Right now, chances are the economic downturn probably has you focused on the bottom line. Or perhaps you happen to be one of those businesses that have managed to glean the potential that the current climate has to offer and have already succeeded in converting this into concrete opportunities.
Whatever the case – whether you’re poised to hire an Executive Coach or prefer to await signs of a more tangible economic outlook – let me explain some of the benefits you and your company can derive from investing in your key employees/top executives…
Research conducted prior to the current downturn showed that many of the world’s top companies and organisations – from Goldman Sachs to the WHO – increasingly chose to use Executive Coaches. At its height, in the United States, spending on coaching alone was estimated to top around $1 billion .
Of those businesses that opted for coaching, they registered an ROI of 5 to 7 times their initial investment . So, what’s the upshot? The results speak for themselves: those smart companies that want to get ahead of the game invest strategically – in their top executives – to make money!
Increased productivity isn’t the only benefit that Executive Coaching can bring, however. Coaching is seen as a veritable management tool to improve performance – advocated in the latest business management manuals  and recognised as having an important role to play in professions as diverse as teaching to financial planning .
An emerging branch of business and organisational studies, coaching can impact your company in a number of ways: more effective leadership, increased creativity, diminished tensions/conflict and higher retention rates – to name but a few! Ultimately, Executive Coaching benefits both your senior executives and your entire organisation.
Executive Coaching is unlike ‘traditional’ training programmes, where the potential benefits are dependent on periodic support, every couple of months – without which the learning is entirely lost or forgotten.
Instead, the process of learning in Executive Coaching is customised to address and respond to individual needs. What’s more, it is reinforced more frequently, given the ongoing weekly support – providing ample opportunity for ‘hands-on’ learning.
In this way, Executive Coaching can be used to full advantage when targeted to address individual specific professional development issues or to assist an executive when taking on a particularly challenging work role or project.
- See Stratford SHERMAN; Alyssa FREAS The Wild West of Coaching Harvard Business Review Nov 2004 Vol. 82 Issue 11
- Alexandra ANNA, Julie CHESLEY, Kevin DAVIS Journal of Leadership Studies 2001 Vol. 8
- See for example, Carol ELLIS Management Skills for New Managers New York; Washington D.C: American Management Association 2005
- David DUBOFSKY & Lyle SUSSMAN Planner Part 1: From Financial Analytics to Coaching and Life PlanningJournal of Financial Planning Vol. 22 Issue 8 August 2009