Executive coaching is aimed at improving the performance of high powered executives within an organization. Executive coaching is similar to sports coaching for high performance athletes. The role of the coach is to expose blind spots and challenge the executive to achieve greater levels of success.
Everyday, hundreds of executives seek the support and council of independent, outside, third-party executive coaches – often referred to as thinking partners. Unlike middle managers or front-line staff, executives are in a unique position at the top of their organization.
Benefits Experienced by the Individual:
Here is an incomplete list of benefits of executive coaching experienced by the executive.
- Better communication with team members
- Increased confidence
- Better work-life balance
- Quicker decision making
- Better time-management
Benefits Experienced by the Organization:
The benefits of coaching depends on the type of organization and the desired outcome of the coaching. In the case of executive coaching, the company benefits if the executive’s performance is improved by more than the cost of the coaching PLUS any additional improvements experienced throughout the organization based on the executives performance.
Let’s say for example, an executive earns $100,000 and the company invests $10,000 per year for their coaching. Can the coaching improve the executive’s performance by 10%, an amount equal to the investment? And what’s the multiple effect? If the executive manages 10 people, how much of their performance is affected by the executive coaching? Ideally, there will be benefits throughout the organization and the return on investment will be much greater than 100%.
According to the International Coach Federation Global Coaching Study performed in 2009, the median company return was reported to be 700% with almost one fifth of respondents reporting an ROI of at least 50 times (5000%) the initial investment.
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