9 Impressive Benefits of Executive Coaching | Research has found that executive coaches have a positive impact on company productivity. There is also an increasing number of companies investing in coaches with annual spending estimated at $1 billion USD. This proves the effectiveness and popularity of executive coaching.
Executive coaches cost an average of $500 per hour with some charging higher or lower than this. Considering the significant investment required, is it beneficial to hire an executive coach?
If you’re looking for how to be a better leader, hiring an executive coach may be the answer. Keep reading for 9 key benefits of executive coaching for your organization.
What Is Executive Coaching?
Executive coaching is a contractual relationship between a company executive and a coach. It aims to help the executive achieve a set of predetermined goals. High-level executives often hire coaches when they feel stuck or need help navigating a difficult period in their career.
Coaches may also act as sounding boards. Leaders often don’t have people at their level that they can discuss sensitive and confidential matters. Below are the specific benefits of executive coaching.
- Heightened Self Awareness
One of the main benefits of executive coaching is an increased level of self-awareness in the manager. Due to their experience and training, an executive coach can help clients discover things including:
- negative behaviors
- limiting beliefs
- strengths and weaknesses
If you have an undesirable behavior that is affecting your success the first key to resolving it is recognizing that you have a problem. Without this recognition, you will unknowingly sabotage your career. Your subordinates or peers could know your weaknesses but be afraid to correct you.
You may also find yourself getting triggered at work and not know what causes your negative reactions. Identifying the source of your triggers could improve your performance by reducing the number of your bad days.
- Better Self-Regulation
Self-regulation is the ability to manage your emotional state and behavior. It allows leaders to achieve positive results like emotional wellbeing and workplace productivity.
Once your self-awareness increases, it becomes easier to recognize and limit negative thought patterns and behaviors. Leaders can also learn how to identify and remove stressors in their environment to operate at peak performance.
- Increased Empathy
As executives learn more about themselves and their emotions and triggers, they start to understand those around them. This leads to an increase in empathy and enhanced interactions with colleagues, subordinates and clients.
For example, an executive that discovers that they lash out when trying to beat a deadline may be forgiving of a colleague that does the same. They can also come up with solutions to help the colleague deal with such situations in the future. Empathy is a key leadership skill as it is easier to influence people when you understand them.
- Superior Problem Solving
Executive coaching can greatly increase a manager’s problem-solving abilities. A coach acts as a sympathetic listener that the manager can vent their problem to. The simple act of being heard by a sympathetic ear could take a lot of pressure from a tense situation.
The coach is also a non-involved party to the problem so can give an objective opinion on how to resolve the issue. Coaching also improves a manager’s emotional intelligence. This makes it easier for them to see other people’s points of view hence reducing conflict with others.
- Effective Use of Resources
Executive coaches often have an assortment of tools, processes and tests that they can use to improve a manager’s performance. For instance, they could conduct personality tests to discover your strengths and weaknesses and how to make the best use of them. The coach can also track how and where you spend your time and recommend ways to make better use of this limited resource.
The coach can work with a manager to identify the personalities and skillsets of their team. This would allow them to assign tasks and responsibilities most effectively.
- Better Social Skills
Another key benefit of executive coaching is an improvement in the leader’s social skills. With increased emotional intelligence, the manager will find it easier to communicate with others.
For example, domineering managers could learn better ways to influence their employees. There will also be more win-win situations when the manager must negotiate with others.
- Improved Productivity and profitability
Executive coaching improves workplace productivity as well as productivity. As a manager becomes more disciplined and self-aware they will achieve more of their targets. The more success they have, the more motivated they will be to perform.
A study found that managers that went through coaching received better feedback from their peers, supervisors and subordinates. The positive domino effect of executive coaching may also manifest as increased employee engagement. This could also lead to less absenteeism and more creativity and innovation.
- Better Accountability
CEOs and other top executives rarely have people checking their output. An executive coach is a great accountability partner for such leaders. The coach will keep the leader focused on their agreed goals and hold them responsible for any failures.
- Inspire Subordinates to Pursue Their Own Growth
One of the surprising benefits of executive coaching is the effect that it has on an executive’s subordinates. Seeing a positive transformation in their manager could encourage employees to pursue their own self-development. The manager could also be unconsciously passing on self-awareness tips that they picked up from the coach.
Reap the Benefits of Executive Coaching
Executive coaching can improve managerial performance as well as productivity within an organization. But to get great results it’s important to hire the right executive coach. Look for a certified professional that has trained in psychology or organizational behavior.
They should also have a personality and communication style that gels well with the executive you want to be coached. The executive must be ready and willing to get coached for the coaching to be successful. For more information on the benefits of executive coaching, read the rest of our blog.