Why Investing in Executive or Leadership Coaching is a Gift to your Leaders and to Your Organization
What do we really want to know? Hiring a coach for one or more members of our leaders or executives can be expensive, both in terms of time and money. The benefits aren’t always immediate or promised, such as when your organization invests in software or hardware upgrades. Coaching can seem more of a luxury than “must have”, but that view is bit short-sighted. So how do we get the best return on investment from engaging an executive or leadership coach for our leaders and high potentials, or even better look at it as the gift that keeps on giving? If we try to apply traditional quantifiable metrics (such as those used to measure KPIs) to improvements or changes in human behavior, it can seem like trying to fit a square peg in a round hole! Coaching an individual or a team can be a significant investment in terms of time &money, so how do we measure that return on that investment? Over the last 20 years, several studies were done, conducted by organizations such as the International Coaching Federation (ICF) and others to answer these questions. Stats and facts Did You Know… In a study (International Coaching Federation) of 100 Executives & Stakeholders of Fortune 1000 companies who received executive coaching: some of the key findings are: 70% increase in individual performance (ex. Higher confidence, goal attainment, improvements in leadership skills, etc.) 50% increase in team performance (ex. better work relationships, communications, collaboration, etc.) 48% increase in organizational performance (ex. Higher revenues, increases in efficiencies, reduced turnover, etc. Other indicators were also looked at and measured in this and other similar studies, but the bottom line was that effective executive and/or leadership coaching can lead to positive and observable improvements in individual, team, and organizational performance. What’s the secret formula to getting the most out of your company’s investment in an executive/leadership coaching engagement(s)? Invest in your people: create & reinforce a coaching culture in your organization. Shifting to a coaching mindset as a critical piece of your organization’s strategy starts from the top! Equipping all your leaders with coaching skills will help everyone grow, thrive, become more engaged, and ultimately perform better. Commit to learning & development. Coaching works best when the individual(s) being coached are fully committed, motivated, and accountable to the process, to self-development and learning. If the organization also supports the process, the chances of success of a coaching engagement increase significantly! Identify objectives & goals. Deciding the goals/objectives and how to measure progress is an integral and critical part of the coaching process. Hire the right coach. Not only is hiring a qualified and competent coach important, but also at the core of the optimal coaching engagement is the relationship between the coachee & the executive coach. Positive chemistry, 100% trust and openness are just a few of the factors necessary for a successful coaching engagement. Bottom line: Investment in Coaching is Worthwhile! People are at the core of all organizations. Investing in the development of a high [...]