Improve Your Bottom Line Through Executive Coaching
Improve Your Bottom Line Through Executive Coaching
Copyright 2006 Red Ladder, Inc.
If someone were to ask you whether or not you would
consider working with an executive coach, would you feel
insulted or exhilarated? Your answer will probably depend
on a number of factors including what region of the country
you live in, the context in which the question is asked,
and your previous experience (or lack thereof) in working
with an executive coach.
For leaders on the east or west coast, having an executive
coach has become a perk or status symbol. For them, it is
now simply part of the executive compensation package. In
other areas of the country where executive coaching is
still not a common practice, this request will most likely
be met with some skepticism, particularly if an executive’s
performance is in question.
Why consider executive coaching? For the same reasons
someone like Tiger Woods hires a coach: to improve
performance and provide a positive boost to your bottom
line — both personal and organizational. And, here’s the
good news. Executive coaching is an affordable alternative
and you won’t come anywhere close to paying the $1 million
fee that Tiger Woods pays his coach.
What are the benefits of executive coaching? According to a
survey* of 100 executives who had received executive
coaching, the key benefits to their companies included
improvements in the following areas:
Productivity 53%
Quality 48%
Customer Service 39%
Reduction in Customer Complaints 34%
Cost Reductions 23%
Bottom-line Profitability 22%
In addition, other benefits to the executives who received
coaching included improvements in the following areas:
Working relationships with direct reports 77%
Working relationships with immediate supervisors 71%
Teamwork 67%
Working relationships with peers 63%
Job Satisfaction 61%
Conflict Reduction 52%
Organizational Commitment 44%
Working Relationships with clients 37%
*Source: Manchester, Inc.
In fact, the same survey indicated that the return on
investment to an organization that invested in coaching for
its executives for a period of six months to one year was
almost six times the cost of the coaching.
Organizational environments continue to flatten out, and
executives are being asked to do more with less while
managing broader spans of control. At the same time,
employee turnover is increasing, employee morale is
decreasing, and employee productivity is beginning to lag
in many organizations. If you are a leader that wants to
develop your full potential or that of your employees, then
you may want to consider executive coaching. After all, the
return on your investment will far outweigh your costs, and
that can only mean one thing: a positive impact to your
bottom line.
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Regina Barr is a management consultant and speaker who
helps companies develop strategies to attract, develop and
retain women leaders. Sign up for her FREE Ezine,
Developing People…Inspiring Success at
http://www.RedLadder.com .
