What Is Executive Coaching?
Executive coaching centers on outcomes that can be attained in a relatively short period. As you achieve those outcomes, you may choose to extend the coaching relationship by identifying other areas where executive coaching would benefit you.
A common misconception about executive coaches they are business experts. While many executive coaches possess extensive business knowledge and experience, they need not be experts in your business line to deliver quality executive coaching. A commonly held belief among coaches is that you, the coachee, are your business expert.
As a result, many executives use their coach as a sounding board, a thinking partner, and an independent third-party who helps them stay focused on the most important business parts. In coaching, the learning and the change that people experience are much more impactful and sustainable when the coachee has come up with it on their own – when they discover it from within.
ROI on Executive Coaching
According to the 2009 International Coach Federation Global Coaching Study, the median company return was 700%, with almost one-fifth of respondents reporting an ROI of at least 50 times (5000%) the initial investment.
There are various ways to calculate executive coaching benefits, such as 360 reviews, climate surveys, customer surveys, and surveys of sales, costs, employee turnover, and other business results.
Of course, some results are more “tangible” than others and are easier to translate into a monetary value or bottom-line impact. Of course, that doesn’t mean that the tangible benefits outweigh the intangible in terms of importance. In fact, intangible changes in the client’s behavior can often have a wide-ranging impact than, or may actually lead to, the more tangible benefits of coaching.