Have you ever wondered why there are leaders who seem to have the Midas touch? Not only do they hit their business targets, but they also are a hit with their colleagues. These people simply seem to have enchanted potions that bring them effortlessly to the pinnacle of success.
Is it really magic or is it just good old hard work?
There is often a sense of wonder when people see leaders who seem to naturally fit into their roles. Mystical imaginings aside, these leaders could attribute their special skills and abilities to executive coaching programs that have developed their innate talent to extraordinary proportions.
There are people who were born to lead while there are some who walk around without really knowing what they are good at. For natural-born leaders, coaching can further enhance their abilities. For the latter, coaching can stir sleeping skills that, when roused, can steer people to their rightful career paths.
That is why there is enough reason for companies to send their people to executive coaching courses and workshops. Numerous studies show that there is much to be gained from investing in these career development and leadership enhancement programs.
For instance, a survey of 100 executives who were mostly from Fortune 1000 companies showed that a company’s investment in executive coaching produced an average return on investment (ROI) of about six times the coaching cost.
Similarly, 86 per cent of companies that have engaged in coaching programs observed an ROI in their efforts according to the International Coaching Federation. In the same report, 96 per cent of those who went through executive coaching would like to do it again.
If you have a company or are responsible for running one, you would most likely want to ensure that each member of your organization is fit for their role.
It does not matter whether you own an event management company, are a division director, or a branch supervisor. Wherever you are on the corporate ladder, you can surely benefit from the insights to be gained from an executive coaching course as part of your lifelong learning journey.
Here are the top three reasons why your company should invest in executive coaching:
1. Improve Relationships
There are several intangible reasons why companies invest in executive coaching. One of these is to improve relationships not only within the organization but also with its external public.
Letting employees and key officers undergo an executive coaching course will help them assess their individual traits and see how this correlates with their work environment.
For example, you will learn more about how to communicate effectively and nurture healthy working relationships. This can lead to better teamwork, reduced conflicts and misunderstandings, increased satisfaction in your job, and general well-being.
When you have identified your skills and abilities through executive coaching, you can then apply what you learned in your interactions at the office.
Improved relationships can lead to a more relaxed work environment where stress is reduced and people are more encouraging toward each other. A cool, and calm work environment makes it conducive to work better and be productive.
Learning to identify your attitudes and values in relation to the work setting will also help you interact better with clients, suppliers, and other stakeholders. This contributes to the company’s customer service and branding efforts.
2. Boost Productivity
Executive coaching will also help with assessing your professional skills.
An assessment tool may be used to determine what your strengths are as well as areas you might need to improve on. This will help the coach to develop a bespoke development plan to address unique challenges, improve on strengths, capitalize on opportunities, and prepare for threats. This personalized plan will be your guide towards honing your key competencies and focusing on your leadership goals.
The more people who can attend these executive coaching sessions, the more your company will benefit from these. Imagine a whole lot of empowered leaders all working together to make the most of their skills for the betterment of your organization. Wouldn’t it be nice to be in the same boat with like-minded individuals?
3. Bring Financial Advantages
With professional coaches as your ally, you can have a clearer vision of your key business targets. This way you can confidently craft effective management strategies that will ensure that all your goals are met or even exceeded.
Both improved internal relationships and enhanced productivity will also spell out business profitability. The products of your executive coaching session such as a better understanding of your personal and professional abilities, identifying your core competencies, and devising a solid action plan to realize business objectives, will have a domino effect that will lead to financial stability.
Just think how improved customer service will also turn to increased brand trust and loyalty. Better office relationships can foster a healthy working environment that reduces employee turnover. Moreover, it can also help attract and retain top talent that will be beneficial for the company. All these and other tangible benefits will all contribute to your company achieving financial growth.
Treading the Path to Success
When companies invest in people, these people will also be inspired to do their best and will ultimately benefit the company. Investing in executive coaching and other career development programs will equip them with the right mindset, cloak them with passion for their work, and give them a map towards both their personal and the company’s success.
Salma El-Shurafa is an experienced Executive Coach and founder of The Pathway Project. She is a Professional Certified Coach by the International Coaching Federation (ICF), a Certified Professional Co-Active Coach from The Coaches Training Institute (CTI) and a graduate of CTI’s Co-Active Leadership program.