The Importance of Being Emotionally Intelligent

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The Importance of Being Emotionally Intelligent

 


Emotional intelligence is ranked in the top 10 most in demand skills necessary to thrive in 2020-30s by the World Economic Forum and others. We are told that it is critical to develop this skill as it is high on the priority list of employable skills. What I want to bring out today is the why? Why is it important enough for me to go and learn these or develop these?

 

First let’s figure out whether emotional intelligence (EI) is a skill or a quality? In my opinion is both a skill and a quality. It is both a natural quality some people have, like being charismatic, but it is also a skill in that it can be worked upon, developed, and improved.

 

So, what’s the big deal about EI and it’s importance to the current and future workforce? To really understand this, we need to look are the actual effect of the Industry 4.0 and beyond.

 

  1. Industry 4.0 changes the way we design products. With so much data on usage, habits, preferences etc., there is a shift from conceptualizing what people want to knowing what people want, by interpreting data. And that needs the data interpreter to be able to identify with the market to identify the actual need. This needs self awareness, needs awareness, empathy and identification with others.

 

Secondly, the current industry 5.0 moves from being machine centric in 4.0 to human centric in 5.0, where it is all about the collaboration between man and machine.

 

 

  1. Industry 4.0 and 5.0, change the way we manufacture. We are in the days of responsible manufacturing and being conscious of the ecology and social impact of our operations. Empathy for resources, empathy for workers and human capital, empathy for our environment – all these are major decision factors to consider. If manufacturing a product is going to cause some negative impact on the environment, I better find a solution to that. The triple bottom line, circular economy are all initiatives and efforts towards responsible manufacturing. Consumer empathy does dictate demand and businesses need to identify with that empathy and align with that demand.

 

In a nutshell, at the center of all activity, is the human – as a producer and as a consumer, enabled by technology. Thus, business activity is still human centric, albeit enabled by technology.

 

Another reason, and, I think the most critical, is that all repetitive and transactional processes can easily be done by machines enabled with AI, VR, AR etc. But what cannot be done by machines is in the realm of human feelings and emotions and which are critical in business processes as well. Social skills, empathy, self regulation, which are essential to business in IR 5.0, – all depend on the emotional intelligence of humans.

 

Chauke (2018) identified 9 skills as being essential to IR 4.0 and beyond. Of these nine, five are heavily dependent on emotional intelligence. As we move deeper into this IR and further into the next phase, dynamic combinations of skills, traits and abilities are needed, which complicates knowledge and it’s application. Knowledge by itself will not be sufficient, but the application of that knowledge will be critical.

 

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