Do You Deserve an Executive Coach?
What do Michael Jordan, Bill Clinton, and Eric Schmidt, Chairman and CEO of Google have in common? They all have had coaches helping guide them and working with them to optimize their performance.
Coaching isn’t just for the C-Suite or troubled staffers anymore. This month for ICYMI (In Case You Missed It) we look at the increasing trend for senior executives and more junior high potentials investing in a professional coach. Someone outside your company focused only on you, only on your interests, and only your development.
Recently it was reported that 80% of the Fortune 500 companies provide coaching services to multiple levels of their management teams. These companies report increased sales, increased profits, growth in market share and increased executive satisfaction when executive coaches are used.
Executive coaching is a $2.4 billion business, and growing, because more and more companies are making this investment in their high potential managers and C-Level executives. They know this is where the ROI will be greatest.
But don’t look for a best friend or a cheerleader – the good ones are focused and have the right tools with clear methods and processes to lift your game to the next level. To do this they will share some hard truths, your areas of weakness and develop a plan. Are you ready?
Great starter article to understand the fundamentals of executive coaching. Survey showed median hourly rate is $500 (as of Jan 2009). Also discusses the changing role – from fixer to performance accelerator. “Executive must be highly motivated to change and improve”. It cautions against engaging a coach to fix behavioral problems. “Blamers, victims, and individuals with iron-clad belief systems don’t change.”
“Business leaders are dealing with rapidly changing markets, technologies and workforces, increased financial and legal scrutiny . . . and more. Top executives who feel that they can handle it all by themselves are more likely to burn out, make poor decisions or make no decisions – potentially resulting in significant loss of opportunities, human resources and financial resources.”
“Make sure your coach works with you on crafting a developmental plan. At a minimum, this should outline your key strengths, developmental areas for improvement, obstacles to changing, and action plans along with timetables. The coach should be able to give you feedback on how realistic your plan is and help you to measure progress on it.”
“Asked for a conservative estimate of the monetary payoff from the coaching they got, these managers described an average return of more than $100,000, or about six times what the coaching had cost their companies.”