What Exactly is an Executive Coach? A Brief Guide (Part 1)

Last month, I began an engagement for an extensive executive coaching project with a CEO and three of his key executives, who all brought their unique concerns, issues, and goals. In light of this, the leadership coaching I provided needed to work with each person rather than being a one-size-fits-all-all to ensure improved performance.?

For almost two decades, I’ve had the opportunity to work with more than 500 people as an executive coach. My clients have been CEOs and leaders in start-ups, Inc. 5000 companies, and Fortune 1000 companies, from Apple to American Express.?

I wrote this article to serve as an introduction to the world of executive training. Whether you are an old hat at getting coached or a newbie considering using an executive coach for the first time, this article should give insight into how to make executive training the most fruitful.?

Definition of an Executive Coach?

“An executive coach is a trained professional who works with individuals, typically executives or high-level managers, to help them improve their work performance, develop their leadership abilities, and navigate challenging situations.” That about covers it.?

In today’s business landscape, where change is constant, and expectations are high, the role of an executive coach has become increasingly relevant. As leaders feel the pressing need to adapt to new technologies, manage diverse and remote teams, and achieve ambitious targets, spearhead new strategies, personalized guidance and support have become paramount.

The origin of the term “Coach” was initially started in 1830 when Oxford University put forth the meaning of this term as slang for a tutor. In the early 20th century, the idea of “training” in business began when industrial psychologists started working with executives and employees to improve their management abilities. Over the years, the field has evolved and expanded, incorporating various theories and approaches from psychology, leadership development, and organizational behaviour.

Oddly enough, there is some controversy that exists when answering this question. Depending on your perspective, an executive coach role can encompass various activities. Executive coaching should be less about providing advice and direction and more about inquiry. Others fall on the side of executive training being a more active engagement offering recommendations, specific actions, and, in some cases, opinions.

What do Executive Coaches Help With?

Regardless, when looking to work with the best executive coach, they should be able to provide the following:?

Set Goals And Objectives:?Executive coaches can help industry leaders identify both short-term and long-term goals for the organization or personal growth. They can assist in ensuring that there is alignment between the individual’s objectives and the organizational focus.?

Increase Awareness Through Feedback:?A skilled executive coach can provide honest, observational feedback, revealing blind spots in an executive’s leadership style, approach, or specific issue.?

Skill Development:?Whether it’s improving communication, strategic thinking, delegation, or providing employee feedback, professional coaches can be instrumental in facilitating leaders in enhancing vital skills.??

Accountability Partner: Leaders often report feeling lonely at work – isolated as the individual at the top. An executive coach can serve as a sounding board, confidant, and someone who can hold the manager accountable for taking action. A coach can help ensure that executives remain on track with their objectives, holding them responsible for their commitments.?

Decision-Making Support:?In times of uncertainty or when facing critical decisions, an executive coach can serve as a sounding board, helping the individual leader explore options and potential outcomes.

What Is the Average Cost of An Executive Coach?

The cost of executive leadership coaching can vary widely based on factors like experience, reputation, geography, and the specific needs of the client. On average, fees can range from $250 to over $3,500 per hour. While this might seem steep, many organizations and executives view this as an investment. The skills, insights, and transformations that result from executive training often lead to improved performance, better decision-making, and tangible organization outcomes that can far outweigh the initial costs.

A study by MetrixGlobal LLC highlighted that companies saw an average return of $7.90 for every $1 invested in executive coaching. This underlines the quantifiable financial benefits that complement the qualitative improvements in leadership and decision-making abilities.

Is An Executive Coach Worth It?

The return on investment from coaching can be substantial. A study by the International Coaching Federation (ICF) found that 86% of companies felt they recouped their investment in training and more.?

The benefits aren’t just monetary. Enhanced leadership, improved organizational culture, increased retention, and better decision-making are just a few of the qualitative gains. However, like any other investment, the key lies in choosing the right coach and ensuring alignment with organizational and personal goals.

In an article titled “How’s Your Return on People?” (Harvard Business Review, March 2004) Authors Laurie Bassi and Daniel McMurrer note that three stock portfolios comprised only of companies that “spend aggressively on employee development,” each outperformed the S&P 500 by 17 – 35% during a one-year period.?

Another study by Manchester Inc. emphasized the multifaceted benefits of executive coaching. Their research indicates notable improvements in productivity (53% of executives), work quality (48%), organizational strength (48%), and enhanced work relationships with both direct reports (77%) and peers (63%). Beyond individual growth, such studies underscore the organizational-wide advantages of executive training, including reduced customer complaints and bolstered retention rates.

What Is an Executive VS Life Coach?

While executive and life coaches aim to help individuals reach their full potential with their training, their focal areas and methodologies might differ.

Executive Coaches focus primarily on improving leadership and management abilities, addressing challenges specific to the company environment, and aligning an executive’s growth with organizational objectives. They delve deep into workplace dynamics, team leadership, strategic vision, and other facets of a corporate setting.

As a mentor, Life Coaches, on the other hand, have a broader scope. They work with individuals on various aspects of their lives, such as relationships, personal growth, work-life balance, and overall life satisfaction. Their approach is holistic, addressing both personal and professional arenas but without the specific corporate lens that executive coaches apply.

Who Can Benefit from Executive Coaching?

Executive coaching used to be limited to CEOs and the most senior C-suite leaders only. However, as the value of executive leadership coaching has become popularized, a broader group of leaders such as a vice president, executives, entrepreneurs, managers, and business owners have engaged trainers. Some of the groups who most benefit from executive coaching include:?

C-level Executives and Senior Managers

• These high-level leaders often face unique challenges that benefit from personalized training interventions.

Entrepreneurs and Startup Founders

• Given the volatile nature of startups, founders can gain invaluable insights from coaches to navigate the tumultuous early days.

Professionals Transitioning to Leadership Roles

• A new manager can lean on coaches to ease their transition and quickly become effective in their new roles.

Teams and Departments in Need of Cohesion and Direction

• Beyond individual leaders, an entire team can benefit from coaching, fostering unity and a shared direction.

What To Look for In an Executive Coach

Selecting the right executive coach is crucial to the success of the engagement. When considering potential coaches, assessing their qualifications, credentials, education, and experience are all essential factors.?

However, the other essential factor is chemistry. Trust between the executive coach and leader is a critical element in the success of the engagement. The more comfortable the leader feels in opening up to the coach, the more successful the executive coaching will be. A good coach understands how to create a safe and supportive environment that encourages open dialogue and self-reflection.

There is some disagreement regarding the necessary qualifications of an executive coach. Some organizations will only hire coaches who have a degree or coaching certification. Others focus more on their coaching skills.?

I will fully admit that I am biased towards the second. I have seen great coaches with decades of experience despite not being a professional certified coach and mediocre coaches with multiple coaching certificates – and vice versa. Making a coaching certificate a requirement for whom you hire severely limits you finding the right person for your needs.?

Finally, another aspect to consider when choosing an coach is their track record of success. Look for someone who can provide references, testimonials or success stories from previous clients who have achieved significant growth and professional development under their guidance. This will give you confidence in their ability to deliver results and help you reach your professional goals.

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