You have so many different areas you can invest in your business - specifically, your employees - which begs the question, is executive coaching worth it?
We're going to take a deep dive into the pros and cons of an executive coaching relationship to help you understand what you're really getting yourself into before you pull out your checkbook or business credit card.
In this article, you'll learn exactly why so many businesses are essentially willing to write a blank check to work with a coach that has experience transforming executives into leaders.
Because spoiler alert - yes, executive coaching is almost always worth it! You'll learn why that is shortly.
But in the interest of transparency, we're also going to share a few instances in which executive coaching may not be worth it for you and your business - you'll want to read closely as to not waste any time or money. Let's get started!
Your in-house training and development will only get you so far - by investing in an experienced, outside perspective you'll gain a wealth of knowledge to skyrocket productivity, communication, and leadership within your teams. There is no better way to help your high potential employees continue growing.
We're going to cover a few reasons why we believe this is an area just about every organization can benefit from investing in, but first - we want to explain what executive coaching is and what it is not - this will help you set your expectations from the start.
Keep in mind that the specific curriculum or goals will differ depending on the coaching engagement you have, and the executive you're coaching.
But for the most part, we see a few areas most executive coaches focus on and these tend to yield pretty impressive results. These include:
Having self-awareness is critical for an executive to do their job properly - because it will help them understand how they're coming across to their team. Awareness is also an essential skill to properly delegate tasks and to seek improvement in one's weak points.
Critical thinking is another skill that isn't necessarily taught in university, but it must be sharpened nonetheless. A proper executive coach will help you expand your thinking, zoom out, and come up with solutions to problems you don't encounter every day.
But above all else, executive coaching should contribute to enhanced leadership and communication capabilities. Your executives spend most of their time working with their team - and if you're able to improve their ability to lead, you'll find that this has trickle-down effects throughout their team.
When your executives have the insight of an experienced coach, they aren't the only ones that will improve because of it.
The teams they work within will be better off - because they have a better leader! With improved communication and delegation, things run smoothly.
Teams also see the personal growth their fearless leader is undertaking and will be motivated to be the best they can be themselves. This instills a culture within your organization that you cannot put a price tag on.
But maybe you're still not convinced.
So, we're going to go in-depth into the benefits of executive coaching and share some of the results you could see by investing in a coach for your leaders.
Think about it this way - who is responsible for keeping the business running on a day-to-day basis, while simultaneously moving the business upward?
That's right - it's your executives.
They lead the rest of your employees, and thus, they need to be well equipped to deal with whatever they face - which is rarely something that can be predicted.
The only constant in business is change - so creating a culture within your executive team that embraces change, comes up with a plan to manage that change, and then delegates to and leads the team responsible for executing the plan is essential.
In our opinion, the ability to effectively lead is tied in closely with the ability to effectively learn - you cannot have one without the other.
This means you should invest in continued learning for your executives. You could spend hundreds of thousands at university to help them get an MBA, or you could invest in coaching to address specific, targeted issues that you encounter in your line of work.
A huge part of determining whether or not executive coaching is worth it is identifying the actual cost associated with the coaching.
That way, you can determine if there is a better way to allocate those funds throughout your organization - because we know you have no shortage of areas you can invest in your business!
With that said, it's really tough to tie a specific cost to coaching, because not every coach costs the same - or delivers the same level of results to you.
While some coaching programs may cost as low as $200 an hour, you tend to get what you pay for when it comes to coaching.
We encourage you to look for the best of the best if this is the route you're going to take because the reality is that bad coaching can actually do more harm than good.
If you're hoping to coach an individual, the last thing you want to do is skimp on the cost, go with the cheapest option, and end up with an executive who is worse off, after learning toxic traits that you now have to go in an unteach.
Luckily for you at the end of this article, we're going to share one of the best-kept secrets in the corporate world. We've got access to the best coaching program you can invest in and will share it with you shortly so you can rest assured your funds are being allocated the best way possible.
First, though, we want to discuss one instance in which coaching may not be worth it for you and your organization.
Because while it is super rare, sometimes the answer to the question of is executive coaching worth it is actually no! We'll explain why below.
Of course, coaching is not one size fits all.
While most organizations will knock it out of the park and see quick results, there is one specific caveat that may indicate it's not a good fit for you, your business, and your executives - you cannot coach the uncoachable.
Above all else, your executive absolutely needs to be on board. You cannot take an underperforming executive and bully them into coaching or force their hand at all.
If the executive doesn't want to be coached, they will not reap the benefits a coach has to offer. The coach can lead them to the water, but cannot force them to drink from the source.
This is why we sometimes see coaching fall short when it comes to stubborn executives who think they have it all figured out.
Most executives are eager to begin working with a coach - after all, what's gotten them this far is their desire to get better and rise to the top.
But if you don't see that same exuberance out of your executive, try to ease them into it by explaining why you want them to work with a coach.
This can be as simple as explaining your goals for them - if you see them rising up from mid-level management to upper-level management, for example, coaching is imperative. This may motivate them to get the most out of their coach, as they see their future is promising.
But if you find you're unable to motivate the individual to work with a coach, we advise you to avoid coaching altogether. You'll be wasting your time and resources, along with those of the coach - so spend elsewhere.
Not all executive coaches are created equal. If you're concerned about whether this is a worthy investment for you and your team, you first need to identify the type of coach you're seeking.
You should do your due diligence before hiring any coach to vet whether they can truly help you accomplish the goals you and your executive have.
While a coach may be great at enhancing one's public speaking or communication skills, that won't really be beneficial if your goal is simply to improve critical thinking skills at an upper-management level.
That's why you need to be sure your coach is well versed in whatever specific area you're hoping to improve within your organization.
Luckily for you, there is one executive coach out there that has experience in every area you can imagine - Harold Hillman at Sigmoid Curve.
If you're in the market for a worthy executive coach, look no further than the crew here at Sigmoid Curve.
We have experience coaching a myriad of different positions - including senior & chief executives, members of executive teams, etc. and have a track record of influencing successful outcomes, time after time.
In our experience, the biggest struggle executives face is adequately leading their teams and getting the most out of their people - that's where we put our focus, to help you not just become a better leader - but to actually tie your leadership improvements to an improvement in your team.
That way, you know you're getting the most out of your investment.
With experience dating back to 2006, Harold Hillman and the team here at Sigmoid Curve are a no-brainer investment for you and your organization.
We've worked with industry leaders around the world to enhance their most important leaders - why not be next?
Reach out and let's begin the coaching discussion and see if we may be a good fit for the changes you're hoping to create in your own organization!
Executive coaching vs mentoring - which of these is right for you and your team? You already know your people are your most valuable resource - which is why you want to invest in them and help them grow. But should you go with an executive coach or a mentor? What are the differences between mentoring and coaching?
Before you hire an executive coach, you need to be well aware of what it takes to truly see a return on the investment. There are some best practices you must follow when working with an executive coach to get the most bang for your buck - which is important if you're allocating business funds towards this.