Executive Business Coaching 101
Companies always benefit from investing in their workforce. Executive business coaching is a powerful way to develop and sustain your leaders. The executive style of business coaching helps assure accountability to the organization’s vision and strategy and provides its top-of-the-house leaders with the tools, inspiration, and empowerment to transform how they will lead in the workforce.
According to the International Coaching Federation (ICF), executive coaching demonstrates a 70% increase in individual performance and a 50% increase in team performance. The increase in individuals’ performance shows higher job satisfaction, improved communication, and greater motivation. For team performance, executive coaching enhances engagement and work performance, and both encourages and improves collaboration across all levels and teams.
Overall, organizations that invest in executive coaching initiatives show a 48% increase in their business-wide performance leading to better employee retention, as well as increases in revenue and customer partnerships. Developing your people will be essential for the future of leadership, so you must ensure your executives are effective for their leaders, employees, and for the overall goals and vision of their business. Regardless of setting or industry, businesses will experience greater growth and success with executive business coaching and will retain the best leaders and talent.
4 Benefits of Executive Coaching
The following are 4 benefits of executive business coaching:
Achieving goals as an individual leader and as a company is important for the future of your business. Executive business coaching helps equip your high-level leaders with tools to lead all levels through both change and general day-to-day business. Without effective and developed executive leadership, business productivity and goals can suffer, as well as the employees carrying out these actions and goals.
Executive coaching helps keep your business leaders focused and strategic when it comes to initiatives, change, and decision-making. This will improve their effectiveness in problem-solving and making informed decisions. Coaching and empowering your leaders will be the best way to avoid mistakes and poor decision-making or falling behind in today’s competitive marketplace. This will help to improve business productivity, revenue, and goal achievement, allowing your business to achieve greater opportunities and faster success.
2. Enhancing Leadership Enhances Culture
Coaching your leaders today is one of the best ways to enhance your company culture. Company culture is impacted by the effectiveness and actions of your business’s leadership, proving coaching to be essential for all business levels. According to the Company Culture Statistics report, 46% of people consider company culture to be a large factor in their decision-making when it comes to taking a job or remaining at their current job. Without a compelling, engaging, and positive company culture with effective leaders, a company can face challenges with both executive and employee retention. Executive turnover can be challenging, as not all individuals are high-potentials or ready to fill the shoes of these executives and the strenuous needs of their business roles.
When you invest in your highest-level leaders, you are in turn investing in all levels and people within your company. Investing in your people is also investing in your culture, as people desire to work for companies that care about their organizational health and how this impacts their employees and the future of their business. Great company culture must start at the top to be embedded in all strategies, ideas, and decision-making.
Accountability is important at all levels of the workforce, but it is even more important in CEOs and executive leadership. A Culture Partners workplace study identified 84% of people reported the way leaders behave in their workplace is the single most important factor influencing accountability in organizations. If executives and high-level leaders are not accountable for their words or actions, this sets a poor example for the other leaders and throughout the entire organization. It can also cause issues with efficiencies in strategy and business processes, overall productivity, and organizational goal achievement.
Executive coaching helps to evolve leadership and keep those leaders on track in their roles and for their businesses. A CEO and executives must keep their word and act with dignity and in the best interest of all those within the company. Accountability with executive coaching also helps ensure executives stay in tune with the company vision and maintain a forward-thinking mindset for the future of their people and business.
4. Improvement in Workplace Relationships
Now more than ever, our workforce today desires a leader who coaches rather than manages. Coaching your CEO, executives, and other high-level leaders will help to enhance their skill sets, competencies, and confidence to further embed in other leaders and employees. Empowering your top-of-the-house and ensuring they are equipped to handle different types of workplace situations, conversations, and relationships will benefit all levels of your people and business. When your executives are aware of their impact on the business and the people around them, it will allow them to demonstrate that they care about their people and workplace relationships.
When leaders and employees feel empowered in their workplace, they will perform better and have greater motivation and job satisfaction. Executive coaching helps focus on relationships and building platforms that will help scale your leadership and its impact, and the talent around you within your business. Enhancing relationships helps to add purpose and value and improves connection and collaboration. It can instill mindfulness, emotional intelligence, and objectiveness in your leaders, and demonstrate a culture of trust at all levels. When leaders and employees can trust their executives, they will feel more confident in their responsibilities and be happier within their workplace relationships.
To ensure the future success of your business and its talent, executive business coaching and development will be a game changer for your business. Investing in your highest levels of leadership will be one of the best ways to invest in your people and company culture, retain top executives and employee talent, and achieve your organizational vision and goals. Check out Our Services to see how EDA’s custom-designed leadership and executive development strategies, systems, and programs will help your business excel in today’s business world.
Sign Up Today for our FREE version of EDASurveys™ to receive unlimited Basic Surveys for your business. This one-stop-shop survey technology tool will help your business gain valuable insight into its needs and culture and help you to enhance your employee engagement and achieve your organizational goals. Try free today to best equip your leaders and your business.
CEO, EDA, Inc.
Executive Coach, Author, Speaker and Leader of Custom Executive Development Consulting Firm with world-class consultants, recognized in their fields as the creme-de-la-creme. Services include Executive and Leadership Development, Executive Coaching, Succession Planning, and High Potential Development.
The Trends in Executive Development report has been the leading compilation of research for organizations across the globe to benchmark their executive and high-potential development.
A deep dive into the notion that a compelling vision is a differentiator for organizations that want to hire and retain talent, be more competitive, and thrive in uncertain times.