What is an Executive Coach?
An executive coach and executive coaching programs work with leaders to:
- Enhance communication skills
- Increase the effectiveness of management performance,
- Accomplish work-related goals
- Developing authenticity, grit, courage and other positive mindset traits
Executive coaches are qualified professionals that have had significant experience and exposure to successful organizational leadership and first gained traction in the early 2000s as organizational change became prevalent due to an increase in mergers and acquisitions. After the 2007 Global Financial crisis, companies began turning to executive coaches to equip their executives with the proper tools and skills needed to survive uncertain times.
Executive coaching programs have turned into an industry of its own, and, in some cases, larger companies have even developed departments specifically for executive coaching. However, some companies have been slow to adapt and their leadership and company culture is suffering because of it. The idea is not to “fix” an employee but rather improve the leadership skills of previously highly-functional, successful employees and develop driven potentially-successful employees into effective leaders.
Benefits of Executive Coaching
The results of executive coaching programs are found in the long-term success of the company or department. Due to its focus on the individual leader and their own progress, executive coaching is more efficient than a typical consulting assignment. It is not a short-term, quick fix to increasing your profit margins.
Many studies have been made about the return on investment of executive coaching. One particular Fortune 500 company found that executive coaching produced a 788% return on investment.
According to the International Coaching Federation, 96% of companies that employed an Executive Coach said they would repeat the process. Most studies have found that organizations see an increase in overall performance and employee satisfaction, which has a number of secondary results of its own. As it stands, executive coaching is generally-viewed as a highly-successful endeavor for companies of all sizes.
What to Look For In An Executive Coach
Albert Einstein once said, “the only source of knowledge is experience.” When searching for an effective executive coach, it is important to view their experience. Not only is their history as an executive coach valuable, but also their experience working as high priority employees in successful organizations.
One thing to note, as executive coaching programs have become a utilized tool for organizations, and the career has become more profitable for the coach, many people have jumped into a career as a coach simply based on their merits as a former employee in the particular field in need of guidance. However, the skills of a coach cannot be manufactured simply from previous work experience.
Some benchmarks of an exemplary executive coach and executive coaching programs are the ability to:
- Walk you through the process,
- Seek out other opinions to assess client areas of need,
- Develop new and valuable skills, and
- Establish trustworthiness with a client’s confidentiality.
These are all traits that cannot be generated through prior work experience.
Most importantly, you should look for someone who you feel will bring the most successful results for your employees. A combination of prior experience, documented results, and intuition will help you find the most effective executive coach for your situation.
Executive Coaching Programs at alteredSTATE™
The main focus of an executive coach is to help clients develop skills such as communication, goal-setting, and delegating.
Making the transition alone can be an extra and unnecessary burden for a high priority executive. Your company is invested in your success and you are invested in improving your performance for your direct reports and clients. Going it alone will be more time consuming and often leads to lapses. It takes an astounding amount of humility for an executive to look into their own effectiveness as a leader to bring success to their employees. It is uncharacteristic of the typical description of a high priority executive.
