That executive coaching comes with a large basket of benefits is now a fact and no more a disputed claim. Several studies have indicated the huge return on investments for the executives and the companies that have employed executive coaches. While many other business strategies can also claim to have a positive impact on the business, what really sets executive coaching apart is the wide range of bottom line benefits that come with it, such as heightened profits and lower costs, which are achieved within a set deadline.
Impact of Executive coaching
In order for executive coaching to have the greatest possible impact, it must strike a balance between the needs of the business and the executive. In order to motivate the executive, it must be in line with his or her aspirations and needs, while in order to ensure that the business results are delivered as needed, the coaching must take cognizance of the company’s values, strategy and long term vision. Finding the perfect balance between the two is the task of an executive coach. This is what sets executive coaching is poles apart from other approaches which focus upon a specific problem related to the executive and try to change their personality in order to arrive at the solution.
Executive coaching goes beyond the individual
Executive coaching focuses on larger things. It creates future leaders for the organization who can steer the business towards the best possible direction. Executive coaching leads to the development of certain specific skills including giving and taking feedback and showcasing that asking for help when you need it is completely acceptable and recommended. Giving candid feedback is not a very common skill. Executive coaching helps to inculcate this habit and spread it across the organization so that all the employees can participate in the process of giving and receiving feedback.
A growing leadership culture cutting across the organization would translate into improved business outcomes. Improved leadership skills, for instance, have been known to translate into increased customer loyalty. Moreover, more effective executives leads to more satisfied employees which in turn leads to increased customer satisfaction and higher profits, underlining the bottom line benefits of executive coaching. One of the other lesser talked about outcomes of executive coaching is the retention of high performance employees. This helps the company stay ahead of the game as compared to its competitors. This unspoken aspect of executive coaching makes sure that the company can undertake long term planning without the fear of being set back by exit of high impact executives. This also saves the companies any training costs and under performance costs related to the new hires.
The impact of an executive coach goes way beyond the executive he mentors and impacts thr bottom of the entire organization.