THE VALUE OF EXECUTIVE COACHING
Each business case is different. We've got solutions for all of them.
What is Executive Coaching and what is the value?
Executive coaching is a process that involves working with a coach to develop the skills, knowledge, and abilities needed to excel in a leadership role. There are many benefits of executive coaching, including improved communication skills, increased self-awareness, and the ability to set and achieve goals.
Effective communication is crucial for leaders, as it allows them to effectively convey their vision, goals, and expectations to their team. EQuest helps executives communicate more effectively, both verbally and non-verbally, which can lead to better teamwork, improved productivity, and overall better business performance.
EQuest also helps executives strengthen their emotional intelligence. Many leaders struggle with the lack of self and social awareness, which can lead to poor decision-making, lack of motivation, and poor performance. EQuest helps leaders understand their strengths, weaknesses, and blind spots, which can lead to a greater understanding of themselves and their team. Stronger emotional intelligence can lead to more effective decision-making, as leaders will have a better understanding of the impact their actions have on the team.
In addition, executive coaching can help leaders develop a better understanding of the business environment, set clear goals and expectations, and be more effective leading the organization forward. Establishing clarity of direction is critical for any leader, and is especially important during times of change, when organizations are facing new challenges and opportunities.
Overall, executive coaching can be extremely beneficial for leaders looking to build cohesive high-performing teams and fostering high-engagement working environments. This ultimately leads to greater success and job satisfaction for the executive and the team. EQuest can make a significant difference for you.
THE BUSINESS CASE
There are many other scenarios, and there are other benefits to executive coaching. For example...
*One-hundred executives from Fortune 1000 companies who had received executive coaching reported improvements in: Working relationships with direct reports (reported by 77%), immediate supervisors (71%), peers (63%) and clients (37%), retention of executives who received coaching (32%), teamwork (67%), job satisfaction (61%), productivity (53%), cost reductions (23 percent), and bottom-line profitability (22%).
**An 88% increase in productivity when supplementing management or leadership training with executive coaching vs a 22% productivity increase using management training alone.
Stronger internal candidates to fill senior-level roles.
A Fortune 500 company wanted to study the ROI of Executive Coaching. They found that 77% of respondents indicated coaching had a significant impact on at least one of nine business measures. In addition, they uncovered overall productivity and employee satisfaction were the most positively impacted areas (which in turn has an impact on customer satisfaction, employee engagement, quality, annualized financial results, and more). In all, their study concluded that
Executive Coaching produced significant results in employee retention, productivity, and financial results. (Executive Briefing: Case Study on the ROI of Executive Coaching, Merrill C. Anderson, Ph.D., MetrixGlobal, LLC)
Manchester, Inc. surveyed 100 executives, most of which were from Fortune 1000 companies. Their research showed that a company’s investment in Executive Coaching realized an average ROI of almost six times the cost of the coaching. (Maximizing the Impact of Executive Coaching, The Manchester Review, 2001, Volume 6, Number 1, Joy McGovern, et.al.)
According to the International Coaching Federation (ICF), 86% of organizations saw an ROI on their Coaching engagements, and 96% of those who had an Executive Coach said they would repeat the process again. Behind these results were tangible as well as intangible factors. Tangible factors were areas such as increased productivity, higher levels of overall employee performance, reduced costs, growth in revenue and sales, higher employee retention, and higher engagement of employees. Intangible factors were increased confidence of those being coached, improved communication, stronger employee, and peer-to-peer, and key stakeholder relationships.
In their article, “How’s Your Return on People?” (Harvard Business Review, March 2004), Laurie Bassi and Daniel McMurrer note that three stock portfolios comprised only of companies that "spend aggressively on employee development" each outperformed the S&P 500 by 17 - 35% during 2003.
*McGovern J, LIndemann M, Vergara M, Murphy S, Barker L and Warrenfeltz R. Maximizing the impact of executive coaching: Behavioral change, organizational outcomes, and return on investment. The Manchester Review, 6, 1, 2001
**Olivero G, Bane KD, and Kopelman RE. Executive coaching as a transfer of training tool: Effects on productivity in a public agency. Public Personnel Management, Winter, 126, 4, 1997, 461- 469