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Executive Coaching has emerged to be a corporate remedy for the executives, who need to upgrade their skills set. It helps them maintain their work-life balance, reduce work pressure, and become top contributors to their company’s growth.
According to a study by Metrixglobal in a fortune 500 company, executive coaching bought a mighty 529% ROI.
Before looking at the benefits, it is essential to know the difference between executive coaching and mentoring. Many executives misjudge and opt for mentoring when coaching is the call.
Executive Coaching vs. Mentoring
The significant difference is time. Coaching is short-term and has definite starting and ending points. Whereas mentoring might last for decades.
People seek advice, guidance, and learn from the experiences of their mentor. In mentoring, the focus is on personal goals and growth. Mentors are usually the experienced version of their mentees.
On the other hand, Coaches are mostly from outside the organization and may not match their clients’ specific skills. Coaching focuses on polishing skills and aligned them to make way towards the company’s goals.
The exchange of information is casual and as per need in mentoring. In coaching, there is a structured flow of information, and it is measurable.
Benefits of Executive Coaching
The Prime benefit of executive coaching is measurability. Coaching fees are subject to measurable leadership growth. 95% of 11000 business leaders who have been through the coaching process measurably improved their leadership effectiveness.
For executives, executive coaching brings astonishing results in their performance and organizational growth. A survey of 100 executives conducted by Manchester Inc. indicated that ROI on executive coaching is six times the coaching cost.
Self Awareness
Without self-awareness, executives may continue to follow the same old routine without realizing that it deteriorates their personal development and impacts organizational growth.
By Analyzing your strengths and weaknesses, executive coaching consultancies identify the key points that trigger self-motivation and positive behavior.
Coaches then develop a plan to lead yourself first successfully, then your team, and your organization.
Boost Emotional Intelligence
Next is Emotional Intelligence. Regarded as the key to success in the workplace. Executive coaching helps leaders in positively controlling emotions when exposed to tough and stressful scenarios at work.
Executive coaching enhances your emotional intelligence to effectively manage your work-life balance, time, and stress management.
Polish Social Intelligence & Awareness
It has been scientifically proven that how their team members and colleagues reflect leaders’ and executives’ emotions and actions.
Through an executive coaching program, executives take control of their emotions, and through their positive actions, they abet positive energy within their teams for better performance.
Enhance Employee Engagement and Retention
Once executives control their emotions and understand how it impacts their social relationships, they will experience better team engagement and employee retention.
According to a study by MSW research, employees’ relationship with their manager directly influences their engagement level.
Study shows that when executives build strong relationships within a team and create an engaging work environment, employees tend to perform with higher capacity.
Crystal Clear Vision & Higher Productivity
Executive coaches’ ultimate goal is to synchronize executives’ performance with organizational goals and vision. Best coaching consultancy firms make their clients realize their goals and how they can boost their potential to achieve them.
A good coach upskills you to develop innovative thought processes and invoke the best performance in executives for the organization’s sustainable growth.