What is emotional intelligence and how is it relevant in 2020? A new research has shown that folks with high Emotional Quotient (EQ) earn an average of $50,000 annually more than folks with lower EQ. 

Emotional Intelligence or Quotient is basically a strength that can help us in various ways. Besides improving our mental health and general well-being, it’s the hidden secret behind every great leader. 

Daniel Goleman, an established godfather in the field of Emotional Intelligence, long discovered that it was an important leadership skill for effectively managing personal relationships. In 1998, Goleman penned an exceptional Harvard Business Review article titled, “What Makes a Leader,” where he made an irrefutable statement that:

The most effective leaders are all alike in one crucial way: they all have a high degree of what has come to be known as emotional intelligence. It's not that IQ and technical skills are irrelevant. They do matter, but ... they are the entry-level requirements for executive positions. My research, along with other recent studies, clearly shows that emotional intelligence is the sine qua non of leadership. Without it, a person can have the best training in the world, an incisive, analytical mind, and an endless supply of smart ideas, but he still won't make a great leader.

With that at the back of your mind, it’s also amazing to know that emotional intelligence can boost your income, and even considerably increase it.

Increase Your Earnings By $50,000

That’s right. 

I see you opening your eyes wide… how? I’m glad you asked.

Well, according to the latest research, folks with high levels of EI make an average of $50,000—a pretty reason to boost yours, right?

The new research just put in your hands 50,000 great reasons why you should consider improving yours.

The co-author of Emotional Intelligence 2.0  Travis Bradberry carried out the study together with his team where the EQ of more than 42,000 people was tested and their scores compared with their annual earnings. 

In the study, Bradberry notes that, “The road to higher income is paved with the quality of your relationships. People earn more money as they become more emotionally intelligent."

How To Increase Your EQ

The road map to higher EQ is not really a destination but a journey. However, the path along the journey towards building up your emotional intelligence skills will sure pay off in greater ways than you could ever imagine, including rewarding you with a fat bank account.

With a plethora of ideas, strategies and suggestions floating around the web about how to effectively boost your emotional intelligence, there’s no excuse as to why you should remain in your status quo. 

To break them down for you, here are four fundamental ways to reach your destination—of course through good practice and intentionality.

1. Raise Your Self-awareness

This is where the emotional intelligence begins and basically involves getting familiar with your personal emotions. Ever wondered why sometimes you feel the way you do, a feeling that leaves you all confused? Well, by improving your self-awareness, you will be able to understand why some people or situations make you happy, sad, angry or ecstatic. So get to understand your emotions a little more, it will help you particularly when working or collaborating closely with difficult personalities within your quarters. 

2. Learn Self-control

A leader who boasts high emotional intelligence can redirect disruptive impulses or emotions and avoid jumping into making hasty conclusions.  For instance, when a team messes a delivery, a leader with EQ engages the self-control gear and resists the urge to explode and point fingers. S/he will simply step back, assess all possible reasons why things did not go as planned, explain the implications to the team and explore possible solutions with them. 

3. Practice Empathy

Ensuring that your employees feel valued is a critical prerequisite of skillful managers. Displaying empathy around their experiences by seeking feedback is one of the best ways to achieve that. First, listen carefully with your mind as well as heart, without judging them. Then change the script in your mind from “driving people to perform” to serving their unique needs to enable them feel empowered to excel in their respective areas. When you do this, you’ll be surprised with the countless opportunities coming your way that compel you to practice empathy.

4. Be Visible To Others

During uncertain or difficult times, leaders having a high degree of EQ don’t bury their heads in the sand or hide behind closed doors, neither do they delegate critical communication needs to others. 

Regardless of the situations at hand, you will find them at the front line sharing plans and visions for the future, tackling questions and arising concerns, and calming doubts and fears. Employees turn to such leaders for reliable information, true expectations and status of the situation at hand. That’s why any visible and approachable leader will confidently “walk their four corners”. They check in on their teams and personally address questions to make sure the trust is continuously build and people feel valued and secure. 

But let’s face it, not every personality is wired to naturally solve issues with soft-skill solutions as highlighted above. 

If this is your most dreaded challenge, then revert to what most great leaders do: Hire a good action coach to empower and help you on your way to self discovery as you boost your EQ. As you learn new ideas and grow in self-awareness, be sure to integrate the behavioural change into your day-to-day personal interactions and decision making. Then relax as you watch your earnings grow.

A Business Coach is better than a consultant for many reasons. With years of successful experience that can provide valuable insight, your Business Coach will help you develop long-term and short term goals and strategies, as well as improve your business in areas that you might have overlooked. You may be able to survive in business without the help of a Coach, but it's almost impossible to thrive...

Bill Stack - Action Coach