can you regulate your emotional states? Do you understand your default and how to manage it?

Objectivity: Are you capable of maintaining perspective? Do you take things personally that are not really personal?

Self-reliance: Do you back yourself? Backing yourself as a learner and as a leader is enabling, as is an 'I am coachable' attitude. Self-belief is powerful indeed, when tempered with awareness.

Empathy: Can you expand your view and walk in someone else’s shoes? Can you imagine experiencing life from someone else's perspective? Do you find yourself justifying your world views to support decisions without really listening to those around you?

Emotional Intelligence (EQ) is critical in business for several reasons:

Improved Leadership - Leaders with high EQ are better at inspiring and motivating their teams. They can empathize with employees, understand their needs, and address concerns, leading to higher employee engagement and productivity.

Better Communication - High EQ enables individuals to communicate more effectively. It helps in understanding, not only what people are saying, but also the emotions behind their words. This leads to clearer, more meaningful interactions and fewer misunderstandings. Effective communication saves money, time, energy, frustration and resources. It also impacts team culture.

Stronger Relationships - EQ helps in building and maintaining healthy relationships with colleagues, clients, and other stakeholders. It fosters trust and cooperation, which are essential for teamwork and success, particularly when it comes to sales.

Conflict Resolution - In business, conflicts are inevitable. Those with high emotional intelligence are better equipped to handle disagreements constructively, managing emotions and finding mutually beneficial solutions.

Increased Adaptability - EQ allows individuals to handle stress, setbacks, and changes in the business environment more effectively. People with high EQ can stay calm and focused under pressure.

Enhanced Decision-Making - Emotions often play a role in decision-making, whether consciously or subconsciously. People with high EQ are better at balancing emotional and rational aspects, leading to more balanced decisions.

Employee Satisfaction and Retention - Managers with high EQ are more attuned to their employees' well-being and can provide better support. This leads to a positive work environment, which increases job satisfaction and reduces turnover.

Elevate Customer Relations - Understanding and managing emotions are key to dealing with clients and customers. EQ allows businesses to better meet customer needs, resolve issues calmly, and build long-lasting relationships - all vital for customer loyalty and more sales!