AKRON, Ohio–Credit unions would be wise to nurture their people rather than focusing on how to do without them, according to one person, who believes even the smartest CEOs may be missing something because of how they are wired.
Writing on Inc.com, Phillip Kane, CEO and managing Partner with consultancy Grace Ocean, noted he had recently written about what smaller enterprises can do to help mitigate the migration of workers out of their businesses.
“At the core of these proposed initiatives was a demonstration of care–a projection on the part of the leadership of the business that those who work in it and what they have to say matter,” wrote Kane. “The Great Resignation is a people issue and, as such, those with the greatest ability to connect with others, emotionally, are those who stand the greatest chance of emerging from it with the least number of losses. The trouble is, leaders like that are rare.”
What 1 Survey Found
Kane noted that he recently came across a PwC study that attempted to understand how CEOs were dealing with The Great Resignation and other employment issues related to Covid-19. The survey sought to capture the top changes CEOs expected to implement in the next 12 to 18 months based on their pandemic experience around work. The number one answer, cited by nearly half of more than 750 CEOs, he reported, was to "Reduce dependence on employee institutional knowledge." Also in the top 5 was, "Rely more on outsourcing."
“Things such as, ‘Improve efforts around associate engagement,’ or ‘Invest in initiatives to increase associate retention’ did not even make the list!” observed Kane. “Exactly none of the responses reported in the survey were associate-focused. Rather than focus on keeping good people, CEOs would prefer to create insurance policies for when they all leave. But CEOs are smart people. How is it possible that they could have missed something like this so badly? It's simple: most CEOs are just not wired this way. If you're one of them, it could present a huge opportunity to transform yourself and your business.”
Rare Birds Vs. Narcissists
Kane said some CEOs are indeed focused on people, but they are “rare birds.”
“More common are narcissists with low emotional intelligence (EQ) who focus first on results and on feelings last,” wrote Kane. “Unfortunately, many of the traits which make people successful in their rise to the top, like excessive self-confidence, also prevent them from relating well to others.”
He further pointed to recent research by TalentSmart that found that CEOs have the lowest emotional intelligence scores in the workplace.
“But there's hope. Unlike IQ which is determined at a very young age and remains relatively constant throughout our lives, EQ is something which can be improved upon over time,” wrote Kane. “Step 1 is to establish a framework for understanding. Before doing that, I'd like to answer what may be, for some, an as-yet unanswered question: why even bother?”
The Answer
The answer, according to Kane, is that improving Emotional Intelligence yields a “myriad of positive benefits for leaders and the organizations they serve. Quite simply, EQ helps organizations create more positive interactions between human beings. By helping people better understand and control not only their own emotions, but those of others, they can better relate to, communicate with, and speak for those they lead. In organizations with high EQ, trust flourishes. People in these organizations feel safe to speak up and out and to try new things. What's more, these associates feel cared for and like they belong.
“Leaders with high Emotional Intelligence are simply highly aware of their own and others' emotions and are highly adept at managing both in order to arrive at successful business outcomes which they are likewise tremendously motivated to achieve,” Kane continued. “These leaders also institutionalize EQ in their organizations.”