According to Forbes magazine, an executive coach isn’t a cure-all solution for CEOs, but it has excellent benefits for both employees and executives. Below explains why most CEOs seek the advice and support of professional coaches and consultants.
Most people associate coaching with middle management or entrepreneurs. This type of coaching is provided by consultants, HR professionals and industrial-organizational psychologists. This style of coaching is popular because many companies face talent shortages, high turnover rates and historically low levels of employee engagement. Companies usually hire executive coaches to work with high performing upper management who have strong potential to become executives.
Sometimes, independent business people want to develop special leadership, quantitative and people-oriented skills. From a historical perspective, executive coaching was associated with poor performing executives who were given last chances to improve their performances. Now, there are no stigmas attached to receiving this individualized education because the business world recognizes that executive coaching increases competency and competitiveness. Today, executives have so much business power that they need special support and training.
What are the Benefits?
Executive coaching helps CEOs increase their productivity, which can lead to bigger profits and faster promotions. CEOs are able to make sound decisions and take faster action, which will drive progress and precision. This in turn builds confidence to make bold executive decisions and strategies. It deepens the CEOs understanding of themselves, how they perceive the business world and how they can continually improve themselves and their companies.
Being more in tune with themselves provides CEO’s space to hear their own voice so they can talk things through and gain insight into their problem solving efforts. This increased self-awareness allows CEOs to identify, challenge and mold their existing beliefs and attitudes that limit them. Have clear values associated with specific business objectives helps CEOs to stand with greater conviction and motivate others.
What are the Types of Coaching?
There are four common types of coaching that offer unique advantages. Performance feedback or development planning is for CEOs whose functioning needs to be assessed and redirected. This coaching focuses on short-term improvements through developmental plans with personal goals. Targeted content coaching are intense, accelerated programs designed to impart specific skills and knowledge. These CEOs have usually been recently promoted into new positions that require additional competencies, such as in finance, technology, presentation and time management.
Career coaching provides a general competitive edge for CEOs who want to reach career, personal and project goals. The purpose of career coaching is to support individuals with career changes, transitions and successions. For busy executives who are experiencing burnout, a personal life coach is an excellent way to create a balanced way of living. These coaches will focus more on delegation, boundary setting and time management skills.
The biggest limitation to a company’s growth is the growth of the executives, so professional consultants provide key training services through helping executive coaches increase their skills and broaden their knowledge. An executive coach is an excellent way to improve the overall operational and financial health of a company.