SocQ: The New Leadership Skill Required for the Social Economy

Executives have added burden with companies under global magnifying glass, says Stephen Miles

New C-Suite Intelligence Podcast Episode from TMG

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Nov 19, 2019, 10:00 ET

NEW YORK, Nov. 19, 2019 /PRNewswire/ -- The shift from a knowledge economy to a social economy has placed a burden on leaders to add a new skill set – one that Stephen Miles defines as "SocQ." "SocQ is a DNA issue for an organization, just like ethics or compliance," says Miles, CEO of The Miles Group/TMG, in his new podcast on the topic.

"People in the organization must be equipped to handle the fact that every individual on this planet is a broadcaster of information. It's all viral and instantaneous and puts out there for all the world to see the much greater expectations on companies today around social responsibility."

The podcast episode – SocQ: The New Leadership Skill Required for the Social Economy – is part of TMG's C-Suite Intelligence podcast series. The new series provides tips and advice from the TMG executive coaches drawn from years of working with top-level and emerging talent in companies ranging from the largest Fortune 50 global corporations to high-growth start-ups backed by VC firms and private equity.

What is SocQ, and why do executives need it now?
As he was coaching CEOs, Miles developed the concept of SocQ – short for "social intelligence quotient" and pronounced "sōce-q" – to describe the ability to authentically communicate on a broad level one's empathy and sensitivity around an event, position, or action, taking into account society's response to the issue. "Whether it's taking a strong stance around the NRA or LGBTQ issues, or developing a company policy around things such as cage-free eggs or fur or plastic waste, you aren't stating a position in a vacuum," he says.

"In the 20^th century, Daniel Goleman popularized the concept of emotional intelligence, or EQ; companies became eager to hire executives who displayed emotional empathy – the 'one-to-one' connection with the person sitting across from you," says Miles.

"But our economy is changing into what is being called the 'social economy.' This move changes the model for executives around how they need to communicate," says Miles. "When all individuals can weigh in on all topics, you have no place to hide. Comments become viral, and your brand and reputation are at greater risk.

"If you find yourself in a crisis event, you must have a foundational purpose or values as a leader and as a company to guide you through the countless messages you need to put out there. Leaders need to develop a 'SocQ muscle' to help them authentically develop and communicate this purpose."

Why employees across the organization need to develop SocQ
"Creating awareness of the importance of SocQ at many levels below the CEO is extremely important," Miles says. "Usually the 'spot fires' associated with a crisis event do not happen in the CEO office. They can and do, but generally it's front-line executives who are dealing with customers out there in real time.

"The employees who are out there solving problems in call centers, in retail, wherever they happen to be – these are the ones there when an issue happens. And the more awareness that you can have around that and the more tools that you have at your disposal, the better you can effectively address the situation immediately when it arises."

In the podcast, Miles describes the various scenarios where SocQ is most frequently needed and how listeners can begin to develop SocQ – a skill that can, in fact, be learned.

Other episodes in TMG's C-Suite Intelligence podcast series include:

Listen and subscribe on Apple Podcasts, Google Podcasts, Spotify, YouTube, or wherever you get your podcasts.

For more information, please contact Davia Temin or Suzanne Oaks Brownstein of Temin and Company at 212.588.8788 or [email protected].

About the C-Suite Intelligence podcast
CEOs running the world's top companies don't start out that way – they pull ahead of their peers with behaviors and practices that make them the "best of the best." Stephen Miles and the team at TMG coach some of the world's most successful executives, helping them continuously up their game even as business conditions grow more complex every day. Through the C-Suite Intelligence podcast, learn the secrets of the highest performers, and use this intelligence to power your career.

About The Miles Group/TMG
TMG develops talent strategies for organizations, teams, and individuals – focusing on high-performance, world-class leadership. Through assessments and development, coaching, leadership transition planning, and organizational design, TMG helps clients cultivate exceptional talent from the C-suite to the next generation of leaders throughout the organization. Clients include many of the Fortune 100 as well as VC portfolio companies, firms in transition, and organizations around the globe and across industries. TMG has been featured in Harvard Business Review, The Wall Street Journal, Bloomberg, Forbes, Fortune, C-Suite, Entrepreneur, and Chief Executive. The firm is headquartered in New York City and operates globally. For more information, visit http://miles-group.com. Follow TMG on Twitter @TheMilesGroup and LinkedIn https://www.linkedin.com/company/the-miles-group.

SOURCE The Miles Group/TMG