Over the years, the executive coaching profession has evolved and grown as a rising number of organizations and individuals have adopted a coaching culture. According to a recent ICF Global Coaching Study, the global revenue from coaching was estimated at $2.8 billion. This extreme development has also added the pressure to measure the impact and return on investment (ROI) more clearly.
Powerful insights from a related study indicated that over a quarter of coaching clients reported an ROI at 10 to 49 times the cost. The study shows that well-designed and implemented programs can help maximize business impact from executive coaching. CMP’s latest e-book is a great resource if you are looking to measure and improve the ROI of coaching investment.
We’ve also observed that companies that have realized the value of a robust coaching program have seen a positive impact on their financial performance, business outcomes including higher performance & employee satisfaction. According to Human Capital Institute, 51% of organizations with a robust coaching culture have reported higher revenue and 62% of employees in those companies rate themselves as highly engaged. We’ve seen this come true for most of our clients who have firsthand experienced a huge payoff from executive coaching.
While there are many benefits to executive coaching services, the specific outcomes and results can be varied depending on individual and organizational requirements. In this blog, we’ve outlined the top 5 ways executive coaching can make you a successful leader.
- Boosts self-guided improvement and leadership capabilities
Executive coaches have been trained to make leaders by working step-by-step. They first tap into the potential to uplift emotional intelligence for personal growth. This works well with the deeper understanding of self, fine-tuning rationale, and lateral thinking. They then work on demonstrating the impact of the reformed ‘self’ on leadership qualities like, decision making, creative thinking, self and team motivation, leading by example, etc. It is of utmost priority to have a well-experienced coach to help tap the right elements.
- Unlocks hidden skills by self-awareness
A study of more than 3,600 executives shows that high-level leaders don’t fully realize their skills and abilities. This matters because accurate self-awareness is highly associated with organizational effectiveness and of course, profitability; employees are more likely to follow leaders who know themselves clearly. Having an executive coach can help you unlock skills you may be undervaluing or totally unaware of. More importantly, the coach will help you build skills to see yourself clearly and identify areas for improvement which are essential for professional advancement.
- Helps build productive relationships
As a high-ranking leader, good communication is paramount to enable a cohesive work environment. A quality coach will help you recognize your tendencies or patterns and enable you to tweak them accordingly with the situation or desired results. You will be well equipped with supporting tools to maintain strong and high-quality relationships with a diverse set of people in and outside your organization.
- Supports smarter decision making
There are various steps executives take to promote wise choices in their companies. However, in a role where you must make decisions day in and day out, your opinion or standpoint becomes critical. At some point, most of us are influenced by our biases or personal preferences. We assume that these choices enable faster results. When you connect with an executive coach, you develop the ability to have peripheral vision. This helps in making healthier decisions through a structured approach. Executive coaches are well-equipped to recognize gaps that best facilitate decision-making processes.
- Helps set and achieve goals
When setting goals is one part, taking action and fulfilling them is totally another. The bottom-line for any effective coaching engagement is to help set clear achievable goals. An executive coach can help you identify your short and long-term goals enabling you to get a better perspective of your capabilities. As wanting the best for you, he or she will act as a powerful ally in your journey, providing honest feedback.
Effective executive coaching helps define your future and supports you on your journey. By building self-awareness, empathy, confidence, and leadership abilities, executive coaches can give you the tools to be a successful leader and be confident in your abilities. Learn more about CMP’s executive coaching services here.