Emotional intelligence in business involves the ability to understand your own emotions and the emotions of others. If you have high emotional intelligence, then you can identify and manage your emotions, applying them to critical thinking and problem-solving. You also know how to help others identify and manage their own emotions.
Developing and using emotional intelligence for business is key to success, especially for those who aspire to a management position. Those who harness their emotions to complete tasks and projects, as well as understand the emotions of others, also enjoy tangible benefits. A study published in the Journal of Vocational Behavior linked higher emotional intelligence to better salaries and an increased level of job satisfaction.
Business experts find emotional intelligence critical because “the ability to manage one’s emotions and to manage one’s interactions with others is tantamount to effective managerial leadership.”
Those who decide to earn a Bachelor of Business Administration and Management benefit from understanding and developing emotional intelligence.
Emotional Intelligence vs. Intelligence Quotient
Your emotional intelligence (EQ) differs from your intelligence quotient (IQ). EQ involves understanding your emotions and empathizing with the emotions of others. IQ measures intelligence, usually involving how well someone does on a test, and then expresses it as a number.
Business leaders once put an emphasis on IQ while suppressing their emotions. That has changed in recent years as research has shown EQ is at least as important, and maybe more important, than IQ.
Eric Lupton, CEO of Life Saver Pool Fence, told Business News Weekly that “understanding your emotions, controlling them, and understanding other peoples’ might be the most important asset in working with others.”
Assessing Emotional Intelligence
Psychologist Daniel Goleman pioneered research into emotional intelligence. He broke down the components of emotional intelligence into five key areas.
- Social skills.
These five abilities are used in business through the application of emotional intelligence. According to the American Psychology Association (APA), there are four branches of emotional intelligence used in everything from low-level information processing to strategic use of emotional information. The four branches are:
- Perceiving emotions accurately
- Using emotions to facilitate decision-making
- Understanding emotions
- Managing emotions to “upregulate” positive emotions and “down-regulate” negative emotions
Understanding where you rank in these skills requires rigorous self-assessment. As for formal assessment, the APA reports that the best-known is the Mayer-Salovey-Caruso Emotional Intelligence Test (MSCEIT).
TUW Business Program Helps Improve Emotional Intelligence for Business
Some people are simply gifted with high emotional intelligence. But it’s possible to improve emotional intelligence in business with patience and focus.
For those in leadership positions, developing a higher EQ starts with becoming more self-aware of their own emotions and taking the time to learn about other people. Practicing this can make managers and administrators more mindful of their reactions to other people and their emotions.
Touro University Worldwide incorporates emotional intelligence for business into its business program curriculum. Coursework emphasizes skills in areas that can improve emotional intelligence for business, including communication, critical thinking, interdisciplinary relationships, and social responsibility.
These traits are critical to many student outcomes. These traits include the ability to plan, organize, lead, and control as a manager, as well as knowing how to attract and retain a diverse workforce. TUW business graduates also develop expert-level communication skills that enable them to foster teamwork.
All this leads to higher emotional intelligence. With recent research now tying emotional intelligence to career success, higher salaries, and job satisfaction, a higher EQ has become more important than ever.