Emotional intelligence is the adhesive that may maintain relationships together throughout time. In this regard, Bluevine has been coping with a global problem that is related to bad financial strategy services in order to keep its customers. This has lowered productivity and has to be remedied. Hence, the most successful leaders see emotional intelligence as a crucial talent for identifying and resolving team member issues. Therefore, emotional intelligence is a crucial component of several leadership styles. Overall, emotional intelligence is a crucial aspect for leaders and organizations, and a lack of it can derail organizations’ efficiency and ultimately direly affects their sustainability.
Emotional Intelligence and Motivation
Emotional building blocks are the fundamental emotional abilities that comprise a person’s emotional and cognitive ability capacity. Emotional building blocks are essential to any organization’s structural potential to optimize staff members’ efficiency and strengthen job gratification. According to Landry (2019), Self-perception and leadership, emotional self-awareness, self-regard, and self-actualization constitute the most crucial basic building block for enhancing job satisfaction and employee performance. In this breath, self-actualization refers to a person’s capacity for self-improvement and the pursuit of meaningful goals and ambitions (Landry, 2019).
Self-respect is the capacity to accept one’s own talents and faults. Moreover, emotional self-awareness is the capacity to recognize and comprehend one’s emotions and their influence. Self-perception and leadership are a person’s capacity to comprehend their self-image and leadership talents (Landry, 2019). All of these emotional pillars are vitally essential to leadership, workers, and the firm as a whole.
As a motivational technique, positive reinforcement is the incentive for completing a task successfully. This motivational technique may be deployed when a participant’s performance exceeds anticipated. When duties are assigned to a group of workers and the management seeks to foster competitiveness among the team of employees, the administration may also use positive reinforcement. Furthermore, it occurs when workers are awarded incentives for performing specific duties at work. As a motivational tool, negative reinforcement is a punishment for not performing or doing inadequately.
When staff are not executing their jobs adequately, management might use this motivational tactic. When workers are unwilling to comply with mandatory responsibilities, management may use negative reinforcement. Personnel that violate corporate regulations and processes may further be subject to negative reinforcement. When workers are fined for arriving late to work is one example.
Motivation Theory
The explanation of Maslow’s theory is based on the notion that individuals seek to enhance their goals in life and that their demands are valued according to their significance. Derived from Maslow’s hierarchy of wants, material conceptions of work fulfillment focus on workers’ needs and the things that provide them with a satisfactory level of fulfillment (Badubi, 2017). On the basis of the physical, biological, social, and psychological requirements of humans, Maslow created a five-step model that categorizes and emphasizes the fulfillment of a person’s needs (Badubi, 2017). These classifications are physiological needs; safety and security needs, social needs; esteem needs, and self-actualization needs (Badubi, 2017).
Hence, theories that attempt to describe work satisfaction are based on Maslow’s hierarchy of requirements. For example, it is applicable in that Bluevine workers, like everyone else, have demands that must be met. In addition to the requirement for food, housing, and clothes, as well as protection from physical and social damage, they need the acknowledgment and praise of students, colleagues, and parents.
Emotional Intelligence and Social Skills and Decision Making
In emotional intelligence, social skills relate to the abilities necessary to manage and even affect the feelings of others successfully. Accordingly, the critical elements of emotional intelligence might be used to improve the leadership’s social abilities. The crucial ideas of emotional intelligence might potentially be applied to improve the administration’s decision-making effectiveness. These are crucial for the leadership, the staff, and the company as a whole as it strives to enhance its productivity. On the same note, persuasive and influencing skills, excellent communication skills, relationship skills, conflict resolution skills, and collaboration abilities are required for every leader or management position.
Capabilities in persuasion and influence are crucial for having tasks accomplished. This talent may be used by management to convince other managers or directors to adopt investments and other organizationally-beneficial tactics. This ability may also be used to motivate personnel to accomplish jobs with diligence and excellence. Similarly, managers must also possess exceptional communication abilities in the organization. For example, when disseminating information to workers, managers must communicate effectively. It is essential for executives to communicate better so that workers may ensure productivity and avoid confusion while carrying out their responsibilities.
The management must also develop interpersonal abilities. This is vital because management must develop strong links and relationships with workers in order to ensure the organization’s excellent performance. Furthermore, managing conflict abilities are also required for management. This is necessary in order to settle any difficulties in the firm that might result in disagreements and poor efficiency from both management and staff. Equally, the management must possess collaboration abilities in order to collaborate successfully with other managers and workers. Teamwork is crucial since it improves the performance of individuals, management, and the company as a whole.
Effective Teams
Incorporating a successful team is a challenging task to achieve. This is due to the fact that a successful team needs a lot of building components. A lot of team dynamics are required for a successful team to be advantageous to the company. Based on Driskell et al. (2018), defined goals, suitable leadership, balanced duties, efficient communication, reciprocal collaboration, and personal growth are the building blocks and team dynamics necessary to construct a successful team. All of these factors are crucial for assembling a successful workforce. These goals for the group must be jointly concurred upon by all teammates and the team manager in terms of clarity. In regard to this, the whole team must fully comprehend the organization’s objectives. The team participants must be able to participate constructively to attain the team’s objectives.
Strong leadership is essential for every team to operate well. The executives of the group must exemplify qualities of leadership that inspire belief in themselves and the rest of the team.
The team representatives must believe that the leaders are capable of fulfilling their responsibilities. The squad must have confidence in its leaders. Furthermore, the team members must believe that their leaders are leading them effectively.
Balanced obligations as well add positive value to the efficiency of the team. Thus, every team member possesses a particular set of abilities that allows them to execute more effectively in some roles than other team members. Consequently, this component should be utilized to ensure that every team member is assigned tasks in which they can succeed. This is analogous to the scenario of specialization, where tasks are assigned based on abilities. Additionally, commitments should be aligned so that no employee gets overstretched or excluded.
Effective teams, like any business, need clear communication between employees and executives. Communication must be efficient and effective both up and down the team’s hierarchy and within the team itself. In order for discussions and assignments of tasks to be fruitful, there must be effective communication. At the same time, cooperation and personal development are indeed essential components of all good teams. The teammates should not just develop as a unit but additionally as individuals as members, and the team as a whole should be emboldened and developed, and the team’s capabilities and performance rise.
Reward Systems
A successful incentive system is an essential component of a productive company. An efficient incentive system assists in inspiring team members, which in turn increases employee and organizational productivity (Al Rahbi, 2017). A motivated workforce is an invaluable resource for any company. Positive and negative reinforcement should be included in a reward system. Nonetheless, an organization should emphasize positive reinforcement because it does not make workers feel forced to succeed.
Instead, it helps workers feel valued and essential inside the company. Also included in reward systems are both intrinsic and extrinsic rewards. Intrinsic incentives are benefits that an individual provides oneself and are motivated by personal interests in the worker’s performance. On the same note, extrinsic incentives are physical benefits that are delivered depending on another person’s perception that a person has performed an exemplary job. However, most firms choose extrinsic incentives because they are simple to administer and cover a wide range of tasks and abilities acquired by workers. The most fundamental and effective incentive systems are year-end bonus rewards and gold star systems.
Depending on its financial resources, Bluevine can merge any two of these systems. Staff are offered stars under the gold star system each time they complete a task admirably and each star is worth a certain amount of money. They may exchange their leads for actual cash at the conclusion of the fiscal year or when they get their wages. There should be guidelines in place that specify when staff are eligible for rewards and what constitutes excellent performance. Employees get end-of-year bonuses that represent a portion of the business’s net profitability. Depending on their accomplishment of the main achievement indicators as per their employment agreements, a specific amount of the net revenue is allocated to the workers and distributed between them. Based on the attainment of key performance metrics, the corporation may additionally award the workers with business shares under this scheme.
Conclusion
Ultimately, to increase the productivity of the Bluevine Company, a few variables are crucial. These elements include developing successful teams, developing an effective incentive system, emotional intelligence and motivation, emotional intelligence and social skills and decision-making. The company should work to develop leadership with these characteristics. Persuasive and relationship-building, communication skills, rapport-building skills, conflict-management skills, and teamwork abilities should all be part of this set of social skills. The success of the business also depends heavily on the effectiveness of its personnel.
Notably, the Bluevine Company has to focus on creating strong teams. These team members each provide a unique set of talents, making for a formidable unit. Equitable roles, excellent communication, and mutual respect are further elements of productive teams. Additionally, Bluevine has to develop a reliable and efficient system of rewards and worker motivation is supported by reward schemes. As a consequence, both the company’s and the workers’ productivity increases.
References
Al Rahbi, D., Khalid, K., & Khan, M. (2017). The effects of leadership styles on team motivation. Academy of Strategic Management Journal, 16(2), 1-14. Web.
Badubi, R. (2017). Theories of motivation and their application in organizations: A risk analysis. International Journal of Innovation and Economic Development, 3(3), 44–51. Web.
Driskell, J. E., Salas, E., & Driskell, T. (2018). Foundations of teamwork and collaboration. American Psychologist, 73(4), 334–348. Web.
Landry, L. (2019). Why emotional intelligence is important in leadership. Business Insights Blog. Web.