Executive Coaching: What is it? Who uses it? What’s the ROI?
Paul Starbuck MCC
Master Certified Executive Coach (ICF MCC) | Chartered Fellow (CMgr FCMI) │ B Corp | Mentor | Consultant | Non-Executive Director │ Board Advisor | Accelerating Executive, Team and Organisational Performance.
Over the past couple of months, I have shared my insight with you on such topics as planning, setting goals, and boosting your confidence.
In this article, I would like to flip the focus and concentrate on the art of executive coaching itself and how it can help you or your leadership team to achieve great things.
“Coaching is unlocking a person’s potential to maximize their own performance. It is helping them to learn rather than teaching them.”
Timothy Gallway
Executive Coach
Today’s leaders need to be equipped to handle everything that’s thrown at them, whilst still being able to motivate and inspire their teams. In the ever-changing workplace, this can be a tough gig and doesn’t leave much time for focussing on personal and/or career growth.
Executives are driven people; they’ve worked hard to get to where they are, and that fire doesn’t fizzle just because they’ve reached ‘the boardroom’.??
“If you’re not growing, you’re dying.”
Tony Robbins
Executive coaching is a tailor-made, 1:1 development tool for senior leaders (employed or transitioning) and high-potential employees.?
As a coach, I create a safe, objective space for busy leaders to offload, share ideas, discuss anxieties, reflect on their own behaviours, refocus, and grow.?
“Coaching isn’t therapy. It’s product development with you as the product.”
Fast Company
Who uses coaching?
Entrepreneurs, politicians, performers, athletes, leaders, and sales personnel are all known to use coaches. ?
Some coaches nurture a particular talent, like a sports coach and others, like life coaches, have a broader scope. They all, however, have the same overall aim: to support their client’s vision of the future.?
Once upon a time in the corporate world, there was a stigma attached to coaching. Employing a coach indicated that something was wrong with you and that you needed a bit of “guidance”. That couldn’t be further from the truth. Nowadays, with some of the most successful people in the world championing the idea, that fallacy has thankfully been put to bed.?
“Everyone needs a coach.”
Bill Gates
Yes, even Mr. Microsoft, himself uses coaches.
Why do executives need a coach?
“Executive coaching is about developing and sustaining excellence.”
Teams of Distinction
The corporate environment is becoming increasingly more complex and senior leaders face a lot of pressure to perform. They must keep up with developments and steer their organisation, whilst maintaining good internal relationships and supporting their own teams.?
Clients come to me either directly, or through their corporate organisation’s Human Resources team; they seek my services for a variety of reasons:?
Individual reasons to seek executive coaching:
“One thing people are never good at is seeing themselves as others see them - a coach really helps (you to gain that perspective).”
Eric Schmidt
Personal growth
Connection to others
Stronger leadership skills
Reach goals
Organisational reasons to seek executive coaching:
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“Great coaching is the golden key to exceptional employee engagement and performance.”
Rick Conlow?
To improve organisational communication
To boost organisational productivity
To encourage creative thinking from the executive team
To reduce stress in the workplace
To nurture and retain talent
Executive Coaching – Return on Investment
Quantifying the impact of coaching is a complex task. Coaching has a vast reach and not all the benefits are easily measured.?
The below table outlines some of the accepted benefits of coaching to the individual, their team, and the wider organisation.?
To further complicate matters, as the below table outlines, there are many variables that can impact the effectiveness of coaching. These variables should also be taken into consideration when compiling any results.?
Key Performance Indicators
Considering the above contributing factors, one of the simplest ways to measure coaching success is to set Key Performance Indicators. KPIs won’t measure the emotional or interpersonal benefits of coaching, but they will demonstrate to the individual and their organisation that progress is being made.?
Adam Louden, Medium.com
Industry Statistics
Thankfully, coaching being the results-driven industry it is, there have already been a plethora of studies done on the return on investment. The internet is teeming with supportive studies and here is a selection of my favourites found in a compilation kindly put together by coach, Luisa Zhou:?
“99% of individuals and companies who hire a coach are “satisfied or very satisfied” and 96% say they would repeat the process.”? (ICF Global Coaching Client Study )
“A survey of 100 executives showed that the average ROI of executive coaching was almost 6x the cost of coaching.” (International Coach Federation )
“A reliable ROI for executive coaching has been reported as 500%-700%.” (iPEC )
The results of these surveys really do speak for themselves.?
Testimonials
As I touched on earlier, many of the benefits of coaching aren’t easily quantifiable. It’s tricky to measure the soft stuff, like an increase in a client’s confidence, the improvement of their social skills, or reaction to stress. Often, it’s actually these things that have the most impact on an individual.
I have found that one of the easiest ways to demonstrate the less tangible benefits of coaching to potential clients, is through testimonials from existing ones:
“I have just completed 3 months of coaching from Paul, and I have to say that during those 3 months of training I have never enjoyed or looked forward more to having a coaching session as I did with Paul. Going into the start of the coaching I had reservations of what I was going to achieve during it however, after the first session I instantly knew that this was going to be a great journey. Paul proved to be such a positive coach who really got me to think about who I am and what I can achieve, and this was all done with such positive energy coming from Paul. Paul really makes you engage your thought mode and there is no doubt that I have become a more rounded leader who is confident and not willing to compromise. Paul is a coach who really inspires you to become the best you can be. I would recommend any leader who is looking to develop their leadership qualities to book in some sessions with Paul, you will not regret it.” (I.B.)
“In the last 6 months, Paul has been supporting me on a transformational coaching journey. Facing life-changing opportunities and challenges whilst being coached professionally by a coach that goes beyond the call of duty and who is not afraid to make you think through the most difficult choices whilst feeling safe and secure is a most incredible experience.
I would really recommend going on this journey with Paul! The combination of empathy, coaching expertise, and business acumen ensured that I was able to explore all aspects of my potential with a realistic outlook on achieving my new set goals. It’s truly been transformational and enlightening!” (PVB)
Is executive coaching right for you or your organisation?
Only you know the answer to that question, but either way, I hope this article has given you some good food for thought.?
Through asking the right questions I can help clients achieve clarity over things that might be holding them back and challenge assumptions they may have about their abilities or place in the world.?
I work with, support, and challenge my clients to unlock their own potential and ultimately become the best version of themselves.?
If this sounds like it is something you or your organisation would benefit from, or if you have any further questions, please do not hesitate to get in touch.?
Email: [email protected]
Phone: 07799474776
Let me help you to be all you can be, in 2022.??
Available- ILM 7 Executive Coach / RTC leadership and Coaching | Mentor|; │ Non-Executive Director │ Board Advisor │ Driving Business Growth | Systems Architect │ System Engineering Consultant
2 年Well done Paul, its a great read and wonderful sales points for us. - still got my first Coach / NED role yet.
Co-Managing Partner Americas, Executive Coach & Consultant at Aesara Partners | WABC Certified Business Coach? (CBC?) | Advisory Board Member
2 年Excellent article Paul. Loved this quote from the Fast Company: "Coaching isn’t therapy. It’s product development with you as the product.” ROI on coaching is always a hard one, with evidence often coming from coaching membership organizations themselves, which sceptics often point out to justify their scepticism. I am very excited at what we are going to do here with our coaching at InTouch. Bring in a rigorous system to measure ROI from the coachees/team coachees starting point and end point. #evidence based coaching
Well written Paul