Start your engines with executive coaching
By Leanne Hoagland-Smith May 4, 2013 1:34PM
Leanne Hoagland-Smith. | Provided photo~Sun-Times Media
May is the time for the Indianapolis Speedway, blooming flowers, green lawns and the prelude for all those summer time activities. Additionally, May is recognized as International Coaching Month.
Coaching whether it is business, executive or corporate has become very popular. For years, athletes have had one to multiple coaches supporting them in their refinement of their skills so they could be the very best. Now in the business world, executive coaching has taken hold as well.
Over a decade ago in 2001, MetrixGlobal conducted what is considered to be one of the best definitive studies respective to coaching. In this study to determine the effectiveness of coaching or return on investment (ROI), MetrixGlobal surveyed 100 executives of Fortune 1000 companies who had received executive coaching.
The time frame for these coaching experiences ranged from six months to 12 months. What the researchers discovered was executive coaching delivered a substantial return on investment of 500 percent to 700 percent. The reason for the variation was due to the company, the executive and the results.
Now just imagine for a moment you invested one dollar and received six dollars in return within six to 12 months. Return on investment is the value of the results achieved less the initial investment or $6 less $1 equals $5 or 500 percent.
Would you be willing to make that investment?
For example, your firm turns over one employee a year. The cost of this turnover is $25,000 which is in alignment with national average employee turnover costs. During the exit interview you learn the employee left because of internal people problems including this person’s direct report. Would you be willing to invest $5,000 to develop this manager to stop this expensive turnover problem?
Another example is your firm is fast pace; employees appear to be frustrated and short tempered. You notice it within yourself. Insurance premiums are on the rise because the stress in your company has increased sick time. Increased sick time has decreased productivity as well as quality and customer satisfaction. Would it make sense to make an investment in your own executive leadership development to stop this negative drain on your resources including profits?
Executive coaching does deliver incredible results for executives and small business owners provided the following are in place:
1. Recognition of problem or problems
2. Commitment to change the status quo
3. Willingness to be uncomfortable during this process
4. Acceptance that sustainable results take time (this is not a magic pill solution)
5. The executive coaching is process driven and begins with an assessment or assessments
For your employees (as well as yourself) not only to start their engines each day as the flag is dropped, they must keep their engines running at high performance. Executive coaching can be the solution to creating a high performance team and culture where sustainable results become the norm. So ladies and gentlemen, start your engines.
P.S. Shout Out – HealthLinc in Valparaiso and soon to be in East Chicago along with the Hammond Clinic provide a variety of health care services.