By Samantha DiCrescenzo Billing
for the 2024 Risky Women Writing Competition, presented in partnership with Bovill Newgate
Explore the power of empathy in Emotional Intelligence (EQ) for Governance, Risk, and Compliance (GRC) leadership. Learn how empathetic leaders enhance team performance, foster collaboration, and build trust within organizations. Discover the key components of EQ, including self-awareness, self-regulation, and relationship management, and understand how cultivating a culture of empathy can drive better business outcomes.
Empathy is one of the key components of Emotional Intelligence, commonly known as, “EQ”. It involves the ability to regulate and understand emotions and recognise the emotions of others, using that understanding to influence others, driving up performances of organisations and creating positive cultures and collaboration.
EQ is not a score or numbers on a table like IQ, it’s about how you interact with people.
Empathetic leadership is a way in which GRC leaders can utilise the power of being aware of others feelings, needs and concerns to drive teams towards strategic goals and regulatory requirements.
Empathy can be described as “the ability to understand and share the feelings of others”.
Leaders with high levels of EQ are afforded the great opportunity to enhance performance in any setting they are present within. They can understand wider perspectives which ultimately leads to better decision making and more inclusive approaches to bring teams together towards a common goal. They can consider the needs of stakeholders and develop long lasting relationships. They can create environments where team members feel appreciated, understood, heard, and ultimately, will be trusted to lead teams to success.
EQ is an important attribute to hold. Employees that possess this skill are greatly valued. A GRC leader that can demonstrate EQ skills is seen to be willing to learn, to develop themselves and their teams and improve performance. The skill of EQ allows leaders to control their own responses, facilitate stakeholder engagement and make space for employees who may not naturally step forward. It’s suggested that leaders with high EQ and empathy handle pressure better, communicate effectively and create environments where employees feel supported, valued and able to innovate.
Influential women support the importance of EQ, empathy and inclusion to drive better business, such as Christine Lagarde and Janet Yellen’s “Emotional Economics”.
Components of Emotional Intelligence
There are several components of emotional intelligence. Developing in each of these areas, can raise the level of EQ you can achieve.
Self-awareness
The ability to recognise our own internal emotional states, to be conscious of our own strengths/ weaknesses and recognising our limitations or abilities. To develop self-awareness, learn techniques that help manage stress, understanding when support is needed.
Self-regulation
The ability to control feelings in the moment and understand why we react in certain ways.
The UK regulator, Financial Conduct Authority, states a core skill of self-management within its “Values and Core Skills” guide. The act of self-regulation is “The ability to understand yourself, channel your emotions effectively, and win the trust of others”. Winning the trust of others is essential for a GRC leader.
To develop self-regulation, consider how impulses affect actions and reflect upon outcomes to achieve, using coping techniques to avoid burn-out.
Self-motivation
The emotional ability to reach goals, the internal drive and resilience to keep going forwards to reach those goals, working through setbacks and using enthusiasm to drive forward the actions needed to succeed.
Social awareness
The ability to think broader and consider why people see things differently, why they behave differently and encouraging diverse representation.
Relationship management
The ability to help others see things differently, build trust and find outcomes that work for everyone.
Empathy
Undoubtably the star power!
Empathy is the ability to consciously be aware of others feelings, needs and concerns. Research shows those that work in organisations with high empathy, perform better, as stated by Jamil Zaki “Employees who believe their organisations, and especially their managers, are empathic tend to report better mental health and morale and a greater intent to stay at their organisations. People who feel empathized with also tend to innovate more”.[1]
Empathy is not a fluffy cushion that is used to soften conversations, it’s the ability to consider and understand that we are all different. Everyone has grown through different circumstances, facing challenges or afforded opportunities, in differing environments, and to understand and utilise this, empathetic leaders can bring teams together cohesively in a way in which others may not.
The good news for women is that women have been found to have naturally higher empathy levels, so it becomes a bit of a superpower!
Building a culture of empathy
So how do we build a culture of empathy?
To begin with, an organisational understanding that emotional intelligence and empathetic leadership improves organisational and individual performance would be a great starting point.
As a GRC leader you can start these conversations, educating yourself, offering support and guidance and a safe space for colleagues to ask more. Foster a culture of lifelong learning for yourself and your colleagues.
Learn about different behaviour types, different perspectives and use this learning to help make better decisions.
Empathy is a skill that can be built. Whilst us women may be fortunate enough to tip the scales in our favour on this one, we can actively encourage everyone to consider how using this skill works in the benefit for our organisations, colleagues and customers.
We can build active listening skills, focussing on verbal and non-verbal cues to help better understand.
Seeking feedback on initiatives, monitoring and measuring outcomes and learning from any mistakes or setbacks. To change culture, call out good examples of empathetic leadership in a positive way.
So, next time you’re heading to that important event, stop and think about the superpower of empathy, and use it well!
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