June 9, 2023
Looking to become a more effective leader and make a real difference in your business results?
Executive coaching is one of the most impactful methods for developing high-performing leaders. After all, great leadership is the engine that drives:
Most leaders don't realise their full potential.
They are great at technical skills and get promoted based on that. But as soon as they step into complex leadership situations and expectations, it becomes overwhelming for them.
The good news is that with the right development opportunities, even the most gifted leaders can be supported to reach their full potential. You can also prevent talented leaders from becoming a bottleneck, or even a detriment, to your business.
In fact, some of the most successful business leaders today invest in regular executive coaching.
Executive coaching transforms leaders and teams.
Leaders who benefit from executive coaching in Singapore and elsewhere around the world are making an exponential difference to their leadership effectiveness and business outcomes.
The organisations who are winning get that leaders are an essential source of competitive advantage and invest heavily in their development.
Executive coaching has huge benefits for leaders and their organizations. If you haven't made the investment yet in professional leadership development, here are 3 reasons why you should.
Executive coaching is one of the quickest routes to improved leadership performance.
Why?
It provides focused, one-on-one development which is tailored to your most important leadership challenges.
When leaders work with experienced and qualified executive coaches, they develop essential capabilities such as strategic thinking, emotional intelligence, decision-making, and more.
Best of all…
The results are measurable and can be seen immediately.
A recent study revealed that 82% of executive coaching participants say it has made them better leaders. These aren't just nice numbers – this makes a positive and measurable impact to business results.
Executive coaching is an investment in your organizational culture.
Leaders need to be able to build trust, motivate, and inspire their teams, and help people work in ways where they can be their best. AstraZeneca, for example, found that 45% of their coaching participants said they now had a more positive mindset toward trust and safety for their team members after executive coaching.
Engagement is not just 'nice to have'. It has a direct impact to business results. Teams that have higher levels of trust report significantly more collaboration, innovation, and productivity.
Arguably the most powerful case for executive coaching is that it's one of the highest ROI development activities.
Investment in leadership coaching has a significant impact on the financial results of an organization. Research shows that there is an average of seven times return on investment on leadership coaching.
Intel, for example, has a leadership development program that now generates about $1 billion USD in operating margin each year.
If you're wondering about the veracity of executive coaching and its effectiveness, research has repeatedly shown that coaching works.
The evidence is compelling and stacked heavily in favor of executive coaching as an effective development intervention.
Recent studies have shown that 87% of surveyed companies said they agree that executive coaching has a high return on investment (ROI).
Executive coaching works because it is one of the few development interventions that target the fundamental challenge of behavior change.
To lead with impact, technical knowledge is only one piece of the puzzle. You also need a high degree of emotional intelligence. Executive coaching helps you improve in both areas.
This is different to many traditional training programs that focus on knowledge and training. Executive coaching provides ongoing support, and individualised feedback, and holds you accountable to achieve results.
Getting great results from executive coaching is a strategic endeavor. High-performing organizsations don't just hire a coach and leave it to chance.
They do these things…
Specificity is key when it comes to executive coaching.
The best executive coaching engagements have specific, measurable outcomes which tie directly to business priorities. Without clear outcomes, coaching can quickly turn into a high-cost conversation rather than a targeted intervention.
Typically, the best coaching programs focus on key aspects such as leadership transitions, developing strategic thinking, building high-performance teams, and developing effective communication.
The calibre of your executive coaches make a significant difference to coaching outcomes.
Professional coaching requires specific skills, training, and experience. It is critical to hire coaches that have a recognized credential with an organization like the International Coaching Federation (ICF).
The best executive coaches have a deep understanding of proven methodologies, business experience, excellent interpersonal skills, and the ability to provide frank and direct feedback.
If you can't measure it, you can't improve it.
The most successful organisations in the area of executive coaching track qualitative and quantitative measures of coaching success. This includes traditional measures like performance ratings and business results, but also tracks behavioral elements such as employee engagement and retention.
Progress reviews ensure coaching is focused on target and delivering the desired outcomes.
Organizations that achieve the best results focus on these essential elements.
Good coaching always starts with a great assessment.
Prior to the beginning of any coaching, conduct a comprehensive assessment that includes leadership capability, personality insights, and 360-degree feedback. This assessment will form the basis of individualized development planning.
The most successful coaching engagements follow a proven methodology.
Don't leave things to chance. The best programs have a structured process which guides both coaches and executives through the development process. This includes goal setting, regular coaching sessions, and progress reviews, and importantly, applying new learnings to the day-to-day context of leading teams.
Executive coaching needs to be supported by the organisation.
Senior leaders must not only support coaching initiatives but also create an environment where development is both encouraged and supported. Organisational cultures with high coaching cultures also see significantly better coaching results as development is part of the DNA of the organization.
Effective coaching continues beyond the formal sessions.
Executives and leaders need the opportunity to apply their learning, try new skills, and receive ongoing feedback. This can be action learning projects, peer coaching relationships, and regular check-in's.
Executive coaching has proven itself as one of the most effective tools for developing world-class leaders. The evidence around the success of coaching is irrefutable. Coaching isn't just a nice-to-have development activity, it's a business imperative.
Need to find quality coaches?
Many organisations work with professional coaching firms who specialize in executive coaching and development. This allows you to tap into experienced coaches, best-practice methodologies, and support infrastructure.
If you're serious about developing leadership talent, executive coaching should be a fundamental part of your leadership development strategy. It is one of the most effective ways to accelerate leadership growth and have a significant impact on business results.
The leaders who win in the future will be the ones who embrace coaching and commit to continuous development.
