Studies have shown that executive coaching has a 788% return on investment (ROI) based on factors including increases in productivity and employee retention.
In the last few years, we have seen a drastic change in business operations. These changes have left many leaders stuck, unsure of the best strategy moving forward, and forced to transition in ways that have caused extreme discomfort. Many leaders have been lost on how to navigate through this process. The norm is no longer the norm, leaving leaders to expand and pivot in ways they feel unprepared to. How are leaders supposed to lead when they don’t know the path ahead?
Now, let’s talk about executive coaching, a service that can aid leaders of businesses and corporations through the process of navigating the changing times in their business with ease. So, could executive coaching be a one size fits all solution for business leaders? From my personal and professional experience, I have observed the ever-evolving leadership role and see the benefits an executive coach can have on a leader when they enter into a productive and effective partnership.
Here are some key considerations while selecting an executive coach for your organization:
Change Often Leads to Uncertainty
As a consultant, I have often worked with Business Owners, CEOs, and even staff in the area of organizational change. I have learned that one useful strategy in helping leaders adjust mentally to change is to provide them with a holistic picture of what it involves, including the need, pros, cons, consequences, and so forth. I’ve learned that this initiates the leader’s mind to begin processing and understanding the necessary change that needs to take place and a general idea of the path it will take to get there.
Visions & Goals
Executive coaching can also benefit leaders who have found themselves stuck in the process of achieving their vision and goals. An executive coach may be beneficial in helping a leader to clarify and define their vision, goals, and desired outcomes while guiding the leader through the process of setting a framework on how to achieve these things. Executive coaches should determine if they are best suited to help leaders reach specific outcomes related to their areas of expertise. Stagnation can set in with any leader who finds themselves overwhelmed with busyness, preoccupied with tasks, and unable to strategize and think clearly. An executive coach can be highly beneficial in moving a leader forward past stagnation and into clearly defined, purposeful work.
Openness to New Ideas
Executive coaches can be beneficial in helping to present compatible frameworks for the leader’s style to lay the foundation forward that is best suited for the progress the leader desires to see in their business. This will provide a safety net for the leader to work through their uncertainties and concerns as they acclimate to new ideas. The downside of not being receptive to new ideas can stifle the leader’s progress and the organization and business they lead. Openness and receptiveness to new ideas can be very beneficial because they can change the trajectory for leaders by introducing them to new skills and the opportunity to learn and grow in unfamiliar territories. This is essential as it allows an individual to expand their capacity to do more for themselves and the industries they lead.
So, is executive coaching a one size fits all solution? No, it is not. Executive coaching is a specialized service that can help leaders who are committed to the process of change and professional development. Every leader must decide how far they are willing to go to achieve the outcomes they desire, and an executive coach can definitely assist them on their path to doing so.