A recent look at using Executive Coaching as a Development Tool has proven what many of us (coaches) have known and it’s always good to have confirmation.
Investment in executive coaching is on the rise in organizations working to fill talent pipelines. These companies are benefiting from a high return on investment (ROI) for this coaching, according to a study by global outplacement and career management firm Drake Beam Morin Inc.
Studies have found a direct correlation leveraging Executive Coaching to groom talent, operational excellence and the bottom line. “Executive coaching has become an ideal talent management tool for increasing business performance and making a company’s best people better,” according to Peyton Daniel, senior managing director and coaching practice leader for DBM North America.
Study participants calculated ROIs ranging from 100 percent to 500 percent return, based on factors such as executive output, quality improvements, cost savings and senior leader turnover.
But coaching isn’t just about the money (ROI.)
It is important for employers to recognize the role coaching plays in keeping workers satisfied. This has been found to be most significant with ‘high potential’ mid-level managers.
When an organization selects to infuse Coaching into the company climate, I have seen improvements showing up in succession planning as well as, helping a capable executive perform at an even more optimal level.
Experts such as HCI Executive Director Allan Schweyer agree. “Talent management executives recognize that executive coaching can not only enhance situational learning but also lead to enhanced performance and a competitive advantage in the marketplace.”
So, who's ready for a competitive advantage? In today's marketplace, with the ever changing landscape, coaching has been proven to calm fears, strengthen the bottom line and improve employee satisfaction.
Here are some coaching questions for your consideration based on this article:
1. How would you describe and evaluate the environment in your workplace? 2. What works well to promote and encourage potential in your workplace? Look for the strengths, good behaviors, supportive cultural strategies, etc which may exist.
3. What is not working so well and therefore is an opportunity for improvement? Again, look for behaviors, strategies (or lack of strategy), challenges, choices, etc.
4. What could be done to overall improve the talent pool and over all effectiveness of your teams and leaders? For this question consider strategies that address the previously identified opportunities and also leverages the existing strengths. 5. As a result of these questions and your considered responses to them, what are you committing to?