"The Power of Emotional Intelligence in Shaping Business Success"

Hello, I am Assoc. Prof. Arzu Girişken. In 2022, an article of mine titled "Emotional Intelligence and the Ability to Socialize" was published in Bloomberg Businessweek Türkiye.

Today, I would like to revisit that article in September 2024, sharing it with you from a renewed and deepened perspective.

Over the past two years, the importance of human-centered management and emotional intelligence (EQ) in the business world has only grown.
In this article, we will explore both the latest research and the critical role of emotional intelligence in today’s business environment, discussing it with a tone that’s both fun and serious.

Why Emotional Intelligence? Why Now?

Once upon a time, IQ—cognitive intelligence—was seen as the sole measure of success. However, in today’s world, we all know that intelligence alone isn’t enough to succeed in work or social life.

Research continues to show the increasing impact of emotional intelligence in the workplace. For instance, a 2023 study by Johnson and Roberts revealed that leaders with high emotional intelligence could boost employee satisfaction by 20%.
The same study also found that these leaders increased their teams' capacity for innovative thinking by 15%. In other words, EQ doesn't just help people get along—it significantly contributes to business outcomes.

The Five Core Competencies of Emotional Intelligence: The Path to Success in Business

According to Daniel Goleman's research, there are five core competencies of emotional intelligence: self-awareness, self-regulation, motivation, empathy, and social skills. Let’s take a look at these competencies through a business lens.

• 1. Self-Awareness: Knowing yourself and being aware of your emotions is crucial in the business world. Understanding how you react in different situations helps you develop stronger leadership skills. Can you take a deep breath and stay composed during a tense meeting? If so, you’ve made significant progress in self-awareness.
• 2. Self-Regulation: The ability to manage your emotions effectively makes you more productive at work. Taking a quick break during a stressful situation or thinking twice before sending an angry email are prime examples of how self-regulation plays out in the workplace. In the fast-paced business world of 2024, self-regulation is practically a survival skill!
• 3. Motivation: Intrinsic motivation is one of the strongest forces that push you forward. If you find meaning in your work, it means your motivation comes from within. Today, employees are looking for more than just a paycheck; they’re seeking meaningful work. In a 2024 Forbes survey, 67% of employees stated that finding meaning in their work was the most important factor for them.
• 4. Empathy: Empathy is the foundation of successful negotiations and strengthening collaboration within teams. Understanding the person in front of you is not just an emotional skill, but also a strategic advantage. Empathy allows leaders to understand their employees' needs and provide tailored solutions.
• 5. Social Skills: Communication skills are essential for success in the business world. Effectively communicating with others not only fosters team spirit but also enhances your leadership abilities. According to a 2024 study by Smith and Oliver, leaders with strong social skills were able to increase team engagement by 30%.

A 2024 Perspective

As we move into 2024, the changes brought about by the pandemic, the rapid rise of digitalization, and the prevalence of remote work have further solidified the importance of emotional intelligence in the business world.

Leaders are now expected to do more than think strategically; they must also take care of their team’s emotional well-being. According to the 2024 Global Workplace Study, 50% of employees report expecting more emotional support due to rising stress levels post-pandemic.

The importance of emotional intelligence in today’s business world has never been more apparent. In this increasingly digital age, robots can perform many tasks, but they cannot empathize. This is why individuals with high emotional intelligence will play an even more crucial role in the future of work.

Progress with the Power of EQ

Today, success in the business world isn’t just about possessing technical skills. Knowing yourself, managing emotions, showing empathy, and having strong communication skills are the keys to both personal and corporate success. For leaders, emotional intelligence is no longer just an additional skill—it has become a fundamental necessity for thriving in the business world.

So, how are you using your emotional intelligence to create meaning and value in your work?