The whole corporate game is changing rapidly and the only way that executives and leaders can keep up with the fast pace is through a healthy dose of executive coaching!
Yes, coaching has penetrated the highest echelons of our organisations and forms a proactive component for executive development. More and more organisations are engaging external executive coaches, both to sharpen the skills of their existing leaders as well as during succession planning to develop the potential of future leaders. In fact, according to ‘The Economist’, executive coaching is growing by about 40 per cent a year!
Executive coaching forms a crucial part of executive development in different walks of their life like:
• Continuous improvement by facilitating both personal and professional development and learning for reaching peak performance. Executives can now scale new heights that they never thought possible.
• Refines existing skills and talents for dealing with new tasks, challenges or even a promotion/overseas assignment. Executives become capable of achieving meaningful results in their new role, sometimes even on the fly.
• Is especially useful for learning the tricks for leading a new generation of employees.
• Invigorates successful executives who were otherwise heading for burnout and helps achieve turnaround levels of performance.
• Improves productivity, work relationships, job satisfaction and overall quality of life.
At the top: E-level coaching definitely enhances on-the-job performance, but organisations need to first identify and establish specific goals or development areas where the executive would like to improve. These can be wide-ranging and cover various aspects like communication skills, team building, time management, decision-making, conflict resolution, people skills, global interactions and work-life balance.
Executives can also draw on executive coaching to learn and master the art of developing a vision, setting effective goals, influencing others, gaining acceptance for ideas, handling sensitive issues, enhancing one’s ‘presence’, becoming change proficient or overcoming other obstacles to success.
Of course, the prime focus of any executive coaching is leadership development.
But, the leadership skills come with a solid dose of emotional intelligence comprising of values, ethics, integrity, authenticity, self-awareness and interpersonal social skills. In fact, as a top coach puts it, “Skills, training, education and experience will get you in the game, but the higher up you go, your emotional intelligence makes the difference!”
Such an emotional management of oneself and others along with the values-based leadership will enable executives to build an ethical company with a bright future of loyal employees coupled with increased retention and profitability.
Needless to say, executive coaching presents a rich and unique development opportunity that is more than worth the time and money. In fact, the return on investment is quite enormous, a study of 100 coached professionals found a 570 per cent return on investment.
Coaching improved
• Productivity by 53 per cent
• Quality by 48 per cent
• Work relationships by 77 per cent
• Overall job satisfaction by 61 per cent.
The average return is more than Rs 5 for each rupee spent! Executive coaching consists primarily of one-on-one sessions with an objective third party for six to 12 months, though at times team sessions may also be organised. You have to be candid and speak openly about what you need to be more successful at work and in life. Then you can work together to first identify your work style and environment, discuss problems, brainstorm ideas and then find solutions that work. The coach will subtly work around your weak areas and obstacles, challenging you to plot novel initiatives and find new ways of doing things.
This unbiased perspective, supportive environment, clear feedback and guidance will lead you to a new level of effectiveness thus accelerating your success. You can now discover your hidden potential, expand your options and make the most of the opportunities, thus becoming a role model for the organisation.
As Money magazine puts it, “An executive coach may be the guardian angel you need to rev up your career!”
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