The 7 Reasons Why Executive Coaching Is the Path to Business Success
It wasn't that long ago that people associated “Executive Training” with corrective actions for a problem Executive. Thousands of businesses now recognise Executive Coaching as a way to develop and build leadership skills for top performers. This allows senior business leaders to realise their potential and grow their company.
Startups and blue-chip companies alike are investing in Executive Coaching. Companies like Google, Goldman Sachs, and General Electric think it is so important that they have spent more than a billion dollars coaching their executives. The results speak for themselves.
A survey done by PwC (Price Waterhouse Coopers) reported that the ROI of companies investing in coaching received an average of 7 times their investment. 25% of companies that had invested in coaching said they saw an ROI between 10 and 49.
What is it that these companies and their Executives learned from coaching? Leadership.
Most Executives rise to leadership positions based on their performance in the workplace. The higher they rise, the farther away they get from the skills that got them there. While they have certainly benefited from mentors, nearly two-thirds of Executives responding to a Stanford study said that once they got put into their position, they received no real coaching or leadership training.
Shouldn't the people managing your business have continued training to enhance their skills?
What Is Effective Management?
Effective management means creating a vision and motivating. It means creating efficient systems to monitor and assess. It means coaching and developing talent. The essence of what is effective management can be summed up in three attributes:
Effective managers have to be leaders of people. They need to provide clear objectives and be able to consistently articulate them. They must also be able to develop the people that will strive to meet those objectives. Without a motivated workforce, productivity suffers. Effective management also has the ability to build and nurture a team that can work together.
Each of these attributes takes strong “soft skills” to help businesses work effectively and efficiently.
Here are 7 ways Executive Coaching can help leaders on the path to effective management and business success.
People are incredibly complex beings. Relationships take work. Learning how to navigate the human element with peers, colleagues, and associates can be the difference between significant success and mediocre results. Companies are finding that Executive Coaching can be a key factor in that success.
Boss-worker relationships are trickier than ever, there is great workplace diversity, and the next generation really does approach work differently. Developing empathy and understanding of the way different groups work leads to better communication.
After all, it’s not what you say. It’s what people hear when you say it.
The best leaders are self-aware of their strengths and weaknesses. Studies have shown that employees are more likely to respect and follow leaders who have an accurate understanding of how they are perceived in the workplace. A disconnect between the way Executives see themselves and how team members perceive them is an impediment in the workplace.
A Harvard Business Review survey of 1,000 business leaders revealed that the highest performing companies had better self-awareness. In fact, self-awareness was rated as more important than an MBA for Executives.
A happy workforce is a productive one. Invariably, though, there will be conflicts in the workplace that impact productivity. Leadership coaching helps equip Executives with the tools to resolve conflict as well as ways to spot it before it becomes a major issue.
Nearly 43 percent of CEOs responding to a Stanford study cited conflict management skills as their “highest priority.”
A good plan executed by a good team will always beat a great plan executed by a dysfunctional team. In addition to developing leadership teams, Executive coaching can provide tools to engage staff and encourage team performance.
Leadership succession plan
For all companies, nurturing the next generation of business leaders is critical. Executive coaching provides foundational work for identifying and coaching the next generation of leadership.
Too many companies are still stuck in the “that’s the way we’ve always done it” mode. This means ignoring the warning signs or impending industry changes. Learning to objectively analyse data and trends can help Executives provide the vision and direction the company needs to prosper. Leadership coaching can give Executives even more confidence to make decisions by making sure objectives are aligned with vision and values.
Driving Change and Evolution
Today’s workplace is undergoing unprecedented change. Business moves faster than ever before. New technologies are disrupting traditional processes and systems. For effective management, Executives must recognize these shifts and create a sustainable culture. During times of transition, even experienced leaders can realise self-doubt. Executive coaching can help provide an objective assessment and give leaders the confidence to move forward.
Change makes most employees uncomfortable. Providing strong leadership can inspire others by helping them understand that change is not to be feared.
Leaders Provide The Vision
Leaders set the vision for their business. Motivating employees to follow that vision and adopt it as their own is a skill that sets great leaders apart from the pack. Executive coaches help develop these skills. They ask objective questions and challenge assumptions. They help develop soft skills and people skills. Executive coaching helps Executives gain self-awareness and grow as a leader.
An Executive Coach can help leaders see goals more clearly and what it takes to achieve them. By providing an objective viewpoint, they can help Executives craft an effective pathway to reach those goals and motivate a workforce.
Lead. Develop. Build. Executive coaching provides a framework for effective management and optimising potential.
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Elevate’s Executive Coaching Fundamentals
The Best Executive Coaching Fundamentals
ELEVATE’S EXECUTIVE COACHING SERVICES
What is Executive Coaching?
A certified executive coach works one-on-one with executives or other high-potential employees to help them unlock their full potential, identify and overcome career obstacles, attain the development goals and act as a general sounding board.
They are not there to provide business advice, unless otherwise asked. They are there to help the individuals solve problems on their own by asking the right questions.
Who uses Executive Coaches?
These days companies use Executive Coaching as a form of investment in their best employees. It is now regarded as a status symbol that your business rates you so highly they are willing to pay good money to unlock your full potential.
When should a business take on an Executive Coach?
It is perhaps easiest to answer this coming from the other side of that question.
An executive has no use for an Executive Coach if:
They are just looking for someone who can solve their business problems. Executive Coaches are not there to offer business advice, unless specifically asked
The executive is already about to leave the business for underperforming. Coaching is not used as a last attempt to fix something that is broken. It is about developing for the future
The executive doesn’t believe in feedback, doesn’t want to change and doesn’t think there is any part of their working persona that needs development. People need to be open to change and development for it to work
Coaching is being seen as a way to outsource the responsibilities of an executive’s manager
What does the Executive Coaching process look like?
The executive, their manager or HR representative and the coach will agree on a set of goals all want to achieve out of the process and then the duration of the coaching.
The coach and executive will then schedule a number of regular face-to-face sessions where they work towards their goals. The number of workshops can vary, anywhere from 6-8 right up to 12 months worth of coaching.
The coach, executive and manager (of the exec) can decide when to end the coaching once they believe all their goals have been reached.
What can an Executive expect to receive from our Executive Coaching?
Research shows employees prefer working with a manager who sees themselves clearly and this self awareness also corresponds to organisational efficiency and profitability, according to recent studies. An effective coach will push an executive to question assumptions they have about themselves, encourage them to examine their strengths and areas of development and teach them to see themselves through others’ eyes.
Assess others more clearly
Some otherwise effective managers can have issues with assessing members of their team, which in turn can lead to them losing good employees or keeping poor employees on for too long. A good coach will help a leader apply the same skills they learned assessing themselves and turn it to assessing members of their team.
Development of productive relationships
Some leaders limit themselves by only developing strong relationships with certain types of people, most often with those similar to themselves. However with the modern workplace being so diverse this needs to change. A good coach can help boost effective management of a team by helping a leader question assumptions they perhaps had about people different to themselves. This will go a long way to help develop vital relationships with a wide variety of people within the business.
Better adaptation to change
Transitional Executive Coaching involves investing in high potential future leaders and helping them adapt to the increased responsibilities their new roles may entail. Often mid-level managers have got where they are through hard work and expertise but they need to know once they reach the higher echelons of management this will not work on its own. A good Executive Coach will enhance effective leadership and management skills by helping the leader see that success will not just depend on her hard work but her ability to inspire her team and direct them toward their common goals.
Use existing strengths better
As much as Executive Coaching is about enhancing areas leaders want to develop, they must also recognise and leverage their areas of strength. Leaders may be underestimating some of their biggest strengths because they come so naturally to them. But coaching can help them see the value and uniqueness of this ability and help them use it to the advantage of their team and business.
Achievement of goals and dreams
Obviously achieving goals is what all coaching strives for, this is our north and this is what our Executive Coaching team wants for your leaders. Our coaches are in a unique position to help here. They are not part of your company or your family, which provides the perfect position to converse with honesty. They will know your goals and how you said you would achieve them and they provide that sounding board needed to help attain that. They will not show you directly how to achieve your goals but they will be there to teach you new ways of thinking and utilising new skills that will help you reach your goals.
At Elevate Corporate Training we pride ourselves on our ability to create honest, meaningful and high value relationships with the executives we coach.
Born from experience as leaders ourselves and then cemented with accreditation from the International Coach Federation our business coaching can help unlock the true potential of your high-value team members in an open, supportive and confidential manner.
Our executive coaching is undertaken in Sydney, Melbourne, Canberra, Brisbane, Adelaide and Perth but we will travel anywhere in Australia to help your key personnel unlock their true potential.
Executive Coaching is the skill and art of engaging with clients in ways that make them think differently and be more creative, inspiring and empowering them to take positive actions delivering better results for themselves and their organisation.