What’s your cognitive style?
A classic statement says that “humans only use 10 percent of their brain”. This is obviously pure nonsense that has been debunked a long time ago – even though research shows that 65% of Americans still believe this myth.
However, there does seem to be a tendency for people to be overly reliant on their preferred, cognitive styles and thus “neglecting” alternative means of cognition. That is, we stay within our cognitive comfort zone as a way to conserve energy and limit uncertainty – something we are wired to for survival purposes. However, research reveals that we need to leave our comfort zone to activate the areas of our brain that is tied to learning and development.
As Finance Business Partners, we tend to be analytical and data-driven by nature (and education). This is a good thing, since this trait is important, if not crucial, when working in Finance. Being able to identify and analyze data patterns is key. However, the analytical and data-driven approach is our comfort zone, and as illustrated above, we need to leave it from time to time to keep learning and foster creativity.
“Intellectual Quotient, or IQ, determines our level of reasoning and problem solving abilities. Emotional Quotient, or EQ, determines our ability to recognize, differentiate, and manage our emotions and the emotions of others.”
I have come to recognize that much of what we traditionally do within our comfort zone as finance professionals is related to IQ (Intellectual Quotient), i.e. reasoning and problem-solving, while we tend to struggle more when it comes to tasks requiring our EQ (Emotional Quotient) to come into play.
The IQ allows you to perform data-driven analysis and identify relevant business insights, while the EQ is what you use to connect with the relevant audience and tell the story behind the numbers.
Fig 1. What we do as Finance Business Partners
This might seem like a broad generalization, but it is nonetheless what can be observed when surveying finance professionals across international companies. A 2019 study amongst 200 C-suite leaders from Europe and the US found that 65% rated self-awareness, empathy, and intuition as their weakest skills.
“Your IQ got you the job, but your EQ determines how quickly you advance and are promoted.”
So, the next time you have spent time on a core financial planning and analysis task, remember to move outside your comfort zone and exercise your EQ to bring your insights to life by deliberately interacting effectively with relevant stakeholders across your organization.
Remember, that your IQ might haven gotten you the job, but it is more likely to be your EQ that determines how quickly you advance and are promoted.