Executive coaching improves staff retention, increases productivity, and improves the performance of all employees.
Approximately 25 to 40 percent of Fortune 500 companies use executive coaches, according to the Hay Group, an international human-resources consultancy
Studies over the last ten years report the following return on investment (ROI) from coaching:
• In 2001 a Manchester Inc. study demonstrated a 7-fold ROI from coaching.
• According to Fortune magazine a conservative estimate on the ROI of coaching is more than six times the cost of coaching.
• Companies that provide training alone get a 22.4% increase in productivity but when this is combined with coaching it rises to 88%. Gerald Olivero, Denise Bane & Richard Kopelman, Public Personnel Management.
Executive coaching has proven highly beneficial to organisations of all sizes. Executive coaching improves staff retention, increases productivity, and improves the performance of all employees and is particularly helpful for:
• New managerial teams.
• Executives who want to improve their relationship with workers.
• Professionals who want to appreciate their work more and create a better working environment.
• Leaders who want to change their managerial styles.
Executive coaching is sometimes used when a company desires a change in their leadership style. Having an executive coach assist with introducing these change helps prevent rebellion or resistance among different members of the team.
Everyone needs a coach. It doesn’t matter whether you’re a basketball player, a tennis player, a gymnast or a bridge player.
The power of executive coaching is that the benefits can rippled down through the whole organisation. Coaching takes executives through a course of strengthening everyons’s self-reflection and awareness.
Coaching is also not just for executives. It benefits the entire staff because they become satisfied in their jobs and as a result, become more committed in their roles. The entire company’s well-being is enhanced. The entire team becomes more productive and feels empowered since they feel wanted and valued by the management.
Results of Executive Coaching include:
• Greater clarity and insights in strategy and direction.
• Calmer mind resulting in easier decisions. • Regular, objective ongoing feedback and support.
• Leverage existing strengths and improve performance.
• Adopt or reinforce executive leadership competencies crucial to the organisation’s success.
• Establish a career and personal development plan.
• Sustain greater work/life balance.
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