Transcript 0:00 [upbeat music] Welcome back to The Peggy Smedley Show, the podcasting voice of IoT and digital transformation. Hello, listeners, and welcome back to The Peggy Smedley Show. 0:14 After rising to the pinnacle of his profession, he was involved in a traffic accident in two thousand and nine, and he lost everything. 0:22 Since that time, he has applied the same strategies he has taught his clients for decades to rebuild his own life and his business and to come back strong. 0:31 Please welcome back James Arthur Ray, entrepreneur, author, life and business coach. James, welcome back to the show. Hey, thanks for having me, Peggy. So James, I am very curious now. 0:45 What in your mind is the number one imperative for all of these leaders as we're rat-ra- kind of rapidly are approaching all this idea of IoT, AI? I think all the commercials I've been hearing lately, IBM now says AI. 1:00 They've switched from IoT to AI. So what, what do we want to tell all these leaders as they try to focus in on that? What, what's your advice for them? 1:10 Well, I'm gonna reference an article that was, that was published by Bloomberg in March of this year, where they stated that seventy percent of the leaders in their, their research are, quote, "unfit to lead" in today's world, and even more unfit as we rapidly move into this Mach Ten disruptive world in which we're living. 1:33 And there's several reasons that they came up with, but, I mean, that's a big number, seventy percent, Peggy. And, and... Go ahead? Go ahead. Go ahead. No, no, no, I was gonna say. 1:45 So they said- I-...seventy percent, but go ahead. Yeah, seventy percent, and, and there were several reasons, but here, let me give you a couple of big ones. 1:55 Number one, they state that leaders don't make decisions quickly enough, and, you know, that's, that's rampant in today's world. We wanna, we want to, uh, analyze to perfection, whatever that may mean. 2:10 And what I'm gonna suggest is that today's perfection is tomorrow's failure. I mean, we've, we've got to execute. 2:17 That's the second one that they came up with, is that not only do they not make decisions quickly enough, they don't take action quickly enough. And then it gets into all people things. 2:26 They don't know how to build trust in their teams. They don't know how to motivate and inspire people. And those are all, um, 2:34 grounded in self-awareness and emotional intelligence, which we don't invest a whole lot of time in, unfortunately, in our current business world. Is it about self-awareness, is what you're saying? 2:47 And is that what we have to develop? Because if we don't know how to execute, do we have to then develop self-awareness so that we can execute? 2:56 Yes, because the reason we don't make decisions quickly enough, we don't take action quickly enough, is because we don't know who we are. We don't know our core level values, beliefs, assumptions. 3:07 We don't know our purpose in life. We don't know why we're going about business. We are not hardwired for ROI. 3:16 You know, I suggest we need to look at a new ROI, and not that I'm anti-return on investment, not at all, but what we really need to look at in today's world is return on impact and return on influence. 3:31 And those, that's a whole different kind of ROI. 3:34 And with leaders in today's world who are leading, uh, groups of, of the Gen Xers, but more so the millennials and those up and coming, they don't wanna play by the same rules that's just money-driven. 3:50 They want to make an impact. They want to make a difference. 3:52 They want to feel like they're doing something is it-- that is in alignment with who they are, and that's where these typical leaders are really dropping the ball. 4:03 A-and because of that, is it hurting the ability now when you say that they... I guess my question is, is it emotional intelligence that we need to develop? It's... 4:15 I mean, because years ago, it was always about perfection. So is it- Right. Is it b- And, and what's happened there? Is it a generational changing thing? Is it we need to have a different emotional way of thinking? 4:29 I mean, what is, what is that emotional side of things now? Is it letting go? I mean, what, what is that we need to develop? Well, a couple of things in your statement. 4:40 First of all, I'm gonna say something shocking, but perfection is the lowest standard on the planet because it doesn't exist. 4:47 You know, perfection, all that we can find is perfect imperfection, and, and we've got to execute more quickly. 4:55 With regard to emotional intelligence, research by Daniel Goleman and many, many others has proven that emotional intelligence is far and away more predictive of business and life success than intellectual intelligence or IQ ever will be. 5:11 And yet we're not, again, doing a very good job there. And by the way, it's, it's leaders at all levels. 5:19 You know, if you look at the millennials, um, the research proves that while they have a lot of tech intelligence, they're very, very low on emotional intelligence. And what I mean by that is that, again, who am I? 5:32 How do I feel? What's important to me? What are my values? What-- Why do I do what I do? And how do I connect and communicate with other people? And, and that goes back to, to the Bloomberg as well. 5:46 We don't build trust in teams. We don't motivate and inspire people because we don't know how to connect, and we don't know how to communicate, and you can't give what you don't have. You follow me, Peggy? 5:59 You know, you, you can't give emotional intelligence to your team unless you have it for yourself first and foremost.So how do you-- Okay, so then hearing that, so you have to-- y-you're kind of saying you gotta make faster decisions, you've gotta do things according to what Blo-Bloomberg's saying. 6:17 But how do you build that? Is it, you're saying if you get better at making faster decisions, you're going to build a more c-cohesive, elite-performing team? 6:26 Or you've gotta learn yourself first, and that's all gonna fall in, all into play, all into practice- There you- All into- There- You know. There you go. 6:35 When you learn yourself first and become more self-aware and more emotionally intelligent, you're going to make faster de-decisions because you're gonna know who you are, and you're gonna know why you're doing what you're doing, what you're up to. 6:47 L-let me give you, let me give you a quick study that came off of Wall Street, a fifteen-year study of companies that paid attention only to the numbers. Sound familiar? Um, [laughs] those are rampant. Yeah. 7:00 And over fifteen years, they had an average of a hundred and fifty percent increase in their revenues. 7:06 Companies that paid attention to the team members' interiors, i.e., self-awareness, feelings, values, uh, emotional intelligence, over fifteen years, their revenues went up fifteen hundred percent. That's staggering. 7:25 And, and so there's research out there. Gallup has done research with fifty thousand teams, over one point four million people, where they ask individuals, "Do you use your strengths every day?" 7:37 Now, this is presupposing you have enough self-awareness to know what your strengths are. Some people don't. Many people don't. 7:44 But those who say, "Yes, I use my strengths every day in my job," they were thirty-eight percent more productive. They had fifty percent higher retention rate of team members. 7:53 They had forty-four percent higher customer satisfaction. I mean, these, this, these things are out there. We're just not paying attention. 8:02 And so coming back to Bloomberg, we're running our businesses based upon an archaic model that is not working. 8:10 And until we shift, meaning as leaders individually as well as business leaders, take the time to step back and explore deeply who we are and why we do what we do and what's important to us, we're not gonna get there. 8:29 Do you think business leaders want to take the time, or right now they're looking at, "Look, I care only about the bottom ri-- li-- the bottom line right now"? We've got about thirty seconds. What do you think? 8:41 [laughs] They don't wanna take the time. I, I talk to leaders every single day, and they're like, "Oh, we're too busy," uh, you know. "I, I need to increase my revenues by, by twenty, thirty percent over the next year." 8:53 Well, I'm telling you how to do it, but you're not listening. So there's a downside because when we see an economic downturn, what are they gonna do then? Because they didn't build the team. They didn't take the time. 9:06 So that's gonna be for the next time you come back, James Arthur Ray, entrepreneur, author, and life and business coach. Where can my listeners go? 'Cause we're gonna have to teach them next time. 9:17 Jamesray.com is where they can find everything that we're up to these days. I hope they'll visit. All right. Hey, thank you as always. 9:26 I love you always give me something to leave and think about, so I love it when you come on the show. Thank you for your time today. [upbeat music] It's a pleasure. All right, listeners. 9:35 Remember, we broadcast live every Tuesday at twelve PM Central. Send me your tweets at ConnectedWMag. I'd love to hear what you think. 9:43 This is The Peggy Smedley Show, the podcasting voice of IoT and digital transformation. Remember, with great technology comes great responsibility. Have an awesome week. 9:55 [upbeat music] Constructek TV, your fierce advocates for construction. 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