What is an Executive Business Coach
Executive Business Coaching is a process that builds capability to achieve short and long term goals. It is conducted through one on one or group interactions. It is driven by data gathered with respect and trust often from multiple sources within and outside the organisation. The executive business coach and executive work together to achieve maximum personal and organisational impact.
Executive Business Coaches do not provide advice for your or your organisation. They provide objective observation and reflection of your situation so you can more clearly see your options and strategies going forward. Executive Coaches are passionate and positive people who more concerned with your dreams than your nightmares. The workplace often provides us with great stress and performance fears perfect for Executive coaching, however their are also some issues best dealt with by counsellors or therapists.
Today, having a coach means you are a valuable member of your organization , an identified future leader and definitely the Executive of tomorrow.
Here’s some industry statistics and a general overview of the value and ROI executive coaching offers:
- In one study conducted by MetrixGlobal LLC, companies including Booz Allen Hamilton received an average return of $7.90 for every $1 invested in executive coaching.
- A recent study of Executive Coaching in a Fortune 500 firm by MetrixGlobal reported a 529% return on investment and significant intangible benefits to the business.
- A survey by Manchester Inc. of 100 executives found that coaching provided an average return on investment of almost six times the cost of the coaching.
- An internal report of the Personnel Management Association showed that when training is combined with coaching, individuals increase their productivity by an average of 86% compared to 22% with training alone.
- A Hay Group study of Fortune 500 companies found that 21 to 40% utilize Executive Coaching; Coaching was used as standard leadership development for elite executives and talented up-and-comers.
- A 2001 study on the impact of executive coaching by Manchester Inc. showed an average ROI of 5.7 times the initial investment or a return of more than $100,000, according to executives who estimated the monetary value of the results achieved through coaching*.Among the benefits to the companies that provided coaching:
- Productivity (reported by 53% of executives)
- Quality (48%)
- Organizational strength (48%)
- Customer service (39%)
- Reducing customer complaints (34%)
- Retaining executives who received coaching (32%)
- Cost reductions (23%)
- Bottom-line profitability (22%)
Among the benefits to executives who received coaching were improved:
- Working relationships with direct reports (reported by 77% of executives)
- Working relationships with immediate supervisors (71%)
- Teamwork (67%)
- Working relationships with peers (63%)
- Job satisfaction (61%)
- Conflict reduction (52%)
- Organizational commitment (44%)
- Working relationships with clients (37%)
*The respondents were executives from large (mostly FORTUNE 1,000) companies who had participated in either “change oriented” coaching, aimed at improving certain behaviors or skills, or “growth oriented” coaching, designed to sharpen overall job performance. The programs lasted from six months to a year. About 60% of the executives were ages 40-49, a prime age bracket for career retooling. Half held positions of vice president or higher and a third earned $200,000 or more per year.