Build Wealth by Learning From Women’s Soft Skills in the Workplace

In today’s competitive job market, relying solely on technical skills (job-specific knowledge and expertise, like coding or machine operation) is no longer sufficient to ensure success.

Experts now recognize soft skills, such as negotiation, emotional intelligence, and networking, as essential tools for career growth and wealth building. Traditionally underrated, these skills have proven critical in securing better opportunities, climbing the corporate ladder, and succeeding as investors and entrepreneurs.

Women have taken the lead in leveraging these skills to advance their careers and build personal wealth. For instance, according to a study by Singh, Das, and Jha (2023), many women in management positions have successfully climbed the career ladder by leveraging emotional intelligence.

This article provides insights into women’s soft skills, which they use to secure higher pay, expand networks, and build successful enterprises. Read the following sections to learn how to use soft skills to improve your financial and career prospects.

Understanding the value of women’s soft skills in wealth-building

Soft skills (also known as life skills, socio-emotional skills, and transferable skills) are qualities that enable people to navigate their surroundings, engage with others, perform well, and achieve their objectives.

In the workplace, women are more likely to have soft skills. Women are more likely to thrive at emotional intelligence, negotiation, and networking, which are instrumental for career progression. For example, a study on gender differences in emotion recognition, including emotional intelligence, showed that women scored higher than men on self-reported emotional intelligence and empathy measures.

Because of this, women in the workplace have more opportunities than ever.

For example, Sheryl Sandberg, the COO of Facebook, used her negotiating skills to secure a deal of her choice to join Facebook, significantly increasing her earnings. Furthermore, Oprah Winfrey built a media empire through her exceptional emotional intelligence and networking abilities, establishing herself as one of the world’s richest self-made women.

These examples show how learning soft skills may lead to professional development and financial success. One of the most significant is emotional intelligence (EQ), which is a key facet of workplace performance for women.

Emotional intelligence as a wealth-building tool

Emotional intelligence is increasingly regarded as a crucial facet of professional performance, particularly among women in the workplace.

A study found that women surpass men in emotional intelligence, scoring 11 out of 12 on critical emotional intelligence competencies. High-EQ women can navigate professional relationships, lead teams, and manage clients, leading to greater career opportunities and higher wages. Women leverage emotional intelligence to advance their careers in the following ways.

Building connections. Women with high EQ can develop and maintain connections with coworkers, clients, and supervisors, which helps them obtain lucrative opportunities and greater visibility within the organization.
Effective communication. EQ helps women communicate effectively verbally and nonverbally. This allows them to clearly explain their thoughts, manage problems, and negotiate better deals.
Resilience. Women with high EQ are more resilient in adversity and difficulties. Through resilience, women recover from adversity and continue to pursue their professional ambitions despite challenges and pressure.
Leadership. EQ is one of the key characteristics of effective leaders. Women with high emotional intelligence inspire and motivate their teams, establish trust, and foster a healthy work atmosphere.

In addition to emotional intelligence, negotiation skills are an essential component of soft skills that contribute significantly to career growth and financial success. The ability to negotiate effectively can empower individuals to advocate for themselves in the workplace, whether for promotions, better compensation, or other career opportunities.

Negotiation skills for salary and career advancement

Women increasingly employ negotiating tactics, an essential part of soft skills, to advocate for higher pay, promotions, and career-related benefits, with 64% reporting efforts to negotiate for improved compensation or advancement opportunities.

These strategies provide immediate financial benefits with long-term, broader implications for wealth-building. Women in the workplace use this skill in the following ways.

Secure advantages that align with their long-term financial objectives. Women negotiate for flexible working conditions, parental leave, and retirement benefits. Prioritizing these perks lets them improve their work-life balance and economic security.
Looking at industry norms and salary ranges. Women come prepared to negotiate competitive salaries after researching industry standards. They employ extensive knowledge about the average salary for their professions to highlight their contributions to the organization as “negotiation chips.” This method ensures that they advocate efficiently, supported by evidence demonstrating their value.
Building a value-centered case. Women highlight their value to the firm by highlighting particular projects, accomplishments, or abilities that serve the company. This value-centered strategy enables them to provide a compelling case for increased salary and career development.

Networking for career growth and entrepreneurship

Women use networking to connect with influential leaders, potential collaborators, and peers across industries, creating a support system for career growth and innovation.

These relationships often lead to mentorship opportunities, where experienced professionals offer guidance, insight, and sponsorship, providing women with the resources to navigate complex career paths.

Furthermore, women use the following networking approaches to enhance their career growth and business development:

Utilize effective networking strategies. Attending industry events, using LinkedIn to create professional connections, and joining women-led networks such as Ellevate Network or LeanIn Circles are all effective tactics for developing meaningful relationships and accessing mentorship possibilities.
Learn from successful women. Whitney Wolfe Herd, for example, leveraged her network to secure guidance and investment, creating Bumble after getting convinced by Andrey Andreev, a multibillion-dollar firm. Similarly, Oprah Winfrey established her media empire through effective networking and mentorship.
Build a personal brand. Women are turning to personal branding for career advancement and business. For example, Sara Blakely, the founder of Spanx, created her brand by presenting her story from a struggling salesperson to a millionaire, which resonated with audiences and garnered support. Her authenticity helped Spanx grow through word-of-mouth and media exposure.

Learning from women’s soft skills

While women in the workplace increasingly use these skills to improve their situation, they’re not the only ones who can use them. Soft skills are a universal ability, regardless of sex or disposition.

This means you can learn women’s soft skills, too – in fact, you should.

Everyone needs a good career, and soft skills will help massively. Thus, the following section highlights approaches to helping people acquire soft skills to create wealth by growing their professional careers.

Strengthening emotional intelligence

Many female executives use EQ to sense team dynamics and rapidly settle problems, enabling collaboration and a healthy work atmosphere. They instantly understand when morale is low or a colleague requires assistance and address these issues appropriately.

In negotiations, women’s EQ is crucial because they can read subtle body language and change their tactics accordingly. This enables them to effectively argue for themselves while keeping empathy, resulting in assertiveness and excellent professional connections. EQ enables women to form long-term connections while also achieving positive job outcomes.

Here are practical strategies for increasing emotional intelligence through active listening, empathy, and self-awareness:

Listen actively. Listen attentively to your colleagues’ concerns and suggestions. Don’t dismiss them; work with them to ensure you understand everything and find a potential next step. This will foster trust and reduce miscommunication.
Always practice empathy. Check in with teammates regularly to gauge their emotions and challenges. Recognize their emotions, even if you don’t completely agree, and offer general questions like “What’s been challenging lately?” to understand them better.
Be more self-aware. Take a few moments to consider your reactions before responding under pressure. Recognize your emotional triggers and use techniques like deep breathing or positive reframing to stay calm. Regularly examine your strengths for growth and solicit feedback to remain flexible in professional circumstances.

Mastering negotiation techniques

Negotiation skills are critical for financial outcomes, whether in pay negotiations or company transactions.

Negotiation success depends on rigorous preparation, focusing on your value, and remaining confident throughout the process. By mastering these skills, professionals can advocate for higher pay, better deals, and greater long-term wealth.

Here’s how to improve negotiation skills:

Prepare thoroughly. Before negotiating, learn about industry standards and your value. Know your accomplishments and the market, and anticipate the other party’s concerns or complaints. Preparation lets you present a compelling argument that supports your perspective.
Focus on value. Instead of focusing on numbers, consider the value you provide, whether it is your talents, unique contributions, or achievements. Clearly detail how your work has benefited the organization to demonstrate your worth and render it easier to negotiate on better terms.
Maintain confidence. Be firm in your requests and avoid second-guessing. Practice speaking clearly, maintaining a consistent tone, and asserting your worth politely. Confidence allows you to stand your ground without giving in to pressure, resulting in better agreements.
Read non-verbal cues. Pay close attention to body language and facial expressions. For example, crossed arms may signify resistance, but an open stance implies agreement. Adjust your approach based on these indicators to establish rapport and keep the conversation going.

Building a strong professional network

Developing networking skills is essential for acquiring career and business growth.

This can be accomplished by attending industry events, seeking mentorship, and actively maintaining professional connections, resulting in beneficial interactions, learning, and new opportunities. Here’s how to build a strong network:

Attend industry events. Attend conferences, workshops, and seminars related to your field to stay informed and grow your professional network. These events allow you to network with industry experts and colleagues, making it simpler to find new ideas, partnerships, and career prospects.
Seek mentorship. Reach out to mentors who can offer advice based on their expertise. They may provide practical assistance for navigating career challenges, share ideas, and introduce you to valuable connections in their networks, expanding your professional horizons.
Maintain professional connections. Do not just build your network; check with colleagues and industry professionals regularly, offer assistance as needed, and celebrate their accomplishments. Keeping these contacts robust improves your chances of future partnerships and job opportunities.

In conclusion

Women are leveraging soft skills such as emotional intelligence, negotiation, and networking to seize better career opportunities, which will help them climb the corporate ladder and build wealth.

By implementing the techniques discussed in this article, such as strengthening emotional intelligence, mastering negotiation techniques, and building a strong professional network, professionals can strengthen their soft skills to enhance their professional and financial success.

Start implementing these practices in your daily interactions and career decisions today to unlock exciting opportunities and accelerate your career growth.

If you would like to see more resources on soft skills, check out the Affluence Science Labs. The lab uses the research of the Institute for Life Management Science to produce courses, certifications, podcasts, videos, and other tools. Visit the Affluence Science Labs today.

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Anoosha Tabassum