The executive coach has become essential for CEO’s

Why an executive coach is now a must for CEOs

Once again from OUR EDITORIAL STAFF, we are going to go out there in search of answers. The possibility of access to thousands of very important and reliable sources thanks to the network, with the proper filtering of information, allows us to draw some conclusions about a subject that is talked about a lot, but few are clear about what its purpose is.

Like any professional athlete, executives need a coach to perform at their best. Executive leadership coaching can help you achieve your personal and professional goals, whether it’s reaching new profit margins or entering a new market

 

To a manager of a British retail chain, who wished to remain anonymous when asked about how he had used coaching and whether he saw any benefits, he replied that “running a business” can be a lonely place, but this was magnified further during the pandemic.”

To combat isolation, he enlisted his executive coach to help him “resolve complex and confidential issues that can be difficult to discuss” with people involved in the business.

We find it interesting what he says about his assessment of coaching itself: “being challenged and guided on a monthly basis by someone independent who was well prepared to answer complex questions helped me solve problems at a faster pace”.

Over the past few years, as companies have faced multiple shocks – lockdowns, supply chain issues, skills shortages, and high inflation – many top executives have sought the support of coaches. Magdalena Mook, executive director of the International Federation of Coaching, a global association for coaches that offers its own credentialing system, warns that “the demand for coaches has continued to come”.

Bhushan Sethi, joint global leader of people and organization at PwC US, the professional services firm, sees this trend intensifying in the short term: “Leaders don’t have playbooks for hybrid work, high inflation. New and emerging managers haven’t made it through a recession.”

Referring to the kinds of challenges top managers have been facing, Sally Bonneywell, executive trainer for CEOs and members of boards of directors, refers to people saying that stagflation is here, demand has decreased and many leaders have never faced this situation before, particularly when interest rates make them worry about their own situations. They need to contain their own anxiety and that of their direct reports as well. Without a doubt, emotional problems that must be managed.

Executive coaching is also a form of leadership training that helps CEOs and other executives develop their communication skills, understand how to foster professional relationships, and work better with others

 

Coaches offer different perspectives

Coaches act as a sounding board and help leaders prioritize competing demands.

A senior manager at a shoe distributor dealing with factory closures in Vietnam and supply chain issues says, “If I want to talk finance, I’ll talk to the finance director. If I want to give my best, I’ll talk to the coach.”

Better Up, a coaching platform, analyzed hundreds of thousands of their own sessions, showing that since March 2020 there has been an increase in discussions of “stress management and self-care” as well as “managing difficult conversations and conflict ” and “communication and collaboration”.

C-suite executive coaches and CEOs are seeing that the pandemic has intensified demand for their services, as leaders have spent more time working remotely, with a resulting lack of human connection. Now they need help to navigate the difficulties of a hybrid environment.

Burak Koyuncu, Senior Vice President of LHH, a recruitment consultancy, says, “Coaching makes people feel connected to someone.”

Dealing with the consequences of the pandemic and burnout

Coaching helped executives deal with the turmoil of the pandemic. Suzi Read, Director of Talent Development, Diversity, Equity and Inclusion at Kindred Group, the online gambling company, says: “People have fundamentally changed. Many organizations are underestimating what people have been through and they need the opportunity to take stock, discover what their values ​​are and make sense of things.”

Better technology, better training?

The growth of coaching has been facilitated by technology. Carol Braddick, a trainer who is also researching the future of the industry, notes that this is a “broad” term that covers everything from coaching bots walking through asked questions to highly experienced trainers talking to clients via Zoom.

For now, artificial intelligence complements the work of coaches. Recent research shows that by drawing on large datasets from many coaching sessions, AI could become “more efficient in helping clients achieve their goals, for example through the best selection of tools and exercises or questions to ask.” “.

The study notes that while a bot could help automate some processes, it is “unlikely to take over the entire training process.” AI coaching is likely to be used successfully after proper problem identification so that clients can be guided through the many steps of a systematic coaching process.

Just because someone is in a leadership position doesn’t mean they have all the answers. No one can know everything about a certain topic or industry, especially in today’s age

 

Coaching for a growing audience

Online platforms have opened up coaching to a larger audience. They can help employers identify problems within the organization. However, some fear that the platforms risk making coaching transactional. There are also concerns that a lack of transparency about fees will result in lower fees and “a race to the bottom,” says Catherine Devitt, CEO of Meyler Campbell, which trains executive coaches.

Jonathan Passmore, professor of coaching and behavior change at Henley Business School and senior vice president of coaching at the CoachHub platform, points out that in the early 2000s fees were prohibitively high. “We’ve seen a gradual trend, that as trainers come on board, training is offered to more executives and management, but fees have gone down.”

Why executive leadership coaching is one of the most valuable assets for organizations

Eric Schmidt, former chairman of Google and Alphabet, discusses why he believes the right coach can be a company’s most valuable asset.

“Every famous athlete, every famous artist has someone who is a coach. Someone who can see what you’re doing and say: Is that what you really meant? Did you really do that? They can give you perspective. The one thing people are never good at is seeing themselves as others see them. A coach really helps.”

As a leader, he has numerous responsibilities in his day-to-day life, from managing company finances to cultivating a productive team environment. In the fast-paced world we live in today, it can be challenging to keep up with the nuances of being an effective leader.

Leveraging the experiences of others, especially a CEO coach who has been in your position, can help you make more informed decisions and make the changes you introduce last

 

Leaders who need personal trainers like athletes

However, like any professional athlete, executives need a coach to perform at their best. Executive leadership coaching can help you achieve your personal and professional goals, whether it’s reaching new profit margins or entering a new market.

Executive coaching is also a form of leadership training that helps CEOs and other executives develop their communication skills, understand how to foster professional relationships, and work better with others.

So, despite its detractors, for it has them, there are many reasons why coaching is important in leadership. Whether your business is stalling or you’re looking for ways to align your team, leadership coaching can help.

Why is leadership coaching important for executives?

It has always been said that leading at the top of an organization feels that despite the power of the position you are alone.

Leadership coaching comes with many key benefits that can help you perform better in your role and improve the performance of your company as a whole. Believe it or not, chances are you know of several connections who work with their own leadership coach to hone their skills and grow their business.

When asked why executive coaching is important, it can be helpful to look at how a coach can have a positive impact on your personal and professional life.

Leadership coaching for CEOs can help you develop a stronger concept of your emotional intelligence. A CEO coach will be able to teach you the critical thinking skills necessary to better understand yourself

 

Some of the many reasons why coaching is important in leadership

Provide new knowledge

Just because a person is in a leadership position does not mean that he has all the answers. No one can know everything about a certain topic or industry, especially in today’s age. Working with a CEO coach can provide new insights and perspectives to help you think outside the box and understand a topic more holistically.

Leveraging the experiences of others, especially a CEO coach who has been in his position, can help you make more informed decisions and make the changes you introduce last.

Improve self-awareness

Self-awareness is the ability to analyze our thoughts, beliefs, and emotions based on our experiences and life history in order to assess ourselves and understand where we came from. However, having self-awareness can be challenging, especially with our preconceived biases standing in our way.

Learn to exercise critical thinking

Leadership coaching for CEOs can help you develop a stronger concept of your emotional intelligence. A CEO coach will be able to teach you the critical thinking skills necessary to better understand yourself. At the same time, to better diagnose the problems and challenges you face as a leader in the organization you chair. In other words, the analysis also has a necessary part of active listening, since knowing how to listen to others and understand how the leader is perceived, as well as learning to accept the points of view of others and develop empathy, all these skills well developed together, they improve the quality of leadership. And the ability to improve such skills is almost always increased when there is an external voice that indicates the way forward. This does not imply that there are very efficient managers and leaders who work alone, but it is already a good habit that has been acquired in recent years of resorting to external coaching to balance ideas, thoughts, etc.

One of the reasons why executive coaching is important is because it can help turn that executive or group of executives who receive training into what is colloquially called “better team players.” Being each of them more self-aware, which allows them to connect more deeply with their colleagues and team to work together to achieve a common goal.

All these well-developed skills together improve the quality of leadership. And almost always the ability to improve such skills is increased when there is an external voice that indicates the way to follow

 

Refine communication

Communication is key in any professional role, especially as an executive. Being a leader means communicating with others in a variety of positions, such as industry leaders, employees, and investors. Poor communication can be the reason why a business does not work 100% or even stops. This is the precise moment in which an executive coach will teach you skills and best practices to become a better communicator.

How does this look in practice? An executive coach will teach you about the different types of personalities that he or she will encounter on a day-to-day basis and provide examples of how to best communicate with each type of person.

They will also help you define your own communication style, so you can understand how to best navigate various situations, such as dealing with a toxic employee or how to make a good presentation at a department meeting or conference where you represent the organization. .

It also means that they will help you set realistic expectations, develop your nonverbal communication, and provide feedback to help you grow.

 

Build trust

When a person is in a position of high responsibility and walks into a room, he wants people to believe in him as a leader. Confidence is crucial as a CEO, and if you lack this trait, it will show. Leadership coaching for CEOs empowers CEOs to perform at their best in both their personal and professional lives. Through your comments and compliments, they will increase your confidence and show you why you are the one running the company.

What are the benefits of executive coaching?

There are many reasons leaders need coaching, including building trust and knowing how to be effective communicators. However, what is the benefit of seeking leadership coaching for a CEO?

There are many ways that leadership coaching can improve the success of an organization. Some benefits include:

Job Satisfaction – Through executive coaching, you will be able to improve your skills to become a better leader. With an arsenal of tools, you’ll have what it takes to create a healthy work-life balance that allows you to celebrate victories in both your personal and professional lives.

Improved Personal Performance – An executive coach will be able to identify your areas of weakness that you may have overlooked. By working with an unbiased professional who is willing to provide constructive feedback, she will be able to develop new skills to close performance gaps and become a successful leader.

Drive business performance: As a leader, you have a direct impact on the performance of your business. Not knowing how to effectively communicate new ideas or build a team that believes in your company’s mission can result in a floundering business.

CEO coaches can identify your weakness and help you create a plan to achieve your goals, such as increasing profits, sustaining growth, and entering new markets.

These are just a few of the many benefits of working with an executive leadership coach. All those businesses that face challenges, either because they need to align teams around the new directions that senior management is taking from a change in strategic planning, or simply because of the current actions and decisions that CEO needs achieve maximum impact, a CEO’s coach is not only a great help, but also becomes a key player.

We know that in recent years, important CEOs of recognized prestige and who appear continuously in the media, have been working together with an executive coach specially dedicated to the professional and personal training of CEOs.

What is the difference between coaching and management?

The difference between coaching and management lies in how management is carried out. Through management, there is an authoritative role that will provide direction and supervise the tasks to achieve a certain result. Through coaching, the focus is on guiding a leader to develop her own critical thinking skills.

As a leader, it can be difficult to work with someone who will point out your flaws to make you a better CEO. However, a good CEO’s coach won’t handle it or tell you how to do her job. Instead, he will work with you to help you develop your skills to become a more effective leader.

Poor communication can be the reason why a business does not work 100% or even stops. This is the precise moment in which an executive coach will teach you skills and best practices to become a better Communicator

 

What to look for in an executive coach

After learning why coaching is important in leadership and the benefits of leadership coaching for CEOs, you may be wondering how to find an executive coach that works for you. Before you sign on with the first coach you meet, consider these factors when looking for a coach:

Experience: Being a CEO is like being part of an exclusive club, as there are not many people who have been in the same position as you. That is why it is important to look for an executive coach who has had a leadership role, be it a director executive or some other type of high-level executive.

This is important because they can build on their own experiences and apply what they have learned in their role to their current position. By working with someone who has been in the same boat as you, you will learn about management, collaboration, and leadership firsthand.

Confidentiality – As an executive, you have a wide range of crucial responsibilities, such as pitching proposals to investors and working with stakeholders.

If you work with a leadership coach who shares information discussed during your meetings with Human Resources or other members of the organization, your image and reputation may be tarnished.

When looking for an executive coach, make sure all information shared is kept confidential.

Data: Executive coaches must provide data on their own success with other executives. You want to make sure you are working with a proven coach who can help you improve your personal and professional life.

Goal setting: A key component of executive coaching is goal setting. As you search for a leadership coach, ask how he helps his clients set goals and the paths he takes to reach them. Having a better understanding of their training process can help you determine if they will be right for you.

When investing in your career and personal life, you want to make sure you get the most out of your investment. By looking for these qualities in an executive coach, you can rest easy knowing your executive coaching program will deliver results.

This information has been prepared by OUR EDITORIAL STAFF

 

 

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