How to Apply Emotional Inelegance & Innovation in Work Place
The aim of this assignment is to measure the adaptation of two similar approaches into people management and into workplace inside ABK Bank. The first one is the Emotional Intelligence of people at work and the Framework abilities of such approach. While people management involves: supervising staff, resolving conflict assessing the whole performance of the company’s employee and their appetites. A manager needs basic skills and basic elements to function such as: communicating, negotiating powers enforcement, or to delegate authority. (Contemporary People Management Unit 402, page 2)
Emotional Intelligence determines our potential for learning the practical skills that are based on five elements: self-awareness, motivation, self-regulation, empathy, and adeptness. (Working with Emotional Intelligence, Daniel Goleman)
The second approach is the ‘Organizational Emotional Intelligence’. Or OEI which is: the capability of an organization to comprehend and conclude knowledge relevant to its business purpose. OI's focus includes the creation, fostering and management of organizational competencies.
Organizational intelligence also has been defined as "the capacity to sense, make sense, and act in flexible, creative, adaptive ways”, “collaborative problem-solving between people and technical artifacts within and beyond complex enterprises" and as "how well people put their heads together in a group, team, organization, or community". (Sited from: www.Wikipedia.org)
Like humans, for any reasons, organizations (like ABK Bank) may not use their intelligence to thrive?! Or organizations may not use their intelligence if they do not have clever & strategies leaders, or favorable environment.
Emotionally Intelligent Business Environment
Every business changes, so do the qualities need to survive. All external transitions put high value on emotional intelligence. The increasing competitive pressures puts also a new value on people who are self-motivated, show initiative, have the inner drive for outdoing them-selves, and are optimistic enough to take reversals and setbacks in progress. At the same time, the failure of old organizational forms from a hierarchical wiring figure into a strange kind of webs, along with the rising of teamwork, increases the importance of traditional people skills such as building bonds, influence, and collaboration. Then there is the challenge of leadership supply. The capabilities needed for leaders in the next century will differ radically from those valued today. Competencies like change catalyst, adaptability, leveraging diversity, and team capabilities weren't on the radar a decade ago. Now they matter more each day. (Daniel Goleman (1998). working with emotional intelligence. USA: Bantam Books. 27.)
The last focus on the meaning of knowledge in corporate management is highlighted by studies estimating that the value of employee know-how: (brand, patents, names and other forms) rose in last two decades.
But knowledge accounted for 80 percent of all corporate assets in late nineties. Yet, some studies show that managers think only Twenty percent of this vibrant resource is casted. When exciting concepts such as (organizational learning, knowledge management and intellectual assets are being put into use), there is minute rock solid agreement of how to evaluate such practices, how they relate to performance and how they can be improved. No one can be sure how knowledge is enhanced by information technology. Companies have invested huge amount of money in information systems over the past decade, yet hard issues continued over the promised advantages.
The Danger of Success
ABK Bank is a well-established bank in Kuwait; its successful management is a source of envy all around the region. With a huge financial capability, enormous amount of investments, multiple markets, and immense market share.
Ironically, the biggest threat to innovation is “success” itself. The very organization that are jumping high on the success of their innovation and whose employees believe excitedly in the organization and the guideline of continuing innovation, are often the organizations extreme risk. The danger comes in two ways: self-satisfaction and dogma.' Successful organizations tend to become complacent and conservative in order to preserve their core competencies those that lead to their success. This is logical and mostly gainful in the short-term. Ironically, the things that led to their success could be the most things in the long-term that pull them into the failure. The danger is that the organization's directors may become self-satisfied in inspecting and evaluating their systems and culture success and performance advantage they enjoy. While enjoying feeling of success, they may lose the determination that got them there first place. One CEO faced this dilemma while he realized that he’s company’s success would not depend on what they had always done!! The history of the industry was like mousetrap syndrome: You build a faster thing and the word will beat a path to doorstep. But as the industry developed, that no longer became the best tactic to look at the problem. Then he decided that the future would belong to the creative, not the fast. He led the charge create better, more creative products to run the high-end products in company’s data centers and make deeper ways into consumer markets.
Success can be highly toxic, and managers can become very committed to the things they believe lead to the success they enjoyed. They become surrounded in their own way of thinking. In successful organizations where contentment has become like a second nature, it is usually very hard for managers and businesses to attract enough resources to get off the bad situation.
What ABK Bank can do more?
Act quick and ingenious
Today complicated I.T. systems allow flat-level organizations’ to use employee information to overcome daily difficult situations to be further dealt in fast reactions. There’re companies that have entirely decentralized structures. These ones are in turbulent industries challenged, so they engage experienced workers into self-managed structured that are stay responsible for outcome & are then handed extensive effective independence to pick their staff, working times,& methods .
Several companies make a point of perfectly resulting financial (cost and benefits) by making staff units as profit centers, that operate like suppliers or consultants allocation their internal clients, the line units. The outcome is an internal market gives the similar paybacks in a better decision through updated market information, enhanced management and creativity, & customer reaction as external markets Stakeholder Relations. (Tony Davila , Marc Epstein , Robert Shelton (2006). Making Innovation Work. USA: Pearson Education Inc.. 239.)
To cooperate Is to Communicate
If corporations are unfriendly or kind of aggressive to: (employees, customers, suppliers or stakeholders), channels of communication will altered to be blocked and confused with falsehood & unworthy. But good working relations increase the dynamic flow of precious knowledge. Therefore, companies with stake-holders are not just a public responsibility or an ethics for business it is a way to advance in competitiveness.
Some companies unite all these associations into one organizational community to send extra power to workforces and cooperate with dealers while also making better profits by forming whole economic networks to unite suppliers, manufacturers and suppliers in a sub-group of cooperating organizations.
Other visible& thoughtful resources ABK Bank can use:
Customer Service: Many Companies helps its managers reach its clients internationally with a supercomputer system that supplies the firm's data about investments and financial estimates. Some Consulting firms use a global network to pond the top performs of its worldwide consulting business.
Research Groups: Other business &government research joints have been formed in the USA Tasks, &various large companies made systems to send data regarding market-intelligence, board practices & trade data and some uses a corporate intranet to provide business units with estimates of suppliers & to unite all obtained operations.
Can a Managers Practice O.I. to increase performance?
Yes. By gathering exhaustive analysis influencing what part are strong or not. A little O.I.Q. could be outlined to some particular badly-behaved sector, like a Position &Rank, suggesting a precise change that could be completed into increase O.I. and increase performance. These sub scsub-schemeshemes making up O.I. are quite static, but different I.Q. it can be better if managers driven to offer time, resources and effort to reform them.
A Manager also needs Social Skills &
In adapting desirable responses in others like:
Influence: Exerting effective tactics for persuasion
Communication: Listening openly and sending convincing messages
Conflict management: Negotiating and resolving disagreements a
Leadership: Inspiring and guiding individuals and groups
Change catalyst: Initiating or managing change
Building bonds: Nurturing instrumental relationships
Collaboration and cooperation: Working with others toward shared goals
Team capabilities: Creating group synergy in pursuing collective goals.
The importance for any organization of these competencies seems self-evidence; Microsoft's top managers are publicly criticized along with their organizations’ lack of political awareness, a shortage that has put them at disadvantages in their struggle with the Justice Department over or monopolistic practices. The extent to which each of these combined competencies forecasts better organizational performance remains to be seen. But that is just the one seems to be looking. Imagine the advantage for companies that cultivate these competent: self-awareness, managing emotions well, &the drive to achieve.
Innovation Selecting an Innovation Strategy:
Over time every company model and strategy goes to decay in this fast forward market shape; strategies reach their expiry date faster than ever? So as ABK Bank may face this.
An organization's innovation strategy needs alteration over time. A number of internal & external factors affect the selection of the finest innovation strategy. These affect the select of the best innovation strategy and the shape of the portfolio: Play to Win or play Not to Lose.
FACTORS TO CONSIDER IN CHOOSING AN INNOVATION STRATEGY
Capabilities in the external network
Success of the current business model
Rate of technological change
Top management vision
Rate of technological change
Can Emotional Intelligence be developed?
While the evidence that people can improve on emotional intelligence competencies comes from a wide range of sources, perhaps the most persuasive evidence comes from longitudinal studies conducted at the Weatherhead School of Management at Case Western Reserve University (Boyatzis, Cowan, & Kolb, 1995). The results of this research have shown that emotional intelligence competencies can be significantly improved, and, moreover, these improvements are sustainable over time. As can be seen in below chart, the effects of the program have been impressive, especially when compared to what is seen in traditional forms of executive education. These effects are much larger than the effects observed in traditional MBA programs and typical corporate leadership development initiatives. Research on traditional MBA programs found just a 2% increase in social and emotional competencies as a result of program completion (Boyatzis, Cowan, & Kolb, 1995). Although traditional corporate leadership initiatives tend to fare better, the effects are also relatively small and tend to fade significantly over time. That the effects observed in the Weatherhead MBA program were sustained for a period of several years provides evidence that, not only is it possible to develop emotional intelligence competencies, but that such changes can be sustained over an extended period.(Sited at: http://www.eiconsortium.org/reprints/ei_issues_and_common_misunderstandings.html )
The nature of ABK Bank is extraordinarily fluid and complex, and no single intervention or change can fix every problem. Individuals & managers so organizations can add these vital skills for survival in a time seem more of problematic. For businesses of all kinds, the fact that emotional competencies can be assessed and improved says another thing in which performance and so competitiveness can be elevated. What's needed amounts to an emotional competence tune up for the corporation? At the individual level: elements of emotional intelligence can be identified, evaluated, and progressed. In the group level: it means taking full care of the interactive personal dynamics that make groups greater. At the Bank level: it means studying the value sorting to make emotional intelligence an important asset, in the actual terms of hiring, training and development, performance evaluation, and regarding promotions same talk can be said. But it's all done with people, and if the human ingredient is overlooked, then nothing will work as well as it might. In the years to come, banks in which people collaborate best will have a competitive edge, and so to that extent emotional intelligence will be more vital. But at a distance from the emotional intelligence of the organization, having these capabilities offers each one a way to ridiculousness and rationality intact, no matter where we work. These human capacities can help the bank not just compete, capacity for pleasure, even joy, in daily work.
Not to forget to take another high incentive toward a strategy for Innovation. The financial sector itself is a factor. A careful analysis of this structure should points out where the primary obstacles and chances for innovation reside. Understanding the dominant industry value sequence and the structure of the obstacles to access are important feedbacks to the design of innovation strategy.
The Bottom Line &the good news is that emotional intelligence can be learned & adapted in ABK Bank. To be sure, emotional intelligence is not a bullet proof, & there’s no guarantee of more market share or a healthier statues for soon results. Managers needs to accept that changes in external environment effect the internal environment and adapting new concept such as emotional Intelligence Skills means extending their vital role to the Organizational Emotional Intelligence also. But a failure in emotional intelligence can be crucial in rendering a company vulnerable to the others the commercial equivalent of a weakened safe system. EI can be a big booster in health and encourages growth. If a company has the competent that flow from self-awareness and self-regulation, motivation and leadership skills and open communication, it should prove more resistant no matter what the future brings. And that, in turn, places a quality on people who they are intelligent.
Old ways of doing business no longer work; the increasingly more challenges in competitive changes of the world economy encounter everyone including ABK Bank. E.I. is vital for people management so as to the relationship between Employer and employee. It’s a work place & a growth factor that anticipates coming change and effectively make the vision more clearly toward facing the consequences of any challenge. Even in negotiating or office politics there’s a certain degree where wise decision making can be executed through wise analysis of other side driven emotions. Despite the fact that making communication throughout the structure of the company requires highly skilled management, that all contributes its ways of dealing by addressing the skills of E.I. not mentioning how to supervise appraisal and performance the role of any manager is to make sure that making a mistake can be traced to emotional difficulties.
All the resources of any organization should be allocated to contribute primary to allocating a system that can adapt ways and measures that include OI into its primary daily routine. Not overlooking; applying innovation strategy as well.
(Contemporary People Management Unit 402)
(Daniel Goleman (1998). working with emotional intelligence. USA: Bantam Books. 27.)
(Tony Davila , Marc Epstein , Robert Shelton (2006). Making Innovation Work. USA: Pearson Education Inc.. 239.)
Weatherhead School of Management at Case Western Reserve University (Boyatzis, Cowan, & Kolb, 1995).
(Sited at: http://www.eiconsortium.org/reprints/ei_issues_and_common_misunderstandings.html