7 Benefits of Executive Coaching

They say it’s lonely at the top. Given continued pressures on today's C-Suite, while return to office is still somewhat tepid, I believe it's only getting lonelier. My intent isn’t to create fear but provoke thought, and hopefully inspire change. To tackle an issue, we must first acknowledge it exists.

As organisations continue to look towards their leaders for decisions on matters ranging from work patterns and climate change to ethics and artificial intelligence, the responsibilities on today’s C-Suite are intense. And it doesn’t end there. Given leaders are role models, we also expect them to demonstrate balanced lives, authenticity, and vulnerability.

No matter how brilliant you are, that's a lot to keep up with! And let's not forget, many of us often have personal struggles that the world knows nothing about. It’s not surprising then that issues such as job insecurities, impostor syndrome and stress creep into the lives of high achievers.

But it doesn't have to be that way.

With dedicated and sustained support, leaders can focus on their own development with the same fervour with which they develop the business and their teams. After all, the business is the people, and vice-versa.

And this is where executive coaches can help.

So, in this piece, I'll explore the changing role of executive coaches and how meaningful coaching relationships benefit executives.

The Role of Coaches

Going back a few decades, middle managers and executives were assigned coaches to fix problems. For example, when individuals demonstrated unwanted behaviours, coaches were appointed to support correction. Often the aim was to find fast and easy solutions. In more recent times, I've seen trends where coaching is used as a retention tool for talented female leaders.

Though some support is better than none, short-term patchy engagements have limited impact and core issues often go unaddressed.

Thankfully, the role of coaches is now changing and both executives and firms are realising that coaching doesn’t need to be a one-time fix for the problematic. While coaches can of course be brought in when issues emerge, it’s better to engage them to work alongside leaders as sounding boards and trusted advisors in the form of a business as usual type set up – all with the aim of bringing out the best possible performance of individuals and teams. Executive coaching is starting to lose its stigma and people are seeing it in the same vein as having a trainer in the gym - someone to help optimise performance. And based on my insight through my coaching engagements, most C-Suite employees aren’t just receptive to feedback, they appreciate such support. As I always say to my coachees, the coachee must want to be coached, and here, we're knocking on open doors.

Let's have a look at how these relationships help.

How Executive Coaching Helps

1. Coaches can help leaders discover their leadership style

Given the pace of change, increased career mobility, and evolving leadership styles, leaders today continually find themselves in new and unique situations. As traditional hierarchical leadership styles pave way for more egalitarian and collaborative styles, even seasoned leaders sometimes need support. For those new in role, simply landing a C-Suite position doesn’t mean that they have it all figured out on day one.

As example, I often coach technology leaders who’ve moved into business roles or others who’ve moved locations and struggle with cultural nuances. Developing a leadership style is a journey of self-discovery and having a dedicated coach can help leaders discover their style and presence, all of which are necessary to lead effectively in today’s dynamic landscape.

2. Coaches can create a safe space to talk

Although doing the right thing is important, in some scenarios, there can be many rights and leaders find themselves doubting which way to go. Though executives have counsels and committees to help with such decisions, they sometimes need a safe space just to be able to air their worries, without fear of upsetting teams. Often, such conversations kick the tyres on their thinking and can unearth leaders' conscious and unconscious biases. Such introspection can also help to uncover deeper issues, such as personal insecurities and relationship challenges, all of which may be impacting leaders and their outlook. ?

3. Coaches can provide focussed attention on the executive's wellbeing

I find often that though leaders are expected to solve problems, it’s a bit undecided as to who’s helping solve their problems. While leaders are encouraged to share their vulnerabilities and ask for help, airing worries doesn’t come natural to everyone. Some fear being judged, while others deem it their duty to serve, even at the cost of their own wellbeing. As a result, many leaders hold on to personal concerns and never share them with anyone.

Thus, having a dedicated personal coach gives them that constant support to be able to voice their frustrations, reflect upon the day and recharge themselves.

4. Coaches can help break the echo chamber

Given that firms have unique cultures, clearly defined teams, internal siloes and governance setups, they can sometimes feel like echo chambers. While having a common culture helps everyone work in lock step, it's important for leaders to ensure they aren't entrenched in a distorted ecosystem.

In fact, several of my coachees connect with me only to have a fresh perspective that isn’t influenced by group think. The outside perspective can help to uncover blind-spots and make balanced decisions.

5. Coaches can provide continuity

In the absence of formal coaching relationships, people sometimes build natural bonds and depend on informal relationships to bridge this gap. For example, we all have that person, or set of people, who we go to when we need to reflect upon the day's events and perhaps even just vent to get things out of our system. Others have people they trust will guide them through their dilemmas and inner struggles.

While these relationships have a space, I’ve also seen them result in huge disappointments especially when support is suddenly pulled away. This happens when the informal coaches refocus on new priorities or simply exit the firm, this leaving a huge void.

6. Coaches can help with skills development

As with any process of discovery and self-work, coaching helps to identify skill gaps. These may be gaps identified by the coachee themselves or others, such as the Board, peers or subordinates.

Some key skill gaps that result from such conversations include conflict management, leadership and delegation, team building, and softer skills such as how to win trust and inspire people. Boards are particularly keen for senior leaders to focus more on succession planning and talent development.

7. Coaches can help create career fulfilment

All of us seek to learn and to grow – and this includes the senior most people leading nations and organisations. None of us, even Presidents and CEOs, wake up feeling that we've arrived and have nothing more to learn in life. And if we do, we have a lot to learn. For those new in role, they appreciate the added support and even for those who’ve been in the role for extended periods, they're keen to recharge as life begins to feel monotonous and uninspiring. It’s common practice for elite athletes, and somehow, corporates simply have a bit of catching up to do.

'None of us, even Presidents and CEOs, wake up feeling that we've arrived and have nothing more to learn in life. And if we do, we have a lot to learn.'

Selecting the Right Coach

Selecting the right coach can be a challenge and some factors to consider are coaching credentials, relevant industry experience, creditability, and availability. That said, Eric Schmidt, Former Google CEO says that, 'the coach doesn’t have to play the sport as well as you do. They have to watch you and get you to be your best.' I totally agree.

Another key factor in my view is genuine interest. It’s important to seek coaches who are invested in the success of the coachee and not just doing it as a chore. They need to be sufficiently curious about who their client is and seek out what works for their clients and what doesn't. It takes practice, but more importantly, it takes patient listening and unflinching commitment to another person's wellbeing.

My experience tells me that relatability is a natural factor, as people seek to be coached by those who’ll understand them, their background, and their issues. ??

One thing to remember when making the choice is to define the scope of the engagement, and metrics for success.

Conclusion

Not only are CEOs and other C-Suite executives in positions of great pressure, but their decisions also have far-reaching consequences for societies at large. It’s therefore important that they don’t feel obliged to go it alone. Constant support from someone who's invested in their wellbeing and can add perspective without fear of consequences, must be seen as norm and not an anomaly. For individuals and organisations, there’s a real opportunity to fill this gap.

About Me:

I’m an accredited executive coach and a?senior leader in the financial services industry, with over 25 years of corporate experience.

During my career, I've held substantial leadership roles in prestigious firms such as?WNS,?HSBC,?Barclays?and?BSkyB. I’m also a prolific writer and published author.?Above all, I'm a thinker.

You can?click here?to contact me for coaching engagements. Also, you can click?here?to follow my fortnightly newsletter so that you never miss a post.

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