The value of executive coaching in challenging times
In recent times, most executive coaching has been focused on developing the capabilities of high-potential performers. Harvard Business Review cites the top three reasons for engaging a coach as being to:
Develop high potentials or facilitate transition - 48%
Act as a sounding board - 26%
Address derailing behaviour - 12%
When carried out well, the benefits can be huge. Fortune magazine for example, reports the performance/productivity benefits of coaching as averaging 6x the cost.
But in the current post-pandemic, inflationary and unstable global context, CEOs and senior leaders are facing new challenges. We were therefore particularly interested in the attached article, from 18 July, in the Financial Times, Why an executive coach is a must-have for CEOs. One US consultant is quoted as saying "Leaders don’t have playbooks for hybrid work, high inflation. New and emerging managers haven’t worked through a recession.” This is certainly our experience as we face increasing demand to work with senior leaders in this context. It's an interesting article which you can download below:
To discuss executive coaching in your organisation, contact us for more information or to arrange a free no-obligation call: enquiries@managingchange.org.uk