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The Business Case for Emotional Intelligence

Emotional Intelligence (EQ) is crucial for success in the workplace, involving awareness, adaptability, and managing stress. Discover the impact of EQ in recruitment, leadership, and productivity, and learn how developing EQ competencies can lead to increased profits and improved team dynamics.

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The Business Case for Emotional Intelligence

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  1. The Business Case for Emotional Intelligence Lee Elliott Vice President for Human Resources and Fund Development Saint Francis Medical Center Grand Island, Nebraska

  2. What is emotional intelligence?

  3. …the ability to perceive emotions, to access and generate emotions so as to assist thought, to understand emotions and emotional knowledge, and to reflectively regulate emotions and intellectual growth. -Mayer & Salovey, 1997

  4. Common sense

  5. Components ofemotional intelligence

  6. Identifying emotions • The ability to accurately recognize how you and those around you are feeling

  7. Using emotions • The ability to use emotions to actually help thinking

  8. Understanding emotions • The ability to understand complex emotions and how one emotion leads to another

  9. Managing emotions • The ability to intelligently act on the data of emotions in your self and in others

  10. In general, EQ involves: • Being aware of and managing your emotions • Having good interpersonal skills • Being adaptable • Managing stress well; and • Having a positive general mood

  11. IQ can’t be changed; EQ can

  12. Older people • More independent in their thinking and actions • More aware of others’ feelings • More socially responsible • More adaptable • Better at sizing up the immediate situation and solving problems • Able to manage stress better

  13. EQ is approximately the same for men and women98 women, 100 men

  14. WomenMen Self regard 97 102 Interpersonal relationship 101 97 Social responsibility 102 96 Empathy 103 94 Stress tolerance 97 103

  15. What difference does EQ make at work?

  16. U.S. Air Force • Best recruiters scored highest on EQ competencies of Assertiveness, Empathy, Happiness and Emotional Self Awareness. • Selecting recruiters based on this led to a $3M savings

  17. Experienced partners at a multi-national consulting firm • Those that scored above median on 9 of 20 EQ competencies • Delivered $1.2 M more profit (139% gain)

  18. 300 top-level executives from 15 global companies • Six competencies distinguished stars from average performers • Influence, Team Leadership, Organizational Awareness, Self-Confidence, Achievement, Drive and Leadership

  19. Research in over 200 companies and organizations worldwide In moderately complex jobs (sales clerk, mechanic), top performer is 12 times more productive than average performer

  20. In most complex jobs (insurance salesperson, account managers), top performer is 127% more productive than average performer

  21. 1/3 of this difference is due to technical skill and cognitive ability

  22. The remaining 2/3 is due to EQ

  23. National insurance company Insurance sales agents weak in EQ competencies of self-confidence, initiative, and leadership sold policies averaging $54,000

  24. Those strong in at least 5 of 8 EQ competencies sold policies worth $114,000

  25. Center for Creative Leadership Primary causes for derailment in executives involve deficits in EQ • Difficulty in handling change • Not being able to work well in a team • Poor interpersonal relations

  26. Trained supervisors on EQ competencies Manufacturing Plant

  27. Lost time accidents reduced 50% • Formal grievances decreased from 15 a year to 3 • Production increased 17%

  28. Managers of retail stores • Those that scored higher on stress management • Higher net profits, sales per square foot, and sales per employee

  29. Study of 130 executives • How well they handled their own emotions determined how much people wanted to work with them

  30. Study of 515 senior executives • EQ was a better predictor of success than either prior experience or IQ

  31. Two lessons: • EQ competencies can be learned. • EQ enhancement is good for business.

  32. What we are doing atSaint Francis Medical Center

  33. Contact Lee Elliott Vice President for Human Resources and Fund Development Saint Francis Medical Center P O Box 9804 Grand Island, NE 68802-9804 308-398-5620 lelliott@sfmc-gi.org

  34. Other References • Pfeffer, Jeffrey (1998) The Human Equation  HBS Press. • Hughes, Marcia, Patterson, L. Bonita, and Terrell, James Bradford  (2005)  Emotional Intelligence in Action.  Pfeiffer.  (This book can be used to develop EQ training programs) • You might also want to get in touch with Judy Sandstrom of Family Resources in Grand Island.  She is very experienced in administering and interpreting the EQi by Reuven Bar-On.  She is at: judy@family-resources.net.

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