In today’s cut-throat corporate world, businesses are looking for anything to give them the edge over their competitors. Executive Coaching is one of the most effective ways to improve the performance of a company – yet a shockingly high number of businesses do not provide any coaching to their high-flying executives.
It is already standard practice in almost every company to provide training and learning experiences for junior members of staff – some businesses have graduate programmes or apprenticeships which take years to complete. The ethos of continuous learning for mid-ranking employees is also well-ingrained in the corporate world.
But by the time an employee reaches a senior leadership position, all opportunities for development seem to fall by the wayside. It’s as though company directors think that their CEOs have learned everything there is to know.For a business to prosper in these economically turbulent times it is essential that every member of the team is performing at the top of their game. Any company which is serious about improving their performance should start by investing in their leadership team – and executive coaching is probably the most cost-effective way to do this.
Executive coaching is an in-depth process which is specifically designed to improve leadership skills and performance, while providing personal and professional development for high level business executives. Executive coaches provide honest, impartial advice and feedback, structured training and set in place processes that improve decision making skills and nurture success.
In a recent survey conducted by Stanford Graduate School of Business results showed that, whilst executive coaching has had a profoundly positive effect on some of the world’s most powerful CEOs, just one third of the CEOs surveyed had received any formal leadership coaching.Furthermore, the survey found that almost half of all senior executives had also not received any formal coaching or leadership advice.
This, despite the fact that 100% of those CEOs that took part in the survey claimed that they enjoyed being coached and given leadership advice, is a surprising set of statistics.With some businesses reporting a remarkable return on investment of over 500% as a result of executive coaching it is clearly an avenue that more businesses should consider investing in.
Indeed, when combined with suitable training, executive coaching has been known to increase productivity by over 80%and some businesses have reported an impressive $8 return for every $1 invested. Without doubt, executive coaching offers immense value for businesses.
Aside from the clear benefits for businesses, the survey also highlighted a number of instances where executive coaching had a positive effect on the personal and professional development of the individual CEOs involved. The results show that executive coaching had the biggest effect on a CEO’s working relationships, with a massive 77% reporting that the process of executive coaching resulted in an improvement in their working relationships. Similarly, some 67% stated that executive coaching resulted in an improvement in teamwork skills, whilst 61% reported an improvement in job satisfaction.
Whilst the benefits of executive coaching appear clear for all to see, it is perhaps worrying that the survey results indicate that two thirds of CEOs are still carrying their burden alone. In the highly pressurized and stressful modern day business arena, it is vital that CEOs get the necessary support and advice that they require for the long term health and success of the businesses they represent. No matter how talented or successful they are, even the finest top CEOs make mistakes and oversights. At times like these, executive coaches can make all the difference.
We live in a difficult economic climate – businesses are failing by the minute – so it’s important to seize any opportunity to improve your company’s performance. Inertia is no longer an option – any business which hopes to weather the storm must investigate ways of pro-actively improving performance.
This is why this study from the Stanford Graduate School of Business is particularly apposite. This timely piece of research offers a startling insight into the benefits that executive coaching can bring to any business. Not only can you improve performance but you can expect a significant return on your investment.
Surely the results speak for themselves – it’s high time to invest in executive coaching.