Can Emotional Intelligence in Business Help to Beat the Competition? Why is a Workforce with Better EI Preferred Over a Team with a Better IQ?

How much emotional intelligence matters in your business or job? This is an important question which psychologists help the corporate market to select their workforce. Whether you are looking for hire or a job, the element of the emotional intelligence can no more be ignored. 

There are several business success predictors; however, emotional intelligence in business has been rendered as the best predictor of performance in the workplace and is also the most reliable driver of excellence and leadership.

To develop trust within the relationships in your workforce, it is critical to increasing the use of emotional intelligence. Many times emotions and feelings are underestimated in the workplace, and it should always be remembered that your relationship with clients is also greatly influenced by your present emotional state and your awareness about it.

The value of emotional intelligence in business

Whenever a business wants to lift it up from being averagely successful to being excellent, it should start determining as to how well people are working with each other. Measuring emotional intelligence of people at the workplace is the success factor as it also helps the business to obtain its bottom line effectively. Emotional intelligence at the workplace is related to how employees and relations function. Such relations can be at two levels:

•    Between directors, top management, colleagues and staff,

•    Between the organization and its customers, suppliers, stakeholders, competitors, and everyone associated with the business.

The concept is all about leadership, management skills, teamwork, and partnership. Established from proper commutation and practices, emotionally intelligent businesses persistently excel in every such area along with having an insight into how it happens. A business which is emotionally intelligent has a staff which should be:

•    Productive, motivated, aligned, efficient and committed with the organization

•    Confident, happy and are rewarded for their hard work and efforts.

Some interesting facts about emotional intelligence in business

Clearly, the EI concept holds a significant impact on the productivity of a company. Below mentioned are some interesting facts that offer more support to this claim.

•    According to the reports of JCA Global, about 18% of productivity in senior managers was the result of emotional intelligence training programs. This eventually led to a 150% increase in pre-tax profits.

•    In a study over Fortune 500 companies, a sample of 40 companies stated that salesperson having a higher level of emotional intelligence outperformed salesperson that had medium or low emotional intelligence by 50%.

•    Companies that are communicating better with their employees tend to beat those companies who are not financially. On an average basis, businesses that have an excellent communication plan deliver around 47% returns to their shareholders as compared to the least communicative organizations.

•    Technical programmers who have been measured on the top 10% of emotional intelligence competencies were studied to develop new software three times faster than those who have lower measurements.

Many experts agree with the fact that about 80% of the problems arising within the business is not due to strategic or accounting issues. Instead, they appear because of faulty communications, unable to understand how people will function or behave towards particular situations as well as the failure to see any problem from other people perspective.

Integrating emotional intelligence in business is the key to understand human activity which helps in resolving issues or communication gaps that can otherwise be the reason of miscommunication or problems within the company. EI directly impacts the retention of quality employees as well as their productivity. Internal relationships within an organization and the quality of these relationships are essential for determining the success of a business. If you have control over your own emotions, you are more likely able to understand as well as empathies those emotions that impact the behavior and attitude of other people around you.

Life can be quite hard and so can be your business. Spending some time and working upon those ways in which you respond to the world around you is the first step in building a company that can operate smoothly or with fewer hassles. While some businesses have invested their money in and time in learning new tricks of the trade, you can invest your time and money over understanding the importance of emotional intelligence in business which will pay you tenfold.

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