Benefits of Executive Coaching Engagements for Emerging Leaders

Whether you are handling a football team or a small office, an expert coach has the ability to inspire and bring out the best in people. If you are handling serious responsibilities at work and are looking to take on greater responsibilities in the future, it’s always a good idea to seek advice from an executive coach to gain a better understanding of your upcoming role and learn wats on how to work effectively with other people.

The main objective of partnering with an executive coach is not only helping you learn but also unlearn some skills set that relates to working with much larger or traditional organizations. If you were used to going on the offensive, playing hard, and relentlessly uncompromising, you will sadly burn many bridges as you make your way to the finish line. With an executive coach as your guide, you’ll show genuine willingness to listen more, talk less, and compromise while asking relevant questions instead of brining bold, and sometimes, condescending statements. You will soon realise that the lessons that you learn from executive coaching may also be applied in other aspects of your life.

Leaders were successful in reaching their goals because most had executive coachers that had their best interest in mind. Yes! Even top-level executives need professional help from executive coaches too. What make executive coaching solutions the perfect service for leaders is that it comes as a tailored, one-on-one learning sessions that focus on leadership skills. Similar to life coaches who are ever popular among those who desire to learn more on reaching their full potential, executive coaches are becoming commonplace as a vital tool among industry professionals.

In the past seven years, we have witnessed a boost in the number of top-rank leaders eagerly take executive coaching classes to further broaden their horizons. Coaching is inarguable an effective tool for success as it focuses on improving the personal behaviours and personality of individuals. The service creates a mentally safe and secure environment, targeting results that are crucial to both individuals and their respective organisations.

So, What is Coaching?

As opposed to consultants whose primary job is to analyse situations and tell clients exactly what needs to be done, executive coaches guide through introspection so that clients may come up with their own conclusions. An excellent coach raises critical questions that encourages the client answer all by himself.

Most people perceive coaching as the last resort to save a leader from poor performance. In fact, coaching for this sole purpose is a waste of company resources, as the chances to succeed are minima to none, especially if an individual is reluctant to be coached in the first place. Executive coaches want their services to be known as a valuable tool and not a last-ditch effort to produce results.

There are many types of coaching available for budding leaders and advance coaching classes for executives with great potential. A standard coaching program can run between three to five months. For accelerated development coaching programs, executives undergo coaching up to nine months as preparation for their upcoming career boost.

In a typical executive coaching environment, the first order of business is establishing trust between a client executive and a coach. The latter discloses information as to where his knowledge and experience come from, as well as the extent of what he can share to the former. A great coach will then proceed with a 360-degree assessment and review while simultaneously gathering feedback from an executive’s colleagues. By obtaining unbiased information, the coach and client executive work collaboratively to determine the order by which onserved behaviours and habits must be addressed.

Who Can Obtain Executing Coaching?

Based on a document released at the 2009 Global Coaching Client Study conducted by the International Coach Federation, executive clients are between 36 and 45 years old with post-graduate degrees, 65% of which are female clients. The  top three reasons why leaders obtain executive coaching services are as follows:

  • Achieve Work-Life Balance
  • Boost Self-Confidence
  • Greater Career Opportunities

Coaching is suited for executives who are awaiting promotions, shifting to a new role, or have hit a wall in their career growth and development timeline. Top-level executives will greatly benefit from coaches that will provide them with unbiased and unfiltered statements, that the further up they climb the corporate ladder, the lower chances that employees would want them to know what’s really going on.

As a transition acceleration tool, executive coaching can be utilised by key leaders that are assuming to take care of larger and more-global positions. Having coach whilst taking on bigger challenges will be helpful in inspiring clients to be more focused. Additionally, coaches play the critical function of sounding boards and source of collective wisdom.

There are also companies that use executive coaching as a useful tool to help executives in major career transitions. If successful, clients following an executive coaching program are more likely to catapult their careers to management positions fast.

Executive Coaching Logistics

Before signing up a contract for an executive coaching program, the client or his/her employer should clearly specify various critical elements, including confidentiality, period of engagement, cost, and medium. The HR department on the other hand is responsible for determining whether to use internal coaches, external coaches, or a combination of both.

Confidentiality

Make sure to be clear about what can be shared, with whom and when. For instance, a 360-degree feedback should be kept confidential while the development strategy formulated from feedbacks will be completely shared. It is only when information are kept confidential that stakeholders can be honest about their skills set, strengths, and weaknesse.s

Duration

Most of identified client objectives can be fulfilled within a period of six to nine months, with meetings held at least twice monthly.  In some cases, executive clients pursue on meeting their coaches after a specific objective is accomplished. Some executive coaching specialists typically implement re-contracting to address multiple objectives.

Cost

An executive coaching session can cost between $250 and $2,500 an hour, with an average at $350 per diem. While executive coaching may seem expensive, it delivers excellent long-term value  compared alongside other leadership programs. In essence, executive coaching is meant to be an ongoing relationship between coaches and their executive clients.

Medium

Majority of coaches prefer to meet clients face-to-fact, with meetings held twice a month lasting for one and a half to two hours.  During a face-to-face coaching, clients become more honest and transparent with someone that they can actually see.

Internal vs External Coaching

Obtaining the service of an internal coach is more economical. Additionally, these coaches are already familiar with culture and industry. When you opt to use internal coaching services, make sure clearly specify boundaries. However, most experts believe that internal coaching may pose conflict of interest.

Majority of senior leaders typically prefer being coached by an external team, as they are more comfortable letting loose and comfortable in revealing their weaknesses and vulnerabilities.

A large percentage of HR management teams used a combination of internal and external coaching. Do not forget to look around and pick more than two coaching specialty agencies to establish diversity in knowledge and skills learning.

Tips on Choosing an Executive Coaching Program

It can be challenging to apply universally accepted metrics when it comes to executive coaching services. As executive clients have set unique objectives for themselves, it can be tedious to find an executive coach that can satisfy your specific needs.

In general, many companies look at anecdotal proof of success in the form of testimonials and reviews from previous clients. There are also companies that opt to seek referrals from partners or professionals within their industry.

To help you in your quest for the best executive coaches, it’s best to evaluate results from targeted change surveys. Ask people who work closely with executives that have undergone executive coaching engagements and ask for exhibited changes in beahaviour before, during, and after engagement. This will give you the opportunity to narrow down your selection down to reputable and skilled executive coaching programs. Excellent return on investment typically comes from long-term or permanent behavioural changes that a participant exhibits in and out of the workplace.

The Role of HR in Executive Coaching Engagements

It is the primary responsibility of the HR department to establish engagement parametres. HR is expected to be clear, highly specific, and honest with executives that are about to undergo executive coaching sessions. They are tasked to explain to emerging leaders the need for coaching and the expectations that are set after completion of such engagements.

Truly, coaching results in greater insights, as well as career and personal growth. Leaders who have successfully completed and understood the reason behind their executive coaching engagements not only  gain deeper insight into themselves but also other people they work with on a daily basis. In fact, according to a Global Coaching Client Study in 2009, almost 96% of clients stated that they would be delighted and eager to undergo executive coaching yet again. This type of validation reveals why many companies are relying on the services of coaches in achieving business success as a whole.

Take advantage of the positive changes and lessons you reap  while working with our seasoned executive coaches here at Damalion. Call us today for more details.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor.