Importance of Emotional Intelligence

Goals

  • To understand the importance of emotional intelligence, how it is used to drive decisions, and how it can be used as a differientiator in business, specifically within the consulting industry.

Early Findings

  • A consulting firm's success is dependent on the expertise of it's consultants and it's relationships with clients.
  • Most consulting firms can claim a team of experts, so in order for the firm to be successful, the experts must cultivate meaningful and valuable relationships with clients.
  • It is difficult for a firm to differentiate themselves based on team expertise alone with so many other firms having expert teams and consultants.
  • "The critical factor for success in consulting is not simply expertise (IQ) but emotional intelligence (EQ)."
  • In addition, building valuable relationships within the firm between colleagues can result in a constructive and collaborative team.
  • According to studies on emotional intelligence, EQ can be the biggest predictor of performance and leadership.
  • The five components of emotional intelligence are self-awareness, self-control/self-management, motivation, empathy, and social skills.
  • Self-awareness involves knowing your strengths, weaknesses, drivers and impact on other people. It manifests as self-confidence. A self-aware person can work comfortably within deadlines through proper time managment.
  • Self-control/self-management involves being able to control impulses and moods. It manifests in trustworthiness, integrity, and the ability to accept change. A person with self-management skills is able to overlook failure in order to find productive solutions.
  • Motivation involves enjoying achievement, passion for work, optimisim, and a desire to improve.
  • Empathy involves understanding the feelings of others especially in terms in decision making. It manifests in hiring and retaining talent, developing others, and sensitivity to other cultures.
  • Social skills involves building relationships. It manifests in the ability to influence and move people in the desired direction.
  • Critical skills found in people with high emotional intelligence include: stress tolerance, time management, anger management, trust, assertiveness, accountability, flexibility, presentation skills, social skills, customer service skills, communication, team work, empathy, tolerance to change, and good decision-making.

Proposed next steps:

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