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Emotional Intelligence Characteristics Improvement in the Workplace in 2024

Emotional Intelligence Characteristics and Improvement in the Workplace in 2024. Also, the Five Characteristics of Emotional Intelligence (EQ) are Awareness, Self-Regulation, Motivation, Empathy, and Social Skills.

Emotional Intelligence in the Workplace

Emotional intelligence refers to the capability to understand, manage, and utilize emotions to release stress and communicate effectively. Similarly, Emotional intelligence in the workplace means the ability to analyze and utilize feelings to cope with organizational crises. It is a crucial factor to evaluate other employees' emotions.

Mayer and Salovey invented the term Emotional Intelligence in 1990. It is also known as the emotional quotient or EQ. Emotional intelligence assists people in overcoming difficulties related to emotion and defusing social conflict. Additionally, it allows the public to build a stronger relationship with others that brings success. It influences people to achieve goals in the workplace.

Characteristics of Emotional Intelligence

The Five Characteristics of Emotional Intelligence (EQ) in the Workplace are as follows:

Self-Awareness
Self-Regulation
Motivation
Empathy
Social Skills

1. Self-Awareness

Emotional intelligence instils self-awareness among people. People can perceive their emotions that have higher emotional intelligence. These people do not let their emotions drive them or get out of control because of emotional intelligence. They are also determined to possess a natural appearance at themselves. Many researchers believe that self-awareness is one of the most significant characteristics of emotional intelligence because it lets them know about weaknesses and strengths and overcome them.

2. Self-Regulation

Self-reflection is the capacity to control feelings and pressures. People who possess self-regulation characteristics usually never get angry and jealous of others. Typically, they think before acting and don't make careless decisions. Self-regulation characteristics represent thoughtfulness behaviour, and they can say no and willing to change themselves if situations demand it.

3. Motivation

People with higher emotional intelligence are very aware of the phenomenon that motivates them. They are highly productive, active, willing to accept challenges. These people also get the positive impact of any phenomenon. They are not stubborn to adhere to arrogance and angriness. So, they motivate others as well as being motivated by others.

4. Empathy

In addition to self-awareness, this is another crucial characteristic of emotional intelligence because it makes a person open and honest. Empathy is an excellent competency to feel others' emotions, needs, wants, and viewpoints. People with empathy characteristic are very good at understanding the feeling of others. Hence, the empathetic person is great at maintaining rapport. They bypass stereotyping and prejudice and withhold judgment too quickly.

5. Social Skills

People become very famous in their society because of having social skill competency. Therefore, it has been accepted as another essential characteristic of emotional intelligence. These people act as team members, focusing more on achieving an interdependent goal than an independent goal. They are very willing to help others, have practical communication skills with managing conflicts, and are excellent at building and maintaining relationships.

Emotional Intelligence Improvement

How to Improve Emotional Intelligence in the Workplace

Employees can improve their Emotional intelligence in the workplace by following the eight recommendations proposed by the researchers.

1. Observation of Others Action in Workplace

Never get rushed to give your opinion before knowing all the facts. It would help if you took the time to scrutinize the facts, make your decision, and finally deliver your statement. Be honest about how you think about others as well as interact with them. Show your empathy, not sympathy.

2. Observation of the Work Environment

It is essential to focus on others around you instead of focusing only on you at your workplace. Looking at the working environment is good quality before talking about them. You have to have humility, competency and give priority to others to show their skills. Do not try to get attention for you, yet let them shine in working place.

3. Learn to Self-Assessment

A proverb says that it is easy to evaluate others' faults but challenging to find their fault. Take more time to assess yourself to find out the weakness you have and make to overcome them. Always encourage yourself to lead an honest life.

4. Learn to Overcome Stressful Situation

You have to acquire the ability to stay calm when you confront a difficult situation. Never take any decision during an angry mood and try to control your feeling when the case goes wrong. So, you have to learn to overcome stressful situations to acquire emotional intelligence.

5. Try to Be an Active Listener

Emotional intelligent people listen actively before speaking. They never talk about the issues that are not clear to them, so emotionally intelligent people make that they have understood everything before responding. The active listener always respects the speakers and tries to learn something from them. It does not matter how good speakers they are.

6. Taking Responsibility

It is one of the best qualities to take responsibility even though you have made something mistake instead of blaming others. You should apologize to them if you hurt someone or make any mistake to anyone. People will be more interested in forgiving you if you ask forgiveness.

7. Possessing Leadership Skills

Emotionally intelligent people must have good leadership skills, and they like to follow a democratic leadership style. They maintain a high standard lifestyle as if others can follow them. These people have an excellent ability to solve critical problems and make appropriate decisions when necessary. They also have a creative and heuristic mentality that triggers them to make the impossible possible.

8. Communication Skills

The essential skill is an effective communication strategy that every emotionally intelligent person has to maintain a good relationship with others around them. It is also an essential skill for personal and corporate life. Practical communication skill is the key to success in a corporate career. Emotional intelligent people hold this skill perfectly. In the digital era, the communication process has become easier because of the social media revolution. Nobody can deny the blessing of social media from the perspective of personal and corporate branding.

Importance of Emotional Intelligence Characteristic

Many areas in your life benefit from higher emotional intelligence, such as your mental health, job, relationships, etc. Emotion intelligence (EQ) emerges as a significant factor for both individuals and companies.

Individual

Firstly, Emotional intelligence can direct a person on the way to leading a happy and fulfilled life. The emotional intelligence framework is a set of skills that will contribute to assessing the emotions of others and their own. It will deal with stress to lead a happy and enjoyable life. A prominent scholar Gary Yukl argues that self-awareness eases people to understand one's demands and evaluate alternative solutions. Emotional intelligence has to be started from yourself, and you cannot instill it in others' improvement without understanding how you regulate the emotional level. It has become a buzzword in the perspective of leadership in the workplace. It helps recognize one not only emotions but also control them. Emotional intelligence also makes people responsive towards others’ emotions around them.

Company

The researchers proposed that employees can work better who have higher emotional intelligence. They are very good at working in a team cohesively and capable of dealing with challenges more effectively. Emotional intelligence is capable of making you more effective in the workplace as well as yielding sound output. So, the company can utilize the employees' effectiveness who have higher emotional intelligence (EQ).

Soft Skills Related to Emotional Intelligence (EQ)

Soft skills always help to improve emotional intelligence in the workplace. They are crucial elements in emotional intelligence skills. Soft skills refer to those skills or abilities that are not tangible but unquantifiable. These skills are one's skills, also known as their speciality.

There are five soft skills that improve emotional intelligence in the workplace; for example, communication, flexibility, teamwork, empathy, and consistency.

1. Communication

A good communicator certainly delivers his or her speech effectively. People will not believe your statement without clear speech. Employees need to become good communicators so that everyone believes their words.

2. Flexibility

The employees need to be flexible in terms of different environments or situations. They have to be calm to understand the situation before taking action. Angriness is very harmful if you get it when you need to make a decision.

3. Teamwork

Teamwork is an essential soft skill that makes a leader to be associate with other employees or partners. So, they need this skill to build up unity to gain the objectives.

4. Empathy

Employees must have empathy skill that helps to understand the emotions of others. It is one of the essential skills that will make me able to feel others' feelings and conditions.

5. Consistent

A leader should never stop if they decide to start. It isn't easy to gain success without consistency. Therefore, employees should have this skill for being exemplary leaders in the future.

Conclusion

Mayer and Salovey coined the term emotional intelligence, which has become very popular for personal and corporate life. Emotional intelligence helps humans to have many good competencies such as social, intellectual, creative, organized, good communicator, self-regulated, self-aware, and so on. Nobody can deny the importance of emotional intelligence to drive oneself as well as regulate others tactically.

Citation For This Article(APA-7th )

Kobiruzzaman, M. M. (2024). Emotional Intelligence Characteristics Improvement in the Workplace in 2024. Newsmoor- Best Online Learning Platform. https://newsmoor.com/emotional-intelligence-eq-importance-characteristics-how-to-improve/

Red Ocean & Blue Ocean Strategy Examples & Difference in 2023

Red Ocean Strategy and Blue Ocean Strategy Examples & Difference in 2023. Difference Between Blue ocean and Red ocean strategy. Examples of Red Ocean and Blue Ocean Strategy. Also, Blue Ocean Strategy Four Action Framework.

Red Ocean Strategy

Red ocean strategy refers to the traditional marketing strategy to compete with the competitors. It is demonstrated when many companies compete to achieve a competitive advantage in the existing market. These companies contest in the same marketplace to beat their opponents. Red ocean strategy influences the company to provide better service to buyers. It mainly focuses on the existing customers and buyers rather than creating new customers. So, they provide better services and products to attract customers.

Characteristics of Red Ocean Strategy

Firstly, the red ocean strategy focuses on competing in the existing market. So, multiple companies compete with each other to achieve competitive advantages. The marketing team pursues both product cost and differentiation to beat other companies. Additionally, the company intended to provide better service to buyers—finally, they pay more attention to the current customers instead of looking for new clients.

For example, Malaysia and Air Asia Airlines follow the red ocean strategy to beat their competitors.

Red Ocean Strategy Examples

Air Asia is a renowned airline company in Malaysia. It always tries to compete with other airline companies in Malaysia, for example, Firefly, Batik Air, and Malaysia Airlines, to achieve competitive advantages. Air Asia offers low prices on domestic and international flights to beat the competitors. On the other hand, Malaysia Airlines also reduce the price to beat Air Asia. So, they fight each other in the same marketplace. It is a real-life example 0f the Blue Ocean Strategy.

Suppose we infer these giant companies with sharks and the marketplace with the ocean. So, imagine what will happen if all these sharks fight with each other. The ocean gets bloody due to the fierce fight of sharks.

Advantages of Red Ocean Strategy

Firstly, the market has already existed, so no need to create a new marketplace.

Secondly, the services and products have good demand by the customers. Many customers want the products so the new companies can utilize the existing consumers.

Additionally, the company can quickly recruit skilled employees with deep experience in the sector.

Finally, the new companies can get ideas on how to improve the business from their competitors.

Disadvantages of the Red Ocean Strategy

Firstly, competitors are experienced in this market, so it is difficult to beat them.

Secondly, the company needs to focus on cost and differentiation, which is difficult for a new business.

Blue Ocean Strategy

Blue ocean strategy refers to the uncontested marketing policy focusing more on innovation to reinvent the business than the head-to-head competition. W. Chan Kim and Renée Mauborgne introduced the Blue ocean strategy in 2005. It is a simultaneous process of opening a new business market and creating new demand; therefore, competition is irrelevant.

Blue Ocean Strategy Examples

There are several examples of the blue ocean strategy worldwide. Many industries had accepted it to get benefits, such as Netflix, Canon, iTunes, Cemex, Philips, NetJets, Curves, JCDecaux, Quicken, Polo Ralph Lauren, etc. iTunes solved the problem recording industries when it started the business. Before launching iTunes, consumers download a song illegally from the internet platform. ITunes’s blues ocean strategy created a new way of legally selling music, where consumers and artists mutually benefited. They managed to make a new category of music selling through digital music platforms for listeners. Still, it is dominating the marketplace of music platforms for years.

Netflix's organizational change is the most appropriate example of the Blue Ocean strategy. Netflix changed its business plan to create an uncontested new market. It is one of the most successful companies that accept the blue ocean strategy to achieve competitive advantages.

For example, Netflix, Canon, and iTunes follow the blue ocean strategy to achieve the competitive goal.

Blue and Red Ocean Strategy Examples

For example, you put some sharks in a pond. Now, they are fighting each other. The sharks are trying to kill others. A few hours later, you can see the water has been red for the shark's blood. We can infer this pond to the red ocean where many companies are competing with each other.

On the other hand, you put a shark in a separate pond. There is no other shark that can fight, so the water is blue and fresh. We can infer it to the blue ocean strategy where only one company controls the marketplace.

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Red Ocean vs. Blue Ocean Strategy

Red Ocean Strategy	Blue Ocean Strategy
The contest is in the same market.	Create an uncontested new market.
Many Companies compete with each other in the existing market.	One Company dominates the new Market.
Beats competitors.	Competitors are irrelevant.
The company pursues both cost and differentiation.	The company chooses between cost and differentiation.
Make the value-cost trade-off.	Break the value-cost trade-off.
Capture new demand.	Exploit existing demand.
Focus on rivals within its industry.	Focus across the alternative industry.
Intend to provide better service to buyers.	Redefine the buyer group.
Focus on current customers.	Focus on new customers.
The market is already established.	Need to make the new market.
For example, Ryanair and Air Asia Airlines.	For example, Netflix, Canon, and iTunes.

Difference Between Red Ocean and Blue Ocean Strategy

Red Ocean Strategy and Blue Ocean Strategy- Difference Between Red and Blue Ocean Strategy.

1. Focus on Current Customers vs. Focus on New Customers

Most industries focus on attracting existing customers to sell more products and services in the red ocean strategy. Thus, they focus on the current customer to make benefit by selling products and services.

In contrast, in the blue ocean strategy, the industry tries to change the business pattern to yield something new for the customers. The company also broadens the business area to develop new products or services; therefore, customers are irrelevant here. Thus, this strategy allows the company to focus on business patterns rather than customers.

2. Compete in Existing Markets vs. Create New Markets

From the red ocean strategy perspective, the industry is doing business with customers where some industries gain more clients, and some other sectors lose clients. They are doing business with the same customers and competing with each other to get more customers. The company will earn more money if it can bring more customers under its umbrella.

The blue ocean strategy never suggests the company compete because it makes a new uncontested marketplace. The product and service are unique; therefore, no company will come to compete with you. So, this strategy creates an uncontested market to serve its customers.

3. Beat the Competitor vs. Make the Competitor Irrelevant

The competition must exist in the company's marketplace that follows the red ocean strategy. They compete to sell more products and services to increase profit margins. So, they always intend to beat the competitors through marketing policy, product quality, and services.

The blue ocean strategy makes the competition irrelevant because they need not compete with other industries to sell products and services. It makes a new marketplace for the industry.

Key Points of Blue Ocean Strategy

The eight critical points of the Blue ocean strategy are as follows;

It’s grounded in data.
It pursues differentiation and low cost.
Blue ocean creates an uncontested market space.
It empowers you through tools and frameworks.
Blue Ocean's strategy provides a step-by-step process.
It maximizes opportunity while minimizing risks.
Blue ocean also builds execution into strategy.
It shows you how to create a win-win outcome.

Blue Ocean Strategy Four Action Framework

Chan Kim and Renée Mauborgne developed the four-action framework to destroy the trade-off between low cost and differentiation and rebuild an industry’s strategic logic. The four Actions Template determines whether the investment money is used correctly to maximize consumer gain and minimize consumer pain. It also assesses the gains with this template and the pains that matter for your product. It is the best way to get the most benefit with the lowest price within the total product market.

Four Action Framework Examples

**Figure 3:** Blue Ocean Strategy Four Action Framework

How to Use Four Action Templates

Eliminate

Firstly, you have to identify the factors of the industry that need to be eliminated because of defectiveness. Find out the elements where you give significant investment and effort but get very little output. These factors can also be made more contributions in the past but are now useless, so you need to eliminate them because of becoming obsolete.

Reduce

Secondly, you need to identify factors that are unnecessary for the industry and cannot correctly benefit the industry. These factors are well below the industry's standard. For example, the higher cost of manufacturing can reduce the product.

Raise

These significant factors need to be increased to fulfill the industries well above standards. For example, the company needs to rebuild the features to exceed the customer's challenges.

Create

These are the new features that the company never provided. To create these new features, you must investigate the customer's desire to fulfill them. The industry can also create new products or offer innovative consumer services. It will help the company to create a new marketplace distinguished from the competition.

Conclusion

In short, the Red ocean strategy refers to competing for the existing marketplace, whereas the blue ocean strategy denotes making a new uncontested marketplace. Based on the discussion, it is safe to say that the blue ocean is a better way to bring fewer risks, more success, and increased profits. In addition, the four action templates appear as the best solution to identify the industry's investment is properly or not. Hence, the blue ocean strategy and the four action framework have become innovative business innovations.