Every company faces new challenges and must overcome slumps at some time or another. Your executive team can be integral to tackling these issues head-on, but they may not prepared to do so.
Or, while you employ highly skilled people, and have good systems and processes for getting things done, your company is stagnant. It is unclear where growth and improvements will come from. Either of these scenarios are where executive coaching is valuable for your company.
What may be holding your company back is the lack of strong leadership skills and the right business behavior. Executive coaching helps leadership teams gain self-awareness, clarify goals, achieve objectives and unlock individual and company potential. A trained certified coach helps individuals leverage their talents, overcome their hurdles, and enable them to take action.
They do this by asking questions, challenging assumptions, providing clarity and when asked, providing advice. Executive coaching is a process. It involves several phases: intake, assessment, goal setting and development planning with periodic follow-ups to ensure that progress is on target.
For individuals, coaches help leaders:
- Build skills to see themselves more clearly so individuals can understand how they are perceived, what their strengths are, and where they need to improve.
- Develop a more accurate assessment of others so they avoid losing good employees, keeping poor performers too long, or under or over estimating someone’s ability.
- Improve their ability to inspire and direct others, thereby improving productivity.
The benefit for the company is that you will be able to develop your company’s next chapter. You’ll have a plan to get you out of that slump or to reach your next milestone.
A recent global survey of coaching clients by PriceWaterhouseCoopers and the Association Resource Center concluded that the mean ROI for companies investing in coaching was 7 times the initial investment, with over a quarter reporting an ROI of 10 to 49 times.
While it appears that executive coaching benefits company leaders in the greatest way, in the broader sense it is the company that benefits most.