Is executive coaching important to organizational growth? The answer is a resounding yes. But the extent of this relationship might surprise you.
Have you seen an Olympic calibre athlete who doesn’t have a coach? Of course not. It is a mix of athletic talent and coaching support that catapults athletes to the highest of competitive levels.
Successful executives are no different. They possess the experience, and it’s the skills and the support of an effective coach that helps them achieve the best results.
Executive Coaching for Organizational Growth
Yes, executive coaching is important to organizational growth, and it is a growing field. According to the International Coaching Federation (ICF), in 2019, there were 71,000 coaches, which was an increase of 33% from four years earlier.
Again, according to the ICF estimates, the number of leaders using coaching services has risen by almost half (46%), with some countries reporting double to triple that increase.
Growth in coaching services results from organizations recognizing that more effective leadership is critical to sustaining productivity, profitability, customer service, teamwork and ultimately, corporate culture.
Not to mention, this is especially true as organizations navigate the evolving COVID-19 challenges as they relate to employees, customers and economics. An executive coach offers an outside perspective and unique observations that are often challenging for internal leadership to see.
Coaches challenge and encourage. The coach’s role is not to sugar coat performance and decisions but rather help their coaches come to their own conclusions regarding performance and behaviour improvement through a series of questions, referred to as question-based coaching.
What Makes for a Positive Coaching Relationship?
According to Harvard Business Review, a successful coaching relationship should have the following ingredients:
- The executive must be highly motivated to change and/or improve.
- The coach and the executive need to be compatible, sharing mutual respect.
- There is a strong commitment from the organization’s leadership to invest in the executive.
- There is an attitude of flexibility to adapt the coaching focus as required.
In today’s business environment, hiring an executive coach is being proactive.
After all, high-performance achievers have a never-ending desire to increase their potential, and they know a coach can help.
Their driven growth mindset may have them working an inordinate number of hours and expecting their subordinates to do the same. They may appear engaged but are distracted while multi-tasking and feeling a sense of chaos. But with the help of an executive coach, they can help find balance and solutions to managing priorities and time.
Working with a coach is a journey and really does not have an end date, even if breaks are taken from coaching. Consider a coach a confidante who shares their outlook based on personal experience and training and offers observations and feedback.
How Executive Coaching Influences Organizational Growth
These observations and feedback related to a number of areas relating to personal and organizational growth, including:
- Work performance
- Job effectiveness
- Career direction
- Organizational design
- Priorities and time management
- Change management
- Strategic planning and execution
- Soft skills development or improvement
- Workplace relationships
(Executive coaching is one way to invest in your team. Learn more about investing in your people and also protecting your employee training budget in this post)
The Positive Effects of Executive Coaching
A recent study by Merrill C. Anderson, Ph.D., of the effects of executive coaching indicated coaching produced a 788% return on investment (ROI). Manchester Inc. surveyed 100 executives, and their research showed that a company’s investment in executive coaching realized an average ROI of almost six times the cost of the coaching.
(While you’re learning more about promoting organizational growth, don’t miss this post next: Top 5 Facilitation Topics For Organizational Growth and Team Development)
Finally, according to the ICF, 86% of organizations surveyed saw an ROI on their coaching, several and 96% of those who had an executive coach said they would repeat the process again. Tangible factors include higher productivity, higher levels of overall performance, lower costs, revenue and sales growth, higher employee retention, and higher engagement of employees.
As for intangible factors? These include more confidence for those being coached, improved communication and stronger employee and peer-to-peer relationships.
At X5 Management, we are supporting more and more business clients with leadership and executive coaching. While this is not new, the reason for this focus is also attributed to today’s business challenges, such as the Great Resignation, Sales Growth, Customer Service, Communication and Team Dysfunction.
Our first step is always a complimentary Discovery Meeting. We meet the client (virtually or in-person) to learn more about the leadership challenges and provide solutions.
Kris works with X5 Management as an Executive and Leadership Coach to offer one-on-one coaching sessions and help the Executive or Leader grow and develop and serve as a trusted advisor and sounding board. X5 Management has been supporting business clients across Canada since 2006.
Did you learn a lot about organizational growth in this post? Don’t miss these three posts next:
- Does Your Team Know How to Team?
- Extreme Ownership: Why it Determines Success or Failure in Leadership
- Is a Succession Planning Program Important to Retain Your Top People?