How Coaching Leads Your Business to Success

 

If you’re an executive leader, you don’t need anyone telling you how busy you are. You embody that demanding role every day, even on vacation. Yet sometimes it’s good to look at the facts—to get a clearer picture of where and how you spend your time. Not to mention where and how other executives spend their time. Let’s take a look.  

A Harvard study paints a clear picture of the executive leader’s rigorous role. They found that leaders worked 9.7 hours per workday on average, and conducted business on 79% of their weekend days, for an average of 3.9 hours a day. This work extends into vacation, where leaders were found to work on 70% of their vacation days for 2.4 hours a day, on average. Looking at the numbers, it’s clear that the executive’s job is unabated. All together the average CEO worked 62.5 hours a week.

What Really Goes On in an Executive’s Work Life? 

So what goes on in those hours of work? For one, a lot of meetings. Harvard’s study found that face-to-face meetings take up 61% of an executive’s work time. Then, of course, there is the endless stream of emails—which takes up 24% of the workday. Lastly, they have calls and written correspondence—which take up 15% of their day.  

With all of these demands, when do leaders actually have time to focus on personal development? Life-long learning is an important characteristic for effective executives now and in the future. And if the executive isn’t modeling the importance of self-development, how many in the organization will feel okay making it a priority? If the goal is to progress, and meet the unknown changes that are ahead, learning and developing as individuals is imperative.

Turning to an Executive Coach for Progress 

As many leaders have learned, one way to ensure personal and professional development is to hire an executive coach. Coaching prepares business leaders to be the internal and external face of the organization. It helps them effectively deal with a wide array of constituencies like employees, customers, shareholders, the board, the media, governmental factions, community organizations and more. It even helps executives manage that monstrous schedule. 

Coaching Helps Executives In These Ways

To break it down, coaching helps leaders:

·         Achieve specific goals

·         Develop capabilities and leverage existing strengths

·         Identify challenges that prevent them from achieving success

·         See themselves and others more clearly

·         Communicate more effectively

·         Improve leadership abilities

·         Enhance social skills, and

·         Build more productive relationships

Yet Coaching Also Improves Business 

Coaching gives executive leaders more confidence to make empowered decisions; provides more clarity to their workforce and stakeholders; and ensures that their actions are aligned with purpose, vision, and values. This improves business.

Yet there’s an important factor here that hasn’t been mentioned: executive coaching improves ROI. It’s not just about interpersonal relationships, engagement, balance and values; it’s an actual business investment. Here are some statistics:

·         Research shows organizations that made coaching a priority have 13% stronger business results and 33% better employee engagement.

·         A recent ICF, PwC, and Association Resource Centre survey concluded the median coaching Return On Investment (ROI) for companies was seven times their initial investment, while 28% saw an ROI of 10 to 49 times initial investment. Nearly one-in-five indicated an ROI of 50 or more times the initial investment.

·         A study conducted by MetrixGlobal LLC, found that companies like Booz Allen Hamilton experienced an average return of $7.90 for every $1 invested in executive coaching.

Sometimes ROI is less direct, but still coaching comes in as a strong investment. Monte Wyatt reports that companies receive the following benefits when they provide coaching, as reported by executives: 

·         Increased productivity (53%)

·         Organizational strength (48%)

·         Improved customer service (39%)

·         Lower customer complaints (34%)

·         Executive retention for those who are coached (32%)

·         Reductions in cost (23%)

·         Profitability on the bottom-line (22%)

What Coaching Looks Like in the Real World 

Now that the value of an executive coach has been established, and the business case has been reviewed, let’s put this into the context of real life.  

What does coaching look like in the real world? In the beginning of a coaching relationship, depending on the client’s wishes, a 360-degree review is conducted, which is “a process through which feedback from an employee’s subordinates, colleagues, and supervisor(s), as well as a self-evaluation by the employee themselves is gathered.” If a 360 is administered, the feedback is reviewed with the executive, and used as a way to identify opportunities for improvement. 

Next, a goals document in created. This is an iterative process to determine three to five goals and metrics to focus on throughout the process. Executives can make goals in various areas such as individual leadership and team leadership. An example of a goal would be: Build an engaged and empowered team to scale quickly. A metric for this goal would be to learn team-building models and then apply those models to identify and solve team challenges. 

Then the coaching sessions will begin, usually for an hour, on a call or in person, every other week. During the sessions the coach focuses on the goals, and the coachee commits to taking some action on moving toward the goal. They also focus on anything that’s pressing, to address situations in real time. 

The Executive Gains

When ROI is good, everything is good, right? It’s not that simple. But a look at what leaders gain during the process shows a more comprehensive outcome when investing in coaching. A study of executives who receive leadership coaching reports the following outcomes:  

·         77% of executives report better working relationships with direct reports

·         71% report improved working relationships with immediate supervisors 

·         67% report increased teamwork 

·         63% report peer relationships are better

·         61% experience improved job satisfaction 

·         52% report a less conflict at work

The executive gains alone improve business success outcomes. The value of investing in an executive coach is unmistakable when you add in the ROI. Why is this important? Because all industries are facing rapid change. Technology is constantly evolving; the economy is increasingly global. Future focused leaders must take their development seriously in order to carry their organizations forward to success. Executive coaching will help leaders do just that.

Let’s share experiences. Leave a comment below, send me an email, or find me on Twitter.

 

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