Fortune 500 organizations and technology startups are among companies starting to understand the benefits executive coaches can bring to the table. As a result, executive coaching has become more mainstream in corporate America, and it’s not just for CEOs anymore. It is not uncommon for coaches to work with entire leadership teams and other high-potential managers at the VP and director levels.
While coaching does require an initial investment, it is becoming more popular as companies see a direct impact from coaching on increased efficiency, workforce productivity, and a higher level of engagement by the entire organization.
So what could this mean for your organization? Here are five key reasons why your organization should consider hiring an executive coach:
- Objectivity is critical. It is not always easy for organizations to take a step back to evaluate themselves and their agendas objectively. Businesses often find themselves trapped inside their own perceptions without leaving enough room to make adjustments to their business plans. A professional coach can offer the unclouded, objective advice that businesses need to make necessary changes. This outside guidance could be just the right medicine to improve the health of your organization.
- Improve team dynamics. For many companies who operate using a team structure, building that “just right” team can be tricky. A skilled executive coach can pinpoint differences in personality and work styles and make suggestions for blending talent to form more cohesive teams. Team building is a critical part of what coaches can deliver, and this can truly help organizations and individual teams operate more effectively and efficiently.
- Bring out your inner leader. Successful organizations employ skilled leaders, but effective leadership styles vary from individual to individual. Executive coaches can play an important role in helping employees find the leadership style that works best for them and their company. Good coaches are willing and ready to assess individual leaders’ strengths and weaknesses and suggest candid and practical ways to bring out their best leadership qualities.
- Raise the red flag. In today’s global economy, it is no surprise that not all businesses succeed. In many cases, failure comes when companies lack a plan for handling and reacting to change. A good coach is adept at identifying points of failure early to help anticipate change, and creating an environment where change can be embraced and not feared.
- Unified vision. For your organization to thrive, there must be a unified game plan for growth and change. An executive coach can use his/her objectivity and depth of experience to help align the overall company vision and goals. A good coach can listen without emotional attachment to a particular employee or set of ideas to ensure that your company’s vision makes sense and is realistically attainable.
Understanding the benefits of executive coaching is just the first step. Once you have identified coaching as the solution for your company’s challenges, convincing the parties that control the spending is the next challenge. When making the case for a coach, think about the following:
- Your pitch. Approach your CFO or CEO as though you are pitching a new client. Clearly identify the problem and the ways that you see coaching as not only a solution to the issue at hand, but a way to save the company time and money by avoiding a larger issue in the future.
- Focus on relevant benefits. If you’re seeking a coach pre-emptively to help senior management develop leadership styles or to collectively set goals as a company, outline how this can increase productivity and cultivate a positive corporate culture. Highlighting the benefits of the investment will likely sway executives working with even the tightest of budgets.
So much of business success is being able to swiftly adapt and react to ever-changing challenges. Having the foresight to realize that your organization can benefit from outside advice and guidance shows your colleagues and employees that you are open to asking for expert help to do whatever it takes to succeed.
Glenn Laumeister is CEO of Coach Market. a freelancer marketplace for professional business coaches and learning and development consultants.
If you enjoyed this article, join SmartBrief’s e-mail list for our daily newsletter on being a better, smarter leader.