Executive coaching has become a buzzword in the leadership domain nowadays. This surge in popularity has created momentum over the years for good reason. The stigma that coaching was only for 'underperformers' has changed and companies and senior leaders are now realising that every professional should focus on continual growth to stay effective and productive. Executive coaching isn't performance management, in fact, many coaches will support executives that are already generating good results, however, are looking to take their business development to the next level.
With over 30 different psychological approaches to coaching, the definition of Executive coaching in itself is subjective, in that the individualised nature of the coaching process supports an array of outcomes. However, Coaching engagement allows targeted and skilled conversations with an expert coach to trigger long-term development curated by the individual. In other words, the coaching process essentially looks ahead to what can happen when the leader is empowered to uncover their own skills and develop an individual path to achieving their goals.
Executives effectively learn how to harness their own strengths (and their team’s) to increase productivity, performance, and a stronger execution on strategic imperatives. This challenges a common misconception that coaching is fixing, advising or telling you what to do within your own business environment--- a coach will not do any of these.
In our article Coaching vs Therapy, we go into the specific and common misconceptions of business coaching, elaborating further on the difference in support for personal development, leadership development and performance development.
"Coaching can create dramatic and quick results, unlike therapy which typically is a much longer approach. This approach will instil this type of thinking over the long-term which will assist the executive even after the coaching relationship has finished"- International Coaching Federation (ICF).
The business world is currently saturated with consulting programmes, advice columns and mentoring, so what makes executive coaching different and what is its purpose beyond the quick fix of a problem? Let's take a look.
Executive coaching has a wealth of purposes; from developing self-awareness to leveraging strengths, as well as creating the ability to overcome future challenges outside of the sounding board created by the coaching executive. It is important to outline that these benefits ultimately lie within the expertise, attributes and past experiences of the coaches. This is why choosing a coach with proven results and transparent testimonials will ensure a client is perfectly positioned to gain such benefits.
Here at Credible Coach, we vet every executive coach and personally speak to their previous clients to ensure that their references are detailed and can be trusted. So, assuming professionals or executives choose a reputable coach from us, what are some of the benefits to them?
Empirical studies have proven that executive coaches provide these strengths with 5 t0 7 times return on investment due to the nature of the process being exclusive and unique to the client. But, when is the right time to hire an executive coach? or who should be making this leap into development to secure these benefits?
Here are a few instances:
With this list ever-expanding, it is no surprise that for years, CEO's of some of the worlds most famous companies have relied upon executive coaching.
Whilst these progressive CEO'S have used executive coaching within their career to develop companies with household names, the importance of coaching can also be seen on a smaller scale.
As an example, coaching for new CEO’s enables the executive to think through the building of the relationships with the board as well as ensuring the top management team are aligned with where they want to take the business.
Here are some of these results provided by previous clients who have used Credible Coach to find their coaching executive:
'Meetings are now more productive which has resulted in some new agreed business strategies being implemented that will eventually improve the organisation performance and its profitability'
'I was always sceptical about hiring an executive coach but it's the best decision I could have made for myself and my business.'
Despite these, for many professionals the idea of admitting to needing or wanting an executive coach still remains. Below is the Ultimate Guide to what to expect when first starting the coaching journey.
As a client, the professional drives the coaching agenda whilst the coach confirms, clarifies and defines the program in a way that holds them accountable against their goals. With a large emphasis on communication and listening, the coach does not advise but simply demonstrates their belief in their client's personal ability and skills, creating a sense of partnership rather than a mentorship or consultancy. This belief that the answers to your questions or challenges reside within you maintains an element of self-control and kickstarts the self-belief momentum.
It goes without saying that the phrase 'you only get out of it what you put in' is applicable in coaching sessions. The coach has expectations of the client in order to build a professional relationship and work together before, during and after the process.
Executive coaching can range in cost depending on the coaches experience, qualifications, the services offered and the seniority of the client.
The fees vary from £500 to £1475 for a two-hour session, with a mean average of £1110.
Working with C-level executives commonly requires a more educated coach who is more in demand, and requires them to spend more time familiarizing themselves with various aspects of the client’s company to tailor their support. These executives also tend to be more limited in when they can meet with the coach, placing greater demands on the coach’s schedule and flexibility.
At Credible Coach, we vet every coach and personally speak to their previous clients to ensure that their testimonials are detailed and can be trusted. Due to the personal and confidential nature of coaching, most senior clients won’t want to go “on the record”. Our promise is that every anonymous testimonial on a coaches page is authentic and can be trusted. To get your free custom coach match, click here