How important is emotional intelligence in leadership?
Leadership isn’t just about IQ or technical skill – in fact, these are the entry-level requirements for executive positions. When 58% of all success in jobs are accounted for by emotional intelligence, it’s a clear sign that emotional intelligence has a vital role in the workplace. It has also been discovered that people with a high degree of emotional intelligence make an average of $29,000 more per year than people with lower degrees of emotional intelligence.
What is ’emotional intelligence’?
In the 1990’s, psychologist Daniel Goleman coined five main components of emotional intelligence that affect leadership:
Self-aware leaders have a clear picture of their strengths and weaknesses. This skill also allows them to be aware of how they’re perceived by others. Having this knowledge, better equips them to respond in a way that delivers the results they need.
Self-regulation allows leaders to control their emotions when making decisions or responding to certain situations. Leaders with self-regulation rarely verbally attack others; make rash decisions or compromise core values.
Motivation is passion that goes beyond the material of money and status. This is about being fundamentally driven by a purpose deeper than something that might not last. Self-motivated leaders consistently work towards their goal with a high standard for the work they produce.
Leaders lead people. Empathy is the ability to successfully manage a team of people by understanding their drivers and emotions. It’s through empathy, that a leader can help develop the people on their team, challenge them and give constructive feedback.
5. Social Skills
Social skills relate to conflict resolution, communication skills as well as forging strong relationships with others. Leaders with strong social skills are good at managing change and set an example to others with their behaviour.
Aside from these five core characteristics, there is also: charisma, confidence, the managing of relationships, and the regulating of one’s own expectations. These all fall under the banner of emotional intelligence. To be truly inspiring and memorable, a leader has to be able to display these characteristics.
How Jeff Bezos (Amazon) displays emotional intelligence
In 2015, Amazon found itself in the cross hairs of The New York Times, following the publishing of a lengthy critique about its rigorous employee standards and harsh working environment. It may have gone even further, if it wasn’t for the swift intervention of CEO Jeff Bezos.
Jeff Bezos was able to use the opportunity to turn the criticism around, by announcing changes within the company and directly addressing the concerns that had been raised. Rather than fighting the claims, he leaned in, and was able to deliver the changes that his employees and the public desired.
How Larry Page and Sergey Brin (Google) display emotional intelligence
One of the best examples of overall emotional intelligence comes from Larry Page and Sergey Brin, the two initial founders of Google. Now one of the largest organisations in the entire world, Google still reflects the atmosphere of a spunky start-up. Much of this has to do with their emotional intelligence. As a business grows, it’s often normal for the culture to dilute or change radically. It’s only through emotional intelligence – an understanding of the drivers of their employees, of the context of the business – that Google has been able to retain their playful company culture.
Well-known for their corporate code of conduct, “Don’t be evil” Google has developed an entrenched reputation as a well-meaning and forward-thinking corporate entity. The success behind their strategic initiatives also relates back to the emotional intelligence of their executive team and their ability to be ‘ahead of the curve’.
(Since the inception of Alphabet, Google’s motto has been replaced by “Do the right thing.”)
Do you possess emotional intelligence?
Emotional intelligence may very well be the line in the sand that separates a “boss” from a true leader. Through emotional intelligence, CEOs and entrepreneurs are able to inspire confidence and motivate others to follow in their footsteps. And, just like any other skill, it can be learned.
With over 21,000 members, The Executive Connection has turned the development of emotional intelligence into a science. Contact us to find out more.