The Secret Weapon of Great Leaders: Executive Coaching
When people talk about the characteristics of good corporate leaders, they tend to talk in lists of “should have” skills. Business acumen. Vision. Creativity. Agility. Emotional intelligence. Charisma. Drive. Diplomacy.
There is no leadership academy for all of these traits–some come naturally and others are acquired along the way. Most modern corporate leaders do earn college degrees that teach the mechanics of running a business. However, the pandemic, Great Resignation, and torrent of layoffs over the past year have shown that sometimes those practical rules fly right out the window, and then different business dynamics require a leader’s attention.
Good leaders in these instances recognize their need for development–to understand new technologies and trends that will impact their ability to effectively lead in the workplace. Great leaders recognize that if they want the best possible results for themselves, their teams, and their organizations, they should not continue to go it alone.
“It’s lonely at the top, so you better know why you are there.” ~ John C. Maxwell
Until recently, solitude has been an inherent component of corporate leadership. (This is particularly true for founders, who must sell their long-range vision, product concept, and ability to execute while wearing multiple other hats.)
With a few exceptions, corporate executives have operated in silos, overseeing separate chains of command, steeped in their own areas of expertise and concern. While some organizations are flattening hierarchies and/or building more cross-functional executive teams, the majority still adhere to a pyramidal organizational chart.
In the past, executives established a vision, implemented an operational framework to execute on that vision, recruited talent to staff those operations, and managed the financials to keep everything running. Now they must do that while being prepared to quickly pivot if needed, prioritize mental health and well-being for employees and themselves, and navigate economic uncertainty to compete for funding or market share, all while compensating for consumer fatigue.
In fact, when it comes to fatigue, no one is immune. Leaders at all levels report feeling overburdened with tasks. They spend less than a third of their workday (27%) interacting with others, leaving them tired and isolated.
In a recent Harvard Business global leadership study, 68% of respondents expect it will be increasingly important for leaders to be able to not only endure but “embrace ambiguity and uncertainty.” That is a lot to ask of professionals who already feel stymied by existing, defined expectations.
Networking groups might provide an occasional outlet for frustration or tips on common issues. But for help with the challenges that are unique to their situation and organization, leaders are increasingly turning to coaches. A coach can help leaders uncover and re-confirm or redefine their purpose so they feel more energized and less estranged from the rest of the organization.
Coaching isn’t therapy. It’s product development, with you as the product. ~ Fast Company
There have been numerous studies on the benefits of executive coaching, but a study by MetrixGlobal is often cited to demonstrate why it is a worthy investment. According to the study, organizations saw a 529% return on what they spent on coaching for leaders, and when employee retention was factored in, the ROI jumped to 788%.
The benefits are not just financial. The right coaching partner can help leaders weigh the consequences of their choices in tough decisions. A coach can help leaders hone existing skills, develop new skills, and serve as a knowledgeable but objective sounding board.
To be clear, coaching is not a panacea for a leader’s challenges. But coaching can provide tools and techniques that reinforce best-practice behaviors. And, unlike most other learning and development experiences, coaching can individualize how those tools and techniques are applied, evaluated, and adjusted.
Take delegation, for example. There is a strategy to do it effectively, yet many people view it merely as “list-sharing.” Others see it as potentially undermining their value. Yet over 50% of managers feel burned out, according to Microsoft’s 2022 Work Trend Index. So, working with a coaching partner can help leaders identify their strengths so they can avoid burnout by enlisting the aid of others better suited to those tasks.
How leaders communicate–whether about a task for delegation or a keystone issue for the company–is another area where coaching can prove critically important. Identifying your leadership style, how it relates to your corporate culture, and the fundamentals for avoiding misunderstandings is as important to the functioning of the organization as other subject matter expertise.
“There are two ways of spreading light: to be the candle or the mirror that reflects it.” — Edith Wharton
To be effective, leaders need to be able to inform and inspire. They need to earn and exchange trust. And they need to understand what it takes to achieve corporate objectives while having empathy for colleagues at all levels of the organization.
Part of that understanding is providing an employee experience that is empowering. That includes day-to-day activities, special assignments, and development opportunities. Coaching can help leaders tap into latent sources of strength to build additional leaders who can help shoulder some of their growing corporate responsibilities.
Of course, there are some burdens that only corporate leaders can bear. They are responsible for not only making the tough decisions, but dealing with the resulting fallout. In the case of company layoffs, for example, coaching can help leaders work through the guilt, regret, and changes needed to rebuild team trust.
It comes down to capability and capacity. By maximizing their own talents with the help of a executive coach, leaders can then increase their organization’s productivity, competitive advantage, and sustainability by recognizing, cultivating, and strategically leveraging the talents of their employees.
Summary:
- To be most effective, corporate leaders need help addressing the multifaceted expectations of the modern workplace.
- Organizations that invest in coaching enjoy over 500% ROI on those initiatives.
- The right coaching partner can help leaders rediscover purpose, navigate decision-making, sharpen or gain skills, communicate more effectively, and empower employees.
To leverage the strengths and talents of others you need to understand your own strengths and motivations. Through a combination of support, sharing ideas, and shaping new behaviors, I can help you become an even better leader. Learn more about my coaching services here.
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