“If you want to get something done, become an expert in empathy.”
– Chris Voss
Leaders are tasked with three critical steps to move an organization forward: setting a vision of the future, winning organizational alignment and buy-in, and executing on their vision. Most initiatives fail at the second or third step because leaders are unable to create a dialogue in which perspectives are openly exchanged and countervailing opinions are voiced.
Misunderstandings and conflicts are a silent epidemic in many organizations because business leaders are often unaware of how costly they can be (only one in three organizations is taking action to close the gap). It has been estimated that misunderstandings cost firms $37 billion annually, and studies show the average business with 100,000 employees loses $62 million a year through misunderstandings ($624 per employee).
According to Gallup “People leave managers, not companies.” Promotions to management positions often follow individual achievements in technical areas, but technical competence doesn’t always enable effective leadership, and the gap between technical competence and emotional intelligence is high and very costly. According to research by organizational psychologist Tasha Eurich, 95% of people think they’re self-aware, but only 10-15% actually are.
Inadequate communication to and between employees costs companies an average of $62.4 million per year, according to a survey of 400 companies with 100,000 or more employees. The top three reasons why people do not like their jobs are also communication related: lack of direction from management, poor communication overall, and constant change that is not sufficiently explained. Businesses with 100 employees spend an average of 17 hours of downtime per week just clarifying communication, translating to an annual cost of $528,443.
While the ability to communicate is at the heart of the problem for leaders, it is also at the heart of the solution. There are essential skills that leaders need tools to utilize to overcome these fundamental leadership problems. EQuipt has a smart and proven system that is customized to address both the fundamental problems and those unique to your leaders and organization.