Over 2 billion dollars are spent annually on executive coaching in the US alone. Globally, the rising demand for executive coaching programs has led to mushrooming of coaching centers and training programs all focused at providing mentoring and coaching services to corporate clients. It is said that all great leaders perform better with the help of advisors and executive coaches. For CEOs, this mentoring leads to enhanced management skills and improved decision making power. For top level management, where executive coaching is most applied, this focused mentoring and coaching leads to better performance and ROI.
Executive coaches apply various management tools to help their clients develop and hone their skillsets, master new advancements in technology, embrace innovation readily and prepare themselves for the next level of performance and growth. With focused coaching individuals get the support to understand their goals better and perform each task meticulously to reach their targets. The entire learning process is as much designed for the individual as it is for the whole team in mind. Individual development will ultimately lead to better team performance and justify the investment of hiring executive coaches for the managers and leaders in an organization. A look at the key benefits:
• Sharpens individual skills
• Enhances strategic thinking
• Improves productivity
• Bridges gap between tradition and innovation
• Aids in career transition
• Speeds up performance
• Aids in performance management
• Brings about competitive agility
• Induces better team spirit
• Leads to organizational effectiveness
• Generates leadership qualities
• Smoothens cross-cultural and cross generational diversity in a workplace
• Enables leaders to easily delegate to the second tier management
• Enhances interpersonal communication and relationship skills
• Enables adaptability to change and globalization
• Energizes and motivates and develops executive presence
• Enhances emotional intelligence for better professional performance
• Helps employees deal with and resolve conflict better
• Helps in building an effective team
Today, the corporate world boasts of many executive coaches who have made a name for themselves not because of what they know but how they have shaped and influenced the legions of corporate leaders and helped them strive towards excellence. Each has different models and methodologies which are designed to facilitate personal as well as professional growth. Coaches understand that every individual is different and use these differences to bring about the best in each person rather than generalize and make them adapt to a norm.
Companies employ executive coaches as much for their new recruits as they do for their seasoned managers. A key point to note here is that executive coaching is not meant for all employees but only for the key team members who are meant to drive the company forward. This does not mean that only some employees are valuable and not others. But careful planning and investment on resources is meant to create leaders within an organization who can then lead their own teams towards specific goals and objectives. When these teams converge, the results are reflected in the stupendous growth and profit that the entire company benefits from.
Organizations which employ executive coaches have seen seamless integration of talent and strategies, performances which match company objectives, and ultimately achieving key business results.
Gary Takacs is the founder of The CEO University is a US-based, CEO and Executive Peer Group Organization that creates opportunities for accelerated business growth and personal development through CEO Peer Group Meetings that are CEO-led, one-to-one mentoring focused on unique business and personal challenges, and purposeful learning events.