There is a need for impetus in propelling research to identify the true value of executive coaching in the business realm. While business coaches strive towards the development of client’s skillset and knowledge, executive coaches focus on permanently enhancing what we may call business behavior.
Let’s assume the following: your company employs an erudite pool of employees with high skillsets. Additionally, it has good systems, processes and state of the art plant and technology. Your vision is clear, and one with a matching strategy. Where do you find room for improvement when all your attention is on skills and execution – you will run out of ways to improve. At this point, what needs more attention is the combination of skills and behavior that creates the ultimate organization – the intangible realm of ‘business behavior’.
Coaches essentially lead Executives on a path of self-discovery, which in turn, not on helps them resolve professional or personal crises, but also aids in realizing optimum potential with new insights and holistic self-improvement. Executive coaching is designed to help executives create and execute breakthrough ideas, set milestones and develop strategic pathways. A coach can help you move faster and further and deliver the true value of executive coaching.
Dynamic and high growth business landscapes have led to shortened business cycles; increasing instability in the business scenario is raising complex challenges that CEOs and top executives today must be adept at tackling. This necessitates organizational leaders to strategize, think and act in innovative ways for growth and sustenance across all markets. Executives are under enormous stress and pressure from shareholders, banks and stakeholders to get results and most organizations today concur that the biggest impediment to growth is the absence of relevant talent who can be trusted to deliver expected results at the desired speed and magnitude. Amidst such complexity and shortened business cycles, executives swear by a sounding board or in other words, an external confidant and guide.
But the value of executive coaching lies, in essence, in its measurability. For instance, it is easy to measure the results from systems, skills and strategy. The benchmark mostly is ROI (return on investment). But when it comes to business behavior, measurements are harder; there is a different way to measure the benefits derived from coaching. It is called IOB or Impact on Business. When you deliver a positive impact on business, it creates a ripple effect in terms of the impact it makes. If you want to be effective, your ultimate goal should be aligned to delivering a positive impact on business (IOB), which essentially is a combination of positive skills and positive behavior.
Improved communication, engagement and productivity, teamwork, collaboration and accountability can greatly lead to achieving results in a variety of business goals. Business leaders opine that coaching addresses change management and creates growth among the top besides of course its undeniable value in terms of productivity, building trust and succession planning.
Going forward, the true value of Executive coaching lies in its criticality in terms of developing a disciplined pool of leaders who take ownership, responsibilities and become change managers, working closely with organizations in creating the context specific interventions.