Organizations across industries experienced significant disruption in recent years. COVID spawned an ongoing supply chain crisis, labor shortages and inflation, and sophisticated cybersecurity threats. It also prompted the rapid expansion of remote work. Companies weathered these changes with varying degrees of success. Many struggled to maintain momentum. The organizations that thrived in a business landscape increasingly defined by upheaval were often those with strong and steady leadership.
The importance of leadership in everything from promoting psychological safety to increasing the bottom line is well-documented. Research has also shown that effective executive coaching improves leadership performance, particularly in leaders dealing with uncertainty. Clients hone core competencies such as self-management, collaboration, and communication while developing intrapersonally, interpersonally, and organizationally. Executives are the primary receivers of the benefits of executive coaches, but their organizations also see positive outcomes. Leaders who invest in coaching are more likely to oversee productive and engaged teams, suggesting the benefits of executive coaching trickle down to employees, customers, and stakeholders.
Be aware, however, that there is significant variation among coaching practices. Some modalities approach coaching like mentorship. Others, such as the wraparound executive coaching built into Columbia Business School Executive Education’s Advanced Management Program, help leaders become more self-reflective, emotionally intelligent, and resilient leaders while giving them roadmaps to drive positive change in their organizations. Determining which executive coaching approach aligns with your goals is a matter of learning as much as you can about coaching and its benefits.
What Is Executive Coaching?
Executive leadership coaching establishes close partnerships between executives and experienced coaches that foster professional and personal development and success. The coaching process is collaborative, customized, dynamic, and client-driven. Coaches help executives build leadership skills, create career plans, enumerate personal beliefs, identify short-and long-term career goals, strengthen decision-making skills, develop strategies to improve performance, and build self-confidence. Executives turn to coaches for support and guidance as they manage professional crises, evaluate entrepreneurship opportunities, and develop strategic plans to increase business and organizational impact. Additionally, some executive coaches provide practical career support. They may assist executives in job searches, share networking opportunities, provide interview preparation services, and guide them through salary negotiations.
However, the executive coach’s primary mission is to help leaders create and execute action plans, identify career objectives, and develop self-awareness.
Why Is Executive Coaching Important?
Strong leaders are as committed to personal development as they are to professional development. Executive coaching toes the line between the two. While executives can hone their skills and habits on their own, working with an executive coach expedites progress and helps leaders deliver organization-wide value more quickly.
Coaching is about more than confidence-building. Research confirms that executive coaching fosters self-efficacy. Coaches teach leaders to trust in their capacity to achieve specific outcomes through decision-making and operational change. Unlike mentoring, coaching guides and challenges executives to discover the answers to their questions by drawing on their own knowledge and experience.
Coaching creates driven leaders who inspire employees. Studies find that coaching-based leadership interventions improve the performance of executives while increasing job performance among employees. Executives who look to coaches for personal and professional development support often intentionally or unintentionally foster a culture of coaching within their organizations.
Coaching also does more than build skills. Effective coaching is a product of engagement, openness, honesty, and compassion because coaches help leaders explore not only how to change but why change is necessary. Coaches must build trust with their executives through open communication, neutral listening, and strategic guidance to understand their needs. During a seemingly straightforward conversation about the technical aspects of leadership, a coach might sense that an executive’s struggles with top-down communication stem from a lack of self-confidence.
How Can You Benefit From Executive Coaching?
Leaders work with executive coaches for several reasons. Some executives work with coaches to learn more about their own competencies, objectives, and values — becoming better leaders in the process. Others partner with coaches to better understand the pillars of effective leadership. Still others look to coaches for personal support, encouragement, and confirmation that they are making the best possible decisions for their teams. In all cases, the benefits of effective executive coaching include improved emotional intelligence, better ego control, and an enhanced perspective. Executives who work with coaches also develop leadership coaching skills to bring back to their organizations.
Read more Banana Wheat Germ Smoothie - Protein Shake
Your reasons for partnering with an executive coach will be highly personal, but the experience is one you will share with many highly accomplished leaders. Steve Jobs worked with executive coach John Mattone. Brian C. Cornell, the Chairman and CEO of Target, worked with Marshall Goldsmith. Salesforce founder Marc Benioff has called celebrity coach Tony Robbins critical to the company’s success.
Executive Coaching in the Columbia Business School Executive Education Advanced Management Program
The Advanced Management Program at Columbia Business School Executive Education offers a wraparound executive coaching format designed to enhance your learning experience, speed your leadership development, and help you reach your highest potential.
360 Wraparound Executive Coaching
At the start of the program, Columbia Business School faculty will send a 360 feedback survey to people who work closely with you. Survey recipients can include direct reports, lateral peers, or supervisors. The survey feedback remains anonymous and, once received, becomes the basis of a deep-dive conversation with your executive coach.
You may schedule additional meetings with your coach during the program if you choose. Throughout the coaching process, you will learn and apply conceptual frameworks critical to leading diverse teams.
The final component of coaching is the peer-to-peer coaching experience. The Advanced Management Program faculty will guide you and other participants in your cohort as you work together to apply business strategy to a real-world challenge.
Advance Your Leadership Skills and Drive Change with an Executive Coaching Experience
Coaching looks at executives as people and professionals to help them grow as leaders. The best professional coaches offer executives a transformative experience — particularly in programs that pair executive coaching services with advanced executive education.
Aimed at senior executives, the Columbia Business School Executive Education Advanced Management program gives participants an individualized coaching experience plus the opportunity to learn and grow alongside other dynamic, experienced professionals.
Participants in the program enjoy a blended learning experience spread out over 22 weeks. The virtual elements of the program include webinars, collaborative synchronous sessions, and asynchronous sessions. The in-person portion of the program includes a five-day immersion in New York City where participants will engage in exploration of topics such as board governance, entrepreneurial strategy, and quantitative intuition.
Enrollment is limited to professionals with 10 or more years of management or leadership experience and proven track records of career success. Program cohorts typically include executive directors, vice presidents, and senior vice presidents from finance and accounting, consulting, education, manufacturing, healthcare, government, and other sectors.
The high-quality executive coach training component of the Columbia Business School Executive Education Advanced Management Program can give you the individualized career support you need to continue growing personally and professionally for years to come. Upon completion of the program, you will return to your organization with a strategic action plan and the skills to immediately impact your organization.
Connect with an enrollment advisor to determine if you meet the Advanced Management Program requirements or start your application today.
— Update: 20-03-2023 — cohaitungchi.com found an additional article Why Executive Coaching Is Important in Leadership, Business, and Sports from the website www.strategypeopleculture.com for the keyword benefits of executive coaching.
The benefits of executive coaching don’t just fall in the realm of leaders’ personal development. Although every good leader seeks to better themselves and their skills, most turn to executive coaching because it strengthens their businesses in the long run.
Professional executive coaching has far-reaching benefits that benefit everyone in a company, from leaders to every employee – no matter their rank. When leaders improve and develop, their organizations tend to follow suit.
Developing, refining, and improving leadership skills isn’t just about career growth. It’s about equipping an organization with the leadership it needs to grow in every capacity. We’ve seen what executive coaching can do on big and small levels, and it’s clear that leadership and business success are closely intertwined.
Let’s dive into what makes executive coaching important for leaders and their businesses.
What is Executive Coaching, Exactly?
Before we continue rattling off the benefits of executive coaching in businesses and sports, you need to understand what it is.
Read more What’s the Healthiest Sports Drink? We Asked a Nutritionist.
Executive or leadership coaching is professional training that helps business leaders foster crucial skills, personality traits, and habits. It challenges people in positions of power to become more effective leaders while also contributing to the foundation of a healthier, happier, and more lucrative company.
Our executive coaching program at Strategy People Culture revolves around deepening self-awareness and learning to lead with confidence and adaptability. We offer one-on-one coaching sessions, as well as group training opportunities.
The personal benefits of coaching are evident – it builds the quintessential leadership traits needed to effectively run a company and earn the respect of others. However, we want to talk about benefits that go beyond personal development.
Here are seven ways that executive coaching can help businesses as much as it helps their individual leaders.
1. Identifies Collective and Individual Strengths/Weaknesses
One of the most crucial elements of executive coaching is understanding what you’re good at – and what you could improve upon. The same goes for businesses as a whole.
That’s why our executive coaching strategies focus heavily on the concept of self-awareness. Both individuals and organizations can only improve if they have a firm understanding of where improvement is necessary.
Executive coaching helps leaders assess their business’s collective and individual strengths and weaknesses. This allows them to challenge themselves and their employees to improve and better support the organization’s weak points.
Personalized coaching services, like ours at Strategy People Culture, are especially beneficial when it comes to challenging weaknesses. An exemplary executive coach will adapt based on your business’s specific needs, pushing leaders and their employees to assess and improve.
2. Helps Companies and Leaders Weather Big Changes
Executive coaching is also an incredibly powerful way to prepare your business for change.
Up to 48% of organizations wind up hiring executive coaches to “develop high potentials or facilitate transitions.” This could be a succession, power transfer, company acquisition, or even a shift to remote work (like what happened to many companies in 2020).
Source: harvard business review
All organizations go through changes, whether it be large expansions, dramatic transitions amongst the C-suite team, or capital raising and private equity ventures. Leaders can benefit personally from working with a coach, and what they learn can help the entire business weather big changes.
With professional coaching services, leaders become better equipped to make decisions that make change easier. They’ll have the necessary skills to smoothly guide their businesses through periods of vast change and uncertainty, and that’s invaluable.
3. Improves Goal-Setting Capabilities
You might be thinking, “I already have goals – how will a coach help with that?”
Although many business leaders have goals, they aren’t necessarily S.M.A.R.T. goals. An executive coach helps leaders nail down personal and business-related goals that are:
- Specific (clear and well-defined)
- Measurable (quantifiable)
- Achievable (realistic and have an endpoint)
- Relevant (work with other business and personal goals)
- Time-bound (based on a timeline/due date)
In other words, these goals are far from vague and are actually achievable with careful planning.
Research has indicated time and time again that goal-setting can be effective when it’s done with a proper mindset and the right amount of definition. They give a business unified direction, which many startups and small companies lack.
Learning to set S.M.A.R.T. goals isn’t just important for personal growth and the company’s future. It’s also crucial for employee improvement and satisfaction. Leaders and executives can translate this to their conversations with employees by learning to set highly defined goals.
Keep in mind that S.M.A.R.T. goals are specific but also adaptable. A professional executive coach teaches leaders how to create dynamic, ever-evolving objectives that benefit the company – without creating unrealistic expectations.
At Strategy People Culture, we work with our clients to create goals that work for them, then serve as accountability partners. Any worthwhile executive coach will really get to know a leader, their team, and their business to help create objectives that fuel future success.
4. Boosts Leadership Confidence
Confidence is undoubtedly one of the most important qualities any leader can possess. When leaders feel empowered and self-assured, they make better decisions and encourage their employees to trust in their guidance.
Just like a patient wants to trust their surgeon wholeheartedly, employees want to feel secure under the leadership of a confident, poised leader.
Read more Starbucks' Benefits Package is Perfect for Hourly Workers
Although the “fake it ‘til you make it” mindset works for some, employees benefit more under the leadership of an executive that actively works to self-assess and grow. True confidence commands respect, while forced overconfidence can do just the opposite.
When leaders take the time to participate in leadership challenges and coaching, they don’t just empower themselves but also their employees.
Maybe a leader struggles with public speaking or second-guesses their decisions in front of others. The best way to work through anxieties and doubts is to practice – preferably with expert techniques and the guidance of a professional leadership coach.
Our method at Strategy People Culture is to foster confidence through self-assessment and character-building challenges. Anyone can develop a confident executive presence – it just takes time, dedication, and purpose.
5. Uncovers Blind Spots
Another huge benefit of executive coaching: it reveals blind spots leaders may otherwise never think to examine.
As much as executives might like to think they know their businesses, it is difficult for people in positions of power to truly understand what employees go through. In fact, Microsoft’s recent Work Trends Report found that many “leaders are out of touch with employees and need a wake-up call.”
This is especially true in businesses where employees work remotely, either fully or partially. It takes extra effort from leaders to check in with employees, discover hidden problems, and truly get a feel for their company’s current standing.
Executive coaching pushes leaders to better assess and understand their organizations. Coaching programs often even include measures such as conducting employee surveys, scheduling one-on-one meetings with managers, and company-wide discussions.
At Strategy People Culture, we believe that businesses are only as good as their people. If people are unhappy and the leaders are out of touch, the company will struggle to thrive in different circumstances.
6. Fosters a Better Company Culture
Speaking of people, let’s talk about culture. Although executive coaching might seem like an individualized service, it can quickly translate into a better company-wide environment.
According to the 2021 Bureau of Labor Statistics report, the overall turnover rate in corporate America is 57.3%. Roughly 29% of employees turnover voluntarily, meaning they quit or resign from their place of employment. That’s almost a third of all employees leaving by choice.
Employee retention is a huge problem for many companies – especially in recent years. One of the biggest ways organizations can minimize turnover and retain valuable employees is to cultivate a better workplace culture, and leadership plays a huge role in that.
It’s thought that only about 28% of executives really understand their company cultures, and yet they are viewed as the most influential part of company culture formation and evolution.
That’s where executive coaching makes a big difference. By fostering self-awareness, as well as awareness of the company’s strengths and weaknesses as a whole, coaching helps leaders directly improve and grow their company culture and therefore retain happy, productive employees.
7. Promotes More Diversity
We also need to talk about executive coaching’s effect on corporate diversity.
Professional executive coaching helps leaders identify and refine the challenges within their organizations, including concerns about diversity and inclusivity.
About 76% of job seekers and employees report that a diverse workforce is important when evaluating companies and job offers. It’s the responsibility of leaders to cultivate an executive team and company culture that promotes safe environments and equal opportunities for all, and coaching can help them do that.
For example, at Strategy People Culture, we pair our coaching services with diversity training and anti-harassment and anti-discrimination training. The goal is to give leaders and their teams every tool possible to create a lucrative workplace where everyone feels valued and safe, no matter their background.
Leadership training and coaching services aren’t just for personal benefit – even if some might think they are. When leaders grow in strength and effectiveness, their businesses thrive as a result. After all, business is about relationships and people, no matter how much technology might evolve.
Whether you’re looking into executive coaching for yourself or for others in your company, it’s an investment in the overall well-being of your organization.
To learn more about our coaching opportunities or the benefits of executive coaching, call 833-762-5772. You can also set up a free consultation with our team online. We’ll discuss your specific needs and work to customize your coaching sessions to your exact requests.