Did you know that the World Economic Forum has ranked Emotional Intelligence as one of the top 10 skills needed for the 4th industrial revolution in 2022 and beyond?
But what exactly is Emotional Intelligence (EI)? EI is defined as the ability to recognize, understand, and manage our own emotions and recognize, understand, and influence the emotions of others.
So why is Emotional Intelligence (EI) so critical for the future workforce?
The emergence of Artificial Intelligence (AI), machine learning, technological disruption and robotics are driving the need for increased Emotional Intelligence (EI) skills, in the future workforce. Add to that, the uncertainty and anxiety created by the global pandemic, hybrid work and isolation, and EI skills become even more critical.
Consider this:
- The World Economic Forum has ranked Emotional Intelligence as one of the top 10 skills needed for the 4th industrial revolution in 2022 and beyond.
- The McKinsey Group has identified that between now and 2030, the need for social and emotional skills will grow at a much faster pace than the need for cognitive skills.
- The Institute for Health and Human Potential’s research indicates that Emotional Intelligence skills now account for 85-90% of what is required for exceptional performance and leadership. This is a percentage that keeps growing as more millennials enter the workforce.
- In Harvard Business Review’s recent article titled ‘The EI Advantage’, they state: “Corporate cultures that lack EI are becoming a major liability as business environments change.”
While AI and automation take over routine mental and physical tasks, EI is becoming the key differentiator in achieving excellence in individual and organizational engagement, dealing with change and uncertainty, product innovation, and customer experience.
Emotional Intelligence skills are no longer only necessary for people responsible for coaching and developing others. The need for EI skills is significant at all levels of an organization:
- Individual contributors. With the dramatic increase in the knowledge required to do any job function and the complexity of business processes, every role in an organization requires collaboration in order to solve problems and remain competitive through innovation – even the most technical roles. In addition, with technology disruption and the pandemic, people have a higher rate of change thrust upon them, requiring flexibility and agility that was not needed as much as only a few decades ago.
- Customer-facing roles. Having a great product or service is the table stakes for a business nowadays. The companies that truly excel are those who build an emotional connection, trust and empathy with their customers, creating raving fans who recommend them at every chance, including on social media.
- Salespeople. The need to be able to connect with clients and be resilient is not new for people in sales positions. What has become clearer is the direct return on investment for having salespeople who are high in EI. For example, a study by Sanofi Aventis found that a group of salespeople trained in Emotional Intelligence outsold a control group that did not receive the training by 12%.
- Leadership roles. People don’t leave companies, people leave people. The number one driver of employee engagement and retention is a person’s relationship with their direct supervisor and the degree to which they feel valued, coached and developed, trusted and included. With the Great Resignation still impacting companies in almost every industry, it’s now more important than ever that every manager/leader has strong Emotional Intelligence and coaching skills.
- Millennials and older generations. Rajat Shah, Executive Vice President and Chief Operating Officer of U.S. Bridge, a global leader that has built more than 10,000 bridges in 50 countries, finds that when teams have high degrees of EI skills, millennials and older workers start to behave in similar ways, with a shared sense of values and the capabilities. “Older workers start to behave like Millennials,” he says. “They want to do the same things. They want to grow and learn even in the late stages of their careers.”
According to Harvard research, only 18% of companies have Emotional Intelligence ingrained in their culture and only 10% actually measure the level of EI in their organization. With the advent of new technologies, automation, and the need to be responsive to change and uncertainty created by the global pandemic, EI skills are even more critical than ever to embrace and incorporate into your company’s culture. If you are seeking this kind of expertise, Emotional Intelligence, Performance, and Leadership Expert, Bill Benjamin is your man!
BigSpeak’s Exclusive Speaker Bill Benjamin works with forward-thinking organizations at cultivating Emotional Intelligence skills in their employees and into their cultures. This helps drive engagement and retention, builds resilience in face of uncertainty, and fosters greater innovation and agility. Bill is a partner at the Institute for Health and Human Potential. Bill uses their research and brain-science foundation to deliver insightful, highly interactive, and motivating keynote speeches.
