As technologies continue to automate routine tasks, it’s estimated that up to one third of skills considered important in today’s workforce will have changed over the next three to five years. Executives and employees alike are increasingly recognizing that emotional intelligence (EI) skills – such as self-awareness, awareness of others, authenticity, emotional reasoning, self-management, and positive influence – will become more important as many jobs become more client (external/internal) focused.
Numerous studies have shown organizations benefit when they invest in programs designed to increase the emotional intelligence skills of their managers and employees – increases in productivity and efficiency, higher employee satisfaction, lower attrition, cost reductions, and increases in market share and revenue. It’s been well documented that managers who routinely demonstrate higher levels of EI have employees who achieve higher level of engagements and “companies with high engagement are 22% more profitable and customer retention rates are 18% higher”.
Despite these known advantages of developing EI skills in their employees, recent research by the Capgemini Research Institute revealed just 42% of organizations provide some type of EI training for senior management, 32% for middle management, and just 17% for employees in non-supervisory roles. Further, less than 40% of organizations test for EI skills while hiring or assess these skills in their existing employees.
Why this disconnect?
One reason is that many leaders and human resource professionals view “EI as an intangible”. Rather than view EI as a soft skill, they believe it’s an undefinable trait and therefore not something which can be improved. In other words, they believe you either have it or you don’t. Quite frankly, this couldn’t be further from the truth. Just like any skill, EI is a skill set one can practice, develop, and get better at over time. It’s not all or nothing and it’s certainly not set in stone. We all possess some level of EI and anyone can improve specific aspects of their emotional intelligence to enhance their overall EI. Once you understand EI as a set of skills that lends itself to measurable behaviors, organizations can take the necessary steps to improve the emotional intelligence and leadership outcomes of their leaders, managers, and employees.
A second reason I often hear is that measuring EI and training for improvement in EI is “too expensive”. But that position begs the questions of what’s more expensive and Peter Boeklund addresses that question this way …
The CFO asks the CEO, “What happens if we invest in developing our people and then they leave us?” To which the CEO replied, “What happens if we don’t, and they stay?”
Yes, just like any other program designed to improve performance, there is a cost. But the real question is “what’s the ROI?” The Capgemini Research Institute calculated that “organizations making a sustained investment in EI will see between a 2.2x and 4.4x return-on-investment when the impact on revenue, productivity, costs, and attrition are taken into account”.
A third reason often given is that “we don’t have the time or experience” to administer the assessments let alone do the training necessary to improve our employees’ EI. That’s where we come in – we have the tools, means, and experience to help you. Talk to us, we’d like nothing more than to help you.