Why do companies hire executive coaches?
Recently I was asked why companies hire me as an executive coach. Surely people at such senior levels had already completed leadership training and had all the skills they need for their roles?
It was a good question and today I’d like to share my thoughts and experience regarding executive coaching.
Before I go on, I’d like to share some facts about the ROI of executive coaching because that’s what companies are looking for in the long run.
The ROI of coaching.
One study showed a ROI of 788% with 77% of respondents indicating that coaching had a significant impact on at least one of nine business measures.
Another study revealed 80% of people who receive coaching report increased self-confidence, and over 70% benefit from improved work performance, relationships, and more effective communication skills.
The International Coaching Federation (ICF) reports that “leaders who participated in coaching saw 50 to 70 percent increases in work performance, time management and team effectiveness.”
It’s clear that companies who invest in coaching see benefits in their bottom line, but how does that happen?
How executive coaching boosts ROI.
On paper, a manager’s performance is measured against the outcomes they produce, which may include meeting a target date or reducing their budget spending. However, no manager can achieve results without working to their strengths or interacting with others, and this requires a sophisticated level of human skills and self-knowledge. While formal training can provide a firm basis in those areas, coaching helps improve performance by focusing on the individual’s specific needs.
A coach will help your managers by:
- Helping them develop self-awareness
- Clarifying personal and professional goals
- Offering a fresh, unbiased perspective on themselves, their performance and on business-related matters
- Leading them to understand their own behaviour and question their beliefs and assumptions
- Helping them discover their strengths and learn to leverage them
- Offering a safe and confidential space for them to talk and process what has been happening for them
- Helping shape, repair or build better relationships with the people they work with and with their own families
- Helping managers find a work-life balance that suits their needs
- Keeping managers focused on their personal growth rather than being distracted by the demands of work and life.
Does it really make a difference?
My clients tell me that after working with me, they feel more in control, which is a huge outcome in itself. They have increased confidence, accelerated growth, and they understand themselves better. They learn how to reflect, and they see positive behaviour change.
Importantly, they tell me that now they don’t just influence people and events: they make things happen.
If you are a leader in your organisation or you someone who is ready to build your professional capability, you may benefit from working with an executive coach. I’ve been in your shoes, so I understand the challenges you face. When you work with me, you’ll be working with a coach with experience and scores on the board.
If you’re responsible for the personal and professional development and well-being of your senior leaders, it may be time you offered them the chance for sound, individual growth. Why not partner with me as the executive coach for your team?
Caroline Kennedy, author of Lead Beyond 2030: The Nine Skills You Need to Intensify Your Leadership Impact, is an accomplished former CEO, Award-Winning Executive Coach and global thought leader on business and leadership. She is a highly sought-after mentor and coach to top global executives. A respected keynote speaker and author, Caroline’s methods are neuroscience-based to achieve rapid development and growth.