How Executive Coaching Can Help You Improve Your Organization

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People are used to thinking of coaches in terms of athletics or arts, like a singing coach, a sports coach, or even a dialogue coach. Coaches teach skills and they help people perfect them – and you’ll find plenty of coaching niches today. In the business world, coaching is no longer the rare exception, and it is increasingly expected for critical leadership roles, such as senior executives like VPs and CEOs.

Simultaneously, it is also beneficial for emerging leaders and middle to senior management positions. In fact, executive coaching is now a multi-billion dollar and growing industry. A recent study by the International Coaching Federation (ICF) revealed that between 2015 and 2019, the total estimated worldwide revenue from coaching increased by 21% to $2.849 billion. In my opinion, executive coaching is an investment in the future for organizational leaders who take initiative. It can help organizations attract and retain exceptional leaders, while helping leadership teams improve their performance.

As we all know, the desire for personal growth is extremely valuable, but as the demands of employees in the workplace have changed, the leadership skills have not. As employees move up the ladder, they move into leadership without necessarily learning the skills and techniques necessary to lead. Many new leaders turn to a trusted mentor who would only provide information based on lived experience.

On the other hand, executive coaches are responsible for improving performance and capabilities as part of their daily work. But there’s a misconception that executive coaches are for leaders who have done something wrong. While it’s true that an executive coach can help a difficult employee become a better teammate, they can also guide leaders in pursuing their desired career path.

Leadership coaching explains that the main drivers of innovation in an organization are people and corporate culture, and it can provide leaders with the tools to master these levers. An executive coaching professional can guide leaders through the steps that allow them to lay the foundation for an innovative and competitive business. Here are three ways an executive coach can improve an organization:

1. Maintain leadership autonomy It often happens that a leader loses sight of the big picture, which can lead to demotivation in the team. However, when these leaders work closely with a coach, it allows them to discover their challenges and overcome them, and with these conversations, an executive coach can guide these leaders in the direction needed to maintain a high level of motivation, empowering their team. . to achieve their goals.

2. Decrease agitation-at the tops People will stay at work when they learn and feel valued. An executive coach accomplishes both by challenging them, allowing them to improve, and supporting their career growth. Coaching also helps instill a better culture in the workplace, which as we all know is essential for success. Coaching will thus help leaders develop a positive culture, which will result in happier and highly motivated team members. Coaching is hugely important here, and it has added value for high-potential and emerging leaders, middle to senior managers, as well as executives, each with a different learning flavor and content. But, here, you might be thinking, “Why would I invest in them given the risk that they might leave afterwards?” First, it makes them less likely to leave, but even if they do, remember what Henry Ford said: “The only thing worse than training your employees and having them leave is not training them and make them stay.”

3. Build a series of upgrades Allowing your leaders to participate in an executive coaching program sends the message that leadership within the organization is an investment. It gives back to deserving leaders who dedicate their time and energy to the company. Additionally, working with an executive coach can lead leaders to become coaches themselves, which is the most valuable trait a leader, CEO, or director can possess. Coaching also benefits the leaders of an organization and the organization itself, as it helps to increase performance. A Price Waterhouse Cooper survey found that the average return on investment (ROI) of companies that invested in coaching was seven times their initial investment, with more than a quarter of survey participants reporting a return on investment from 10 to 49 times the initial investment. Additionally, the Performance Sales Executive Council conducted research on sales executives which also found measurable positive results. On average, executive coaching of key sales professionals has been associated with an 8% increase in performance, which is roughly equivalent to one additional sale per month.

This article was co-authored with Sandy Bassil, Partner, LITT.

Related: The What, Who, and Why of Executive Coaching

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Post expires at 8:52am on Wednesday December 14th, 2022