Talent development is one of the primary components for businesses when retaining and engaging employees. However, not many companies implement an effective leadership coaching program - 44% of leaders who experienced burnout stated they would move to a new firm to advance their careers. There’s even greater stress and turnover for individuals who have high leadership potential.
Along with turnover, your top and bottom lines are directly impacted by the development of your managers.
A recent Gallup survey reveals the top aptitudes for leaders include: fostering trust, productivity, compelling mission and vision, clear accountability, and driving outcomes. A talent management survey revealed that one in five individuals with management roles demonstrated an extraordinary talent for managing others, while two in ten showed basic talent. However, combined, managers with these competencies contributed to 48% higher profit than average managers.
What is Leadership Coaching?
Can you imagine the best athletes without a coach? Of course not! Professional athletes need a coach to create awareness of the bigger picture during their trials and keep their heads in the game. Even at their peak, professional athletes continue using coaches for improving their performance to thrive in dynamic environments. Similarly, business leaders require various leadership skills to succeed, and leadership coaching acts as the development process for leaders to hone their skills and maximize their performance.
What does Leadership Coaching Include?
Tailored leadership coaching often centers around developing core competencies in partnership with a coach. Coaches work closely with leaders to unlock their potential and help harness their talent. While leadership coaches don’t solve the problems, they play the role of an ally by facilitating leaders to discover their answers and take ownership of things that stand in the way of achieving their goals.
According to a global study by International Coaching Federation (ICF), 96% of firms that acquired leadership coaches stated they would repeat the process. 99% of companies and individuals rated leadership coaching as satisfied or very satisfied.
In a survey of Fortune 500 companies that implemented leadership coaching, 77% indicated that leadership coaching had a significant impact on their business. 75% of those stated that the value of leadership coaching was far greater than the time and money invested. Women leaders who participated in leadership coaching noted improved self-confidence, self-awareness, and leadership style.
While leadership coaching creates a powerful experience and a high-performance outcome for individuals, it also enables leaders to become better managers and help them nurture their teams, directly leading to better performance.
If you are looking to explore leadership coaching or executive coaching programs, CMP uses a customized measurable methodology that is assessment-driven, relationship-enabled, and outcome-focused. Based on decades of leadership coaching, the clinical and process-oriented approach has helped our clients to achieve measurable and sustainable change. Learn more about our leadership coaching solutions and get in touch with us today!