It may surprise you that many organizations that hire executive coaches do so to upskill their best employees. In the old days, this certainly wasn’t the case. Back then, executive coaches were assigned to people about to be fired, which may explain why many of these engagements were unsuccessful.
Today, smart companies know that when individuals and teams are optimized to reach their full potential, bottom-line results trend upwards. In fact, executive Coaching is a proven way to develop individual, team, and organizational performance across industries. A Metrix Global study found that executive coaching has a 788% return on investment (ROI) based on factors including increases in productivity and employee retention. Where else can you get that kind of ROI?
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It’s no secret that employees don’t work for companies. They work for people, which is why it’s critical to provide your employees with something most organizations don’t have—exceptional leaders. Great leaders inspire, motivate, and communicate in a way that positively impacts employee engagement, minimizing costly employee turnover.
Great leaders also attract other great leaders to the organization, thereby significantly reducing the cost of hiring and training effective managers. In turn, these leaders enhance a company’s employment brand, making hiring staff easier and less costly.
When you’re working for a solid leader, who believes in developing their team, you’re more likely to identify high potential and high performers and cultivate their development. The result is the enhancement of your company’s reputation, which will allow you to separate yourself from the pack in the marketplace.
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What’s This Going to Cost Me?
If you’re asking what it will cost to hire an executive coach, then you’re asking the wrong question. The questions you should be asking are:
- What’s the ROI on my investment?
- What will it cost me if I don’t hire an executive coach?
- Are we okay with average leaders, or should we be investing in upskilling our management team?
Understandably, you may have yet to set aside resources for an investment like this. However, likely you’ve got a budget elsewhere that you can pull from, so don’t let a lack of funding stop you from moving forward.
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A Word of Caution
The coaching field is unregulated, meaning there are no entry barriers. Anyone can call themselves a coach. You’ll find many people with coaching certifications when searching for a coach. Are these people more skilled at coaching? The answer is not necessarily.
When looking for a coach, look for someone who has been where you want your people to go. Someone who can bring best practices to your organization.
With these factors in mind, you and your company will be well-positioned to explore executive coaching alternatives and make the right decision for your company, your leaders, and your circumstances.
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