Coaching has become a trendy word lately, at times even used by individuals who do not have the relevant training, professional credentials, or credibility.
It’s often confused with training, consulting, or giving advice, but it is distinctly different.
Similarly, the term “executive coaching” may sound familiar to many business leaders, yet its true meaning and benefits may remain unclear.
Understanding Coaching
Here is how we describe Executive Coaching: Executive coaching is having a partner for your leadership.
Coaching is a co-creative and collaborative process, where the coach works with a client to help them achieve their goals through a structured and supportive interaction that encourages self-discovery and development.
Just as athletes work with coaches to hone their performance, business leaders should partner with executive coaches to sharpen their leadership skills in order to increase their effectiveness, and drive their organizations forward.
Why is this important you may ask? Here are the top benefits of executive coaching as shared by real senior leaders.
Top 5 Benefits of Executive Coaching
1. Increased Self-Awareness and Emotional Intelligence
Simply put, self-awareness means knowing yourself, understanding your strengths and limitations, and recognizing how you impact others.
Emotional intelligence, on the other hand, involves understanding and managing your emotions and those of others.
Through executive coaching, leaders can gain valuable insights into their behavior patterns, blind spots, and triggers, helping them become more intentional about their impact.
• 70% of clients reported improvements in work performance
• 61% in business management
• 57% in time management
(2009 ICF Global Coaching Study)
For example, one of our clients, Shaun, President of a fast-growing technical business, faced unexpected challenges as the company expanded. Through executive coaching, we conducted a thorough assessment of his leadership impact, revealing areas for improvement. Shaun focused on enhancing self-awareness and experimenting with new leadership approaches, leading to clarity on his challenges’ root causes.
With the help of coaching, he was able to shift from a directive to a more collaborative leadership approach.
By encouraging open dialogue and empowering team members, he fostered a culture of teamwork and psychological safety. This shift not only resulted in a 20% improvement in project efficiency but also a 15% increase in client satisfaction scores for the entire organization.
2. Access to Confidential Space for Thought Partnership
It can be very lonely at the top. Sometimes, leaders need a sounding board, a safe space to bounce ideas, and someone to challenge assumptions and brainstorm solutions. That’s where thought partnership comes in.
Take it from Rebeca, a COO who worked with us to shape the future leaders and succession planning for her company.
Through coaching sessions, she identified the need for additional leadership layers and navigated sensitive discussions on individual strengths and areas for improvement.
Our process involved assessing current leadership and future needs, pinpointing high-potential candidates, and crafting development plans. As a result, Rebeca was able to create a succession candidate pool for her most vulnerable positions and identify leaders who were ready to step into the newly-created roles.
Rebeca later shared that the external perspective to her challenges and questions led her to discover fresh insights, which resulted in stronger decision-making. Having a confidential space for sensitive discussions also allowed her to clarify how she wanted to address delicate matters openly.
3. Broader Range of Perspectives
Leadership isn’t just about seeing what’s in front of you; it’s about having a 360-degree view of the landscape.
Inevitably our perspectives are limited by our own experiences, privileges, difficulties and circumstances we have faced in our lives. At times, this makes it challenging to view things from different angles.
Executive coaches challenge leaders to consider multiple viewpoints, which not only help leaders broaden their perspectives by considering ‘alternative truths’ but also seeing beyond the immediate challenges to the bigger picture.
A client of ours, Andre, relocated for an executive role to the US, leading a new division amidst diverse political, cultural, and socio-economic dynamics. Through executive coaching, he engaged deeply in cultural introspection, gaining new perspectives and embracing diversity and inclusion in his decision-making and business navigation.
By actively seeking and understanding diverse viewpoints, Andre cultivated additional ideas that fostered collaboration and innovation within the organization. This transformation not only facilitated his integration into the new business environment but also empowered him to harness diversity as a strategic asset, driving company growth by 15% and increasing his overall leadership effectiveness.
4. Improved Confidence and Resilience in Leadership Roles
Confidence and resilience go hand in hand when it comes to leadership.
Everyone struggles with imposter syndrome (Watch our video on overcoming imposter syndrome) at some point in their lives and executives are no exception.
Other times, leaders can find themselves in situations where they are not thriving yet lack the clarity around why or how to go about it.
Executive coaching isn’t about dictating steps; it’s about clarifying what is the root of the challenge and empowerment to assess risks, make choices and chart your own path, fostering confidence in leadership and decision-making.
What are the long-term benefits? Briefly put, leaders who are confident and resilient are better equipped to navigate uncertainty, inspire their teams, and drive results for sustainable success.
5. Accelerated Professional and Personal Growth
Executive coaching helps accelerate both professional and personal growth.
In the day-to-day running of a business, self-reflection often gets sidelined, and many leaders overlook the importance of ongoing development.
The reality is that continuous learning is crucial to staying relevant in today’s rapidly changing world. Engaging with an executive coach presents an opportunity to debrief situations in real-time, address blind-spots and unlock new opportunities for personal and professional advancement such as:
• Faster career progression within the company hierarchy
• Successful transition into executive leadership roles
• Better decision-making in high-pressure situations
• Improved ability to navigate change and uncertainty
• Strengthened strategic thinking and problem-solving capabilities
• Increased effectiveness in leading teams, creating a following and driving performance
• Coaching ranks as one of the most effective developmental approaches, leading to a high return on investment and improved leadership skills. (Center for Creative Leadership (CCL) Study)
Conclusion
Whether it’s achieving a coveted promotion or a work-life balance, executive coaching can empower leaders to reach their full potential.
It not only helps leaders understand themselves better, but also consider different perspectives, build confidence, and foster growth.
And coaching isn’t just for high-level CEOs; anyone at any stage in the corporate world can benefit from it.
So, if you’re a leader or run a company, why not give executive coaching a shot? It could be the game-changer that takes your leadership to the next level.
If you have any questions or would like to explore how executive coaching can benefit you or the leaders in your organization, please reach out at hello@thriveworks.ca.
