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Today, emotional intelligence is an important criterion for hiring managers to choose talents. In fact, 30% of companies look for emotional intelligence during the hiring process.
Meanwhile, 80% of employees consider emotional intelligence crucial for developing their careers.
What is Emotional Intelligence?
Emotional Intelligence (EI) or Emotional Quotient (EQ) refers to the ability to understand, use, and manage your own emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges and defuse conflict.
In simpler terms, EQ is the ability to perceive, control and evaluate emotions in oneself and others, and to use that information appropriately.
The term ‘Emotional Intelligence was first coined by psychologists Mayer and Salovey in 1990. Unlike the other functioning part of the human ability to reason, emotional intelligence is not static. It’s something that can develop, or even change over time.
Reasons Emotional Intelligence is Valuable in the Workplace
- It provides a framework to help us better understand and intelligently deal with and respond to emotional responses. We would be able to discern when we ought to and when we ought not to respond when certain emotional issues come up.
- Individuals with a higher dose of emotional intelligence are better equipped to handle issues relating to stress, and function effectively in work teams.
- There is also a kind of empathy EI gives an individual, making the person develop a more affectionate and satisfying relationship with others, thereby improving their social skills and interacting ability.
- Emotional intelligence equally has the ability to enhance an individual’s leadership abilities and personal resilience.
Daniel Goleman in his book titled “Emotional Intelligence – Why It Can Matter More Than IQ” 1995, presents five categories/characteristics of Emotional intelligence.
- Self Awareness
- Self Regulation
- Social Skills.
Amazing Statistics on Emotional Intelligence
- A survey from Levo Institute states that 80% of employees consider emotional intelligence crucial for developing their careers.
- 87% of Millenials today are motivated by the Emotional Intelligence of their leaders to help the company succeed.
- According to one study entitled, The Emotional Intelligence of HR, only 30% of companies look for emotional intelligence during the hiring process.
- 59% of employers would not hire someone who has a high IQ but low EI.”
- 75% of employers said they are more likely to promote a worker with high EI.”
- 37% of surveyed organisations use Emotional Intelligence assessments to help inform their leadership development programs.”
- People with high EQ make $29,000 more annually than people with low EQ.”
- A single-point increase in your EQ adds $1,300 to your salary
- Organizations that value and widely use Emotional Intelligence are 3.2x more effective at leadership development.
- There is a 31% gap in leadership development effectiveness between organizations where EQ is valued, versus those in which it is not.
- Another study followed 80 scientists over the course of forty years. And found that social and emotional abilities were four times more important than IQ in determining professional success and prestige.”
- Emotional intelligence accounts for nearly 90 percent of what moves people up the ladder when IQ and technical skills are roughly similar (see “What Makes a Leader” in the Harvard Business Review, January 2004).”
Statistics on Emotional Intelligence in The Workplace
- A 40-year longitudinal investigation of 450 boys found that IQ had little relation to life success. The most significant predictors were being able to handle frustration, control emotions, get along with other people.”
- Over 80% of competencies that differentiate top performers from others are in the domain of EI.
- Companies, who have executives with higher levels of emotional intelligence, are more likely to be highly profitable.
- After supervisors in a manufacturing plant received training in emotional competencies. Lost-time accidents were reduced by 50 percent, formal grievances were reduced from 15 per year to 3 per year, and the plant exceeded productivity goals by $250,000.
- American Express tested emotional competence training on Financial Advisors; trained advisors increased business 18.1% compared to 16.2% for a control group.
- The Hay Group states one study of 44 Fortune 500 companies found that salespeople with high EQ produced twice the revenue of those with average or below-average scores.
- In a survey conducted for entrepreneurs in 2020, more than 95% stated that EQ in leadership is more important than IQ.
- Nearly 60% of the founder respondents in a survey reported that in a year shaped by the pandemic and a crisis of racial justice, incorporating EQ into culture is more important now than ever.
Emotional Intelligence is not restricted to the workplace only. It is also very beneficial to our everyday lives and relationships because it fosters empathy and better communication.