Emotional Intelligence

Emotional Intelligence in Business Life

Emotional Intelligence in Business Life

Business life is an arena where an individual is spending a massive amount of his/her daily life and where he has many emotional interactions with frequent use of "emotional intelligence" and "EQ competencies". In all organizations, EQ as being measurable and learnable for positive change, has an important contribution on the performance of companies.

“In today's competitive and dynamic markets if you want;

·         to work with leaders whom are creating performance,

·         to reduce the costs of turnover, absenteeism and low performance

it is possible with Emotional Intelligence.”

The globally conducted researches have clarified that 65% of challenges in business life are human based. With measurable, learnable; and also developable by training and coaching Emotional Intelligence Competencies can create an important difference in organizations' performances.

In 1990, with the publication of the first article EQ competencies have started to be used as a tool in trainings and organizational transformations of innovative companies for competitive advantage. These competencies are applicable for organizational transformation, recruitment, leadership programs and employee loyalty areas.

Emotional Intelligence programs of Six Seconds have many global examples in sales, customer satisfaction, leadership and increase in team performance. Some of these examples are summarized below:

EQ for a measurable sales performance

33 managers and sales agents of British Bass Brewers company examined for the relation in between Emotional Intelligence and sales performance. Participants evaluated by their managers and by their self-ratings. In this study, a measure of performance that was a composite of key outcomes has developed and then compared the EQ scores to the performance ratings. Findings are:

  • Those with higher self-ratings on emotional tended to have higher overall performance.
  • Those with higher emotional intelligence self-ratings also tended to perform better on product distribution, the number of accounts sold, and employee promotions earned.  These employees have been rated as high performers by their managers.

Emotional Intelligence Skills, build a foundation for effective relationships.

In a study, where the Forum Corporation on Manufacturing and Service Companies conducted extensive studies asking why customers left vendors in America. 30% of the reasons related to product quality and technical excellence. Meanwhile 70% related to emotional and relationship factors.

Another study of EQ conducted in American Express a group of financial Advisor has taken a three days emotional awareness training. In the following year, the trainees’ sales exceeded untrained colleagues by 2% – which might sound minimal, but the millions of extra earnings off a three-day program convinced the company to expand EQ training.

Likewise, when MetLife selected salespeople on the basis of optimism – one of the emotional intelligence competencies – they outsold other MetLife salespeople by 37%

EQ for increasing Customer Satisfaction

The Sheraton Studio City in Orlando engaged in a yearlong project to improve guest satisfaction, sales, and employee morale and collaboration. After conducting an employee climate survey, an outside consultant pinpointed three “hotspot” areas for improvement and engaged in a series of short training sessions to raise awareness and improve EQ skills. After conducting an employee climate survey, an outside consultant pinpointed three “hotspot” areas for improvement and engaged in a series of short training sessions to raise awareness and improve EQ skills. The leadership team worked to create a more positive, consistent, and trust-based culture. The results included a dramatic increase in guest satisfaction (8%) and market share (24%), and a significant reduction in turnover (-19,6%).

EQ for increasing leadership performance 

Higher EQ leaders are more likely to make better decisions, engage and influence more effectively, and create the right mood for the job. In a pilot project, executives selected for EQ competencies far outperformed their colleagues, delivering:

  • 10% increase in productivity
  • 87% decrease in executive turnover ($4m)
  • $3.75m added economic value
  • over 1000% return on investment

Similarly, a study of 358 leaders within Johnson and Johnson identified a strong link between superior performing leaders and emotional competence.

EQ for a better team performance with better efficiency and reach to a better profit growth

A world-renowned pharmaceutical company analyzed group EQ competencies using the Six Seconds Emotional Intelligence Assessment (SEI) and then developed an intervention involving training and coaching to revitalize the Key Accounts Management (KAM) Team. The Team’s overall EQ increased by 8.9% and changed from functional to skilled. During the same period, the Team achieved double-digit profit growth and saw improvements in strategic vision, focus and dedication, accessibility, and positive relationships.

The “success” terminology examined by Six Seconds which is a critic factor in business life. In conclusion, the factors that are defining success are related with “Emotional Intelligence”

Key Drivers of Success

Four factors linked to emotional intelligence

Defining “Success”

 

 

 

 

 

The analysis revealed that EQ predicted 55% of overall performance as defined by the success factors. Four EQ competencies contributed the most to overall performance and success. In descending order, they were exercise optimism, engage intrinsic motivation, pursue noble goal, and increase empathy. This indicates that success is driven by intentional action supported by a sense of purpose and real connections to other people.

As it is stated by Harvard Business ReviewEmotional intelligence isn’t a luxury you can dispense with in tough times. It’s a basic tool that, deployed with finesse, is the key to professional success”.

Emotional Intelligence in business life has a contribution to generate results with the help of Six Seconds evaluation tools that are developed with the expertise and scientific foundation. In these evaluation tools 8 EQ competencies are underlined for development. The increase in these competencies are also effecting positively 50-60% of people’s influence, decision making, effectiveness, Relationships, Quality of Life, and Well-being.

How do Emotional Intelligence Competencies create a difference?

Leaders with high emotional Intelligence competencies are inspiring others that they are working with. This is increasing the efficiency and productivity.

Six Seconds has conducted a global research for the usage of emotional intelligence in leaders and the results are very stunning. In this work, Six Seconds SEI360 assessment tools has been used for thousands of leaders and they have been evaluated by their supervisors, peers and direct reports. Also thousands of open-ended questions have been evaluated for the results.   

Results are defined in 2 main titles.

First one is the common qualities of “Highest performing leaders” are:

  • Create a positive team where people feel unity & support & are effective.
  • Make time for people. Personal connection. Mentoring behavior.
  • Happily lead the group, create process to deal with important issues.
  • Maintain relationships, create caring culture.
  • Create excellent emotional interactions, client focused.
  • Encourage ideas, care as a leader lead so everyone cares.
  • Listen to everything, appreciate individual needs.

 

 

In fact, when subordinates are defining highest performing leaders 62% of the comments by subordinates about their highest performing leaders explicitly mention creating effective emotional conditions. In conclusion for highest performing leaders a final comment is

“He really cares, has great vision, and shares it. He's an excellent example of great leadership. He trusts his team and is there to support.”

In the second title, the brain talents of these highest performing leaders are defined. 18 brain talents are explored for these leaders.

In conclusion “Emotions drive people, people drive performance”.

Leaders who are fostering engagement (a sense of caring and commitment) with EQ competencies are able to deliver recognizable profit growth.

The high interacting teams they build,

  1. 50% more likely to have lower turnover.
  2. 56% more likely to have higher-than-average customer loyalty.
  3. 38% more likely to have above-average productivity.
  4. 27% more likely to report higher profitability

 

This also proves emotional intelligence is a reasonable professional competency for employees and leaders. It also indicates that EQ is a better indicator for success compared to IQ, general knowledge and information. 

Emotional Intelligence is being smart with emotions.

We work for companies to be effective, systematic and successful by designing trainings and coaching according to corporate needs.

 

The result is very effective: “Emotional competency is differentiating successful leaders."

 

With emotional intelligence is possible to reach to double digit performance increase because

Emotional Intelligence drives performance...

 

Source:

*All the materials used in this article are from "EQ Business Case 2016" article which has been developed by Six Seconds Emotional Network

 

 

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