Bill Gates has stated that he believes everyone should have a coach. Former Google CEO Eric Schmidt has said that the best advice he ever received was to get a coach. Many other business leaders and entrepreneurs tout the benefits of executive coaching. In a rapidly changing digital era, leaders must evolve to deliver a new experience for customers and employees alike. Executive coaching improves organizational effectiveness to drive profitability, increase revenue growth and improve employee engagement. Through a series of straight-forward strategies designed to clarify, expand, and articulate the leader's vision, executive coaching builds self-awareness and interpersonal skills, while holding the individual accountable for results. Self-awareness is a catalyst for growth, and empathy helps leaders tap into intrinsic motivations and enhance interactions with both colleagues and subordinates.
According to research by Raconteur, CEOs describe the following as the
biggest unexpected challenges in their roles:
Driving cultural change (50%)
Finding time for myself and for reflection (48%)
Developing my senior leadership team (47%)
Balancing short-term financials with longer-term company transformation (40%)
Managing the impact on my family/personal life (35%)
Maintaining my physical health (31%)
Engaging with external stakeholders (25%)
Engaging with internal stakeholders (23%)
Managing my stress levels (20%)
Connecting with my peers (18%)
To deal with the many stresses and challenges of the position, many CEOs are turning to coaching. According to the American Management Association, organizations that use coaching reported stronger market performance. A global survey of coaching clients by PriceWaterhouseCoopers and the Association Resource Center concluded that the mean ROI for companies investing in coaching was seven times that of the initial investment. A quarter of the companies in the survey reported an ROI of 10 to 49 times investment. In 2018, 32% of CEOs engaged an executive coach to help them:
☞ Create high performing leadership teams by crafting a culture that is open, agile and adaptable to change
☞ Engage customers, stakeholders and employees, building trust through authentic, clear communication
☞ Focus on alignment of vision and narrative to differentiate and compete in a volatile marketplace
☞ Build a coaching model into the organization to better manage communication challenges and organizational shifts at every level
☞ Enhance executive presence, brand credibility and thought leadership within the company and across the industry
☞ Increase their ability to leverage their time and resources productively
☞ Manage stress through mindfulness-based performance coaching
Research by the University of Amsterdam shows that workplace coaching improves individual and team performance, wellbeing, coping, work attitudes and goal-directed self-regulation. Executive coaching helps leaders to build strong relationships with their teams that enables the entire organization to move forward. Organizations that invest in a strong coaching culture boost employee engagement by 12% and productivity by 13%. The benefits can be seen over time in terms of innovation, revenue, and customer satisfaction.
Interested in learning how executive coaching can help you? Contact us.