| Coaching for business executives is a hot | | | | don't quit the company; they quit the boss." |
| topic, featured recently in many well-known | | | | Identifying the irritant that causes someone |
| publications, from The Wall Street Journal to | | | | to resign and developing a program to remove |
| the Harvard Business Review. These stories | | | | the problem or dysfunction can have a direct |
| have linked coaching to performance | | | | benefit for the leader and the entire |
| improvements in executive effectiveness, | | | | organization including the community of |
| higher executive retention rates, and | | | | relationships that executive operates in. |
| increased job satisfaction. As executive | | | | What criteria should you consider in |
| coaching becomes a mainstream leadership | | | | selecting a coach? • Get the right |
| development approach, many have begun to ask | | | | skills match. The Harvard Business Review |
| the obvious business question "Is there a | | | | states that good coaching is based on |
| clear return on investment (ROI) from | | | | "…a small number of disciplines, |
| executive coaching? And if so, what is it?" | | | | including consulting, management, |
| Each coaching engagement is unique, every | | | | organizational development, and psychology." |
| coach has their own approach and style, and | | | | I agree, and would add that the best "mix" |
| every leader has their own set of issues and | | | | will vary, based on the situation and end |
| challenges. There are some "fundamental | | | | objective. • Address core issue(s). If |
| truths" and patterns to coaching, however | | | | your executive team has done the offsite |
| each coaching engagement becomes a unique | | | | "teambuilding" routine, but always seems to |
| program and experience. We beleive in the | | | | revert back to the norm, then most likely you |
| adult learning model where an individual has | | | | have been addressing symptoms instead of root |
| to be disturbed about the present state | | | | causes. Having an understanding of change |
| enough to want to be coached and enabled to | | | | management and the psychological drivers will |
| produce a better future. A handful of studies | | | | help dislodge frozen and unsuccessful change |
| do exist on coaching ROI. A MetrixGlobal | | | | initiatives. Focusing on the core issues that |
| study pegged the ROI within a Fortune 500 | | | | impact individual behaviors one issue at a |
| company they studied to be 529%; Fortune | | | | time is the best way to impact change. |
| Magazine's broad coaching study came in at | | | | Maximizing ROI for the business must be done |
| 570%. The benefits of a high-quality coaching | | | | in the context of the strategy, and desired |
| program may be higher than this because of | | | | business outcomes. This is where identifying |
| the subjective value and impact on people. In | | | | the individuals impact on the systemic |
| fact, one of our clients describes coaching | | | | outcomes is vital to stimulating the desire |
| as his secret weapon. Today's leaders have a | | | | to change. • Cost. Executive coaching |
| lot to gain from a good executive coach. | | | | is relatively inexpensive; we are typrically |
| Because coaching is done one on one they | | | | not talking about a six-figure consulting |
| receive feedback in private, where their | | | | engagement. In today's "Wild West" of |
| reputation and image is protected as they | | | | executive coaching, rates can run from less |
| work through issues in a private and | | | | than $1000 to over $10,000 a day - but in |
| confidential setting. There is a freedom to | | | | general, a highly-effective 6 month program |
| admit vulnerability and an opportunity to tap | | | | can be done for $25,000-$50,000. This |
| into an executive coach's experiences, | | | | certainly compares favorably to the annual |
| resources and network. How can you maximize | | | | compensation and dollar contribution impacted |
| the ROI of your own executive coaching | | | | by the executive. The "right" executive coach |
| program? First, let's look at where the | | | | is almost always worth the price. Its clear |
| return comes from. Certainly, there is an | | | | that executive coaching is an investment of |
| expectation of increased effectiveness from | | | | time, money, people and trust. Where else can |
| the executive; this has been the focus of | | | | you invest $25,000 and address multi million |
| most of the traditional ROI studies. And | | | | dollar issues? Next time you consider how to |
| there are soft skills impact that may be even | | | | get the biggest bang for your buck in |
| more significant than direct dollar results. | | | | leadership development consider executive |
| Consider the impact of attrition on an | | | | coaching. |
| organization. We all know the adage "People | | | | |