Business executive coaching is an expanding industry. With many organizations increasing their use of coaching over the past decade, it is continuously gaining legitimacy as a business tool for employee development.
The IBIS Business Coaching in Canada Market Research Report declared that over the next five years more businesses will increase their investment in professional development and management programs. While a rise in corporate profitability enables more companies to afford coaching, it is competition on a global scale that have forced them to use this type of developmental tool as part of their growth strategy.
The landscape of business in Canada has changed dramatically in recent decades. Advancing technology, marketing automation, intense business competition, increasing globalization and transitional changes has shifted work processes from repetitive, measurable routine, to performances that require critical thinking, strong judgement and decision-making skills.
This is where business executive coaching can assist in the development of key people tapped for leadership positions and improving their effectiveness. The process involves a bit of psychology, a bit of consulting and a bit of mentoring to do more than just make behavioral changes, but also to broaden the individual’s learning process with the coach providing knowledge, opinions, and judgment in key business areas. These critical areas can include the following:
- Organizational effectiveness
- Conflict management
- Team development
- Executive presence
- Strategic thinking
- Interpersonal skills, both individually and in groups
- Effective communication skills
- Performance management
- Change management
- Self-awareness of one's own character, feelings, motives, and desires
- Onboarding or organizational socialization
Many companies use coaching because it is a cost effective means to leverage and accelerate the development of the organization’s valuable human resources. It provides a two-way benefit both to the executive and the organization:
For the executive, coaching can:
- Help to identify strengths and developmental needs to achieve higher performance
- Teach him or her to use to maximum advantage his existing strengths to improve performance
- Develop skills on creating strategic objectives with specific action plans
- Develop his ability to take personal accountability to enable him to stand by decisions, actions, and behaviors in all situations
- Help him adopt and build organizational cultural competence and enable him to work effectively in multicultural environments
- Achieve positive, long-term, measurable changes in behavior and help him become a role model for personal development to other team members
- Address personal and career development needs and interests in line with departmental needs
- Clarify objectives to help him attain greater work/life balance
- Increase leader engagement to build trust and increase standards of work performance among all team members
- Help him learn coaching skills he can utilize to build bench strength and train competent employees ready to fill vacant leadership and other positions throughout the organization
- Accelerate the onboarding process and help him acquire the necessary knowledge, skills, and behaviors to become effective in his new role with the organization
For the organization, coaching can offer the following:
- Lower turnover rate and increase retention of high-potential employees
- Develop individual performance in line with organizational goals
- Strengthen organizational interrelationships
- Improved commitment to employees and their growth and success
- Improved morale leading to greater productivity
- Improved retention rate among high potential employees and the best talent magnet
- Enhanced organizational performance leading to higher ROI
- Fosters better client relationships
- Executives learn coaching techniques which they can use for mentoring younger colleagues
Numerous research on business executive coaching has shown that around 80% of those who have received coaching have recognized positive changes in their work performance, communication skills and interpersonal relationships. With such positive impact, it’s not surprising that more and more companies are integrating it as part of their business strategy.
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