Why Successful Leaders Hire Executive Coaches

 

Why Successful Leaders Hire Executive Coaches By Roberta Matuson

If we’ve learned only one thing from the pandemic, it’s that we need people around us for support. Leaders have spent the past two years in isolation and are slowly getting back into the swing of things at work. For many, the transition into the new normal isn’t going as smoothly as they had hoped, which may explain why my colleagues and I are noticing a significant uptick in the number of requests for coaching. Here’s what we’re hearing. 1.   I thought I was doing fine at work until my boss told me that I have a communication problem, that if not resolved, could impact my longevity with the company. 2.   I’m feeling stuck. I’m watching people around me receiving exciting new job opportunities, while I tread water. 3.   I need a sounding board. Someone who will tell me what I need to hear and not what they think I want to hear. 4.   I’m exhausted. I’ve been trying to keep all the balls in the air for way too long and am unsure how long I can keep this up. 5.   I’m up for a big promotion and want to be sure I nail this opportunity. 6.   I’m doing a terrible job of managing up and it shows. 7.   My job and my sanity are at risk. Should I fight to remain in place or move on? 8.   I’m overwhelmed by the number of expectations put on me and have no time to think. As a result, I’m no longer feeling like I’m doing my best work. 9.   I need to get better at addressing difficult conversations at work. 10. My boss says I lack executive presence. What the heck does that mean? The ROI of Executive Coaching We have found that employee retention rates are much higher in organizations that provide coaching support to their leaders than those who don’t. Employees who feel supported and valued are more likely to remain with their employers than those who don’t. The impact of coaching is also having a trickling down effect in the organization. As leaders fine-tune their skills and become better managers, they’re able to develop stronger relationships with their team members. Research has shown that employees are less apt to leave for another opportunity when they have a strong connection to their boss. Another benefit of providing coaching in your organization is the ability to grow your own talent. I write about this extensively in my book, Evergreen Talent. Given today’s labor shortage, it’s critical to prepare high potentials to move into leadership positions, as you may need to call upon these individuals tomorrow, should a manager give notice. Of course, many organizations need to be able to demonstrate an ROI prior to making an investment.  Here are the results of a few recent studies on executive coaching that demonstrate a strong ROI. Coaching combined with training boosts productivity by an average of 86% compared to 22% with training alone (Personnel Management Association). A study on executive coaching’s effect revealed an average ROI of 5.7 times the initial investment or a return of over $100,000. (Manchester Inc. study). Companies receive an average return of $7.90 for every $1 invested in executive coaching (MetrixGlobal LLC). If you’re seriously considering engaging an executive coach, then I hope this information is beneficial to you. If you are interested in discussing how executive coaching can help you and your team, let’s talk. Best, Roberta