IQ Gets You Hired – EQ Gets You Promoted
EQ skills are practical and the basic ingredients of effective leadership and personal resilience to change. Time Magazine notes that, in the corporate world, Human Resources’ executives hold the opinion that IQ gets you hired, but EQ gets you promoted.
The benefits of being emotionally intelligent contribute to personal success in business and all other spheres of life and are vital in ensuring leader and manager effectiveness, as well as your ability to manage life’s curve balls – often defined as change. Change usually involves a shift away from the safety of our comfort zone.
To quote Bob Dylan, “The times they are a’ changing” and more emerging leaders and seasoned leaders realize that what was copasetic no longer holds true in the new workplace.
“The Times They Are A’ Changing”
Not only does IQ get you hired and EQ get you promoted, but low EQ (Emotional Intelligence) can also get you fired. For the first time in history, there are 5 generations in the workforce. According to research, 25% of the workforce will be over 55 years of age by 2024.
The 5 Generations in the Workplace
- Traditionalists—born before 1946
- Baby Boomers—born between 1946 and 1964
- Generation X—born between 1965 and 1976
- Generation Y, or Millennials—born between 1977 and 1997
- Generation Z—born after 1997
The Boomers have skewed how long one is vital and relevant to the marketplace. Fifty five and 65 no longer signifies time to retire and, in fact, it is time to retire the word “retire.” People in their 60s, 70s and even 80s are not going anywhere. Some work full-time, others part-time, and many have a full workload serving on boards to showcase their expertise.
At the core of 5 generations sharing the workplace with each other come EQ challenges which have never been dealt with before.
How do companies manage age diversity?
Companies are concerned as they see hard evidence that low EQ is impacting their bottom line in myriad of ways: financial, talent retention, employee development, team leads’ ability to bring in projects on-time and under-budget, and a work environment conducive to productivity and more.
Leverage the age gap to create an even better experience
McDonald’s in UK is creating age-diverse teams, to employee and customer satisfaction.
“In a survey of 32,000 of the restaurant chain’s employees, those who worked with a cross-section of ages showed a 10% increase in happiness levels compared with those who worked with a peer group of similar age. In a comparable poll of customers, 84% said they liked to see a mixture of ages in the restaurant team, with 60% expecting a better service as a result
McDonald’s research also found that 58% of workers felt it was a priority to have an opportunity to work with people of different ages. This was more important for those born between 1900 and 1964 (a priority for 67%), and 16-year-olds (a priority for 57%). More than two-thirds (70%) of employees who responded to the poll expected to work with people who have different life experiences and views of the world, the research found.”
EQ can provide a more inclusive work environment
Understanding yourself and others are key tenets of EQ that can positively impact a more diverse workforce. As individuals work more and more across borders, race, and age, it’s imperative to success to be able to communicate and handle issues with aplomb. Maximizing EQ, just like we do for IQ, will help professionals to succeed in the current work environment.
EQ can help leaders become more effective
Leaders now need to connect with 5 different generations at once. This unprecedented age diversity, and the differences between the generations in terms of job satisfaction criterion, makes EQ more important than ever to leading effectively. A leader’s self-awareness and self-management can drastically improve the retention of employees.
Employees with a high confidence level in their company’s senior leadership are 5 times as likely to remain with their employer more than 2 years compared to employees with no confidence. – Qualtrics