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WHAT IS THE ROI OF HIRING AN EXECUTIVE COACH?
Not having an Executive Coach Costs You More Than You Realize.
7/8/2019
By JODY BAGNO
WHY HIRE AN EXECUTIVE COACH?
Another client of ours was recently named one of the "Top Places to Work" in the San Francisco Bay Area for the 5th year in a row. Each year, this company has been listed in the top 3 winners on a list of 50 companies. They have come a long way from 12 years ago when they hired our firm to conduct a "communications" workshop. The owners had heard about a couple of employees discussing the idea of bringing in a union.

We encouraged the client management team to do more than just a simple workshop. We recommended strategic planning sessions, staff interactions and executive coaching for their top leaders. Reluctant at first, the client agreed and wrote a deposit check. We brought them our best training and coaching. The union-idea never gained traction. Their employees felt heard, equipped and empowered.

And their company went from approximately $4 million in sales to well over $6million in a relatively short period of time.

A few years later, with stagnant growth, this company called again. They were ready to take things to the next level. This time, we engaged in an executive coaching relationship. Three years later, with essentially the same sized staff, sales have soared and are approaching $15million, and they are winning awards.

What is different about a company who hires executive coaches for their leaders than a company who hobbles along with average industry growth?

One word: Willingness

Have you ever tried to teach a 5-year old child to tie their shoes when they don't want to learn? It can be frustrating and painful, mostly for the teacher!

It isn't much different with leaders.

Leaders who are willing to reflect on the way they lead, consider alternatives, and discuss those options with someone (a coach) who is both safe and unaffected by those decisions, is going to be a more persuasive and powerful leader when it comes to mobilizing their teams to work towards a meaningful goal. Why? Because unlike a stubborn 5-year old, they are willing to learn and evolve. No one wants to follow stale leadership. If you want to know which employees to invest time and resources into, look for willingness. It is the key differentiator.

If you implement that statement in your decision-making process, you will avoid hours of frustration and heartache. This is the kind of clarity you'll receive in a coaching relationship, and frankly, it is worth gold!

THE ROI OF AN EXECUTIVE COACH
A survey of 100 executives, mostly from Fortune 1000 companies, by Manchester, Inc. concludes that a company's investment in providing coaching to its executives realized an average return on investment (ROI) of almost six times the cost of the coaching.

ROI BENEFITS:

-An average ROI of 5.7 times the initial investment (a return of more than $100,000)

-Executive productivity improvements (reported by 53% of executives)

-Organizational strength improvements (48%)

-Quality improvements (48%)

-Customer service improvements (39%)

-Greater retention of executives who received coaching (32%)

PERSONAL BENEFITS TO THE COACHED EXECUTIVE:

-Direct report and supervisor relationship improvements (greater than 70%)

-Improved teamwork (67%)

-Improved working relationships with peers (63%)

-Greater job satisfaction (52%)

Could you benefit from partnering with an Executive Coach?

QUESTIONS TO ASK A POTENTIAL COACH
If you want to find a coach, realize that the coaching field is vast. There is currently very little regulation so anyone can essentially call themselves a coach, although many coaches have turned to the International Coach Federation (ICF) for formal certification.

In addition to asking about a coach's training and methodologies, ask them:

-What are some of the wins your past clients have experienced while working with you?

-How do you define a successful coaching relationship?

-Give me an example of how you lean into hard conversations.

-How would you describe your ideal coaching client?

These few questions will give you all of the information you need to have a good gut-feeling about whether or not to hire this coach.

For more information, or to discuss working with one of our coaches, call us for a complimentary consultation at 925-222-JAZZ (5299).

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