The exalted status of Chief Executive Officer has never been more challenging or rewarding. Despite the lucrative salaries, perks and attention, the position can also be an isolated one, full of stress and high pressure. In such a highly-charged environment, it is always beneficial to have someone to truly assist these chief executives. This is why chief executive officers are increasingly turning to executive coaches to assist them in their performance.
Times Have Changed
Executive coaching appears dubious to many at first glance. It reflects a sign of personal deficiency, that the individual is not strong enough on their own to guide an organisation. After all, earlier generations of CEOs managed without the assistance of coaches. Leaders today, however, face greater pressures than at any other time previously. These executives must deal with rapidly changing markets, technologies and workforces. They must overcome increased financial and legal scrutiny. Top executives who feel that they can handle it by themselves are more likely to burn out. These individuals are more likely to make poor or no decisions. This can culminate in significant loss of opportunities, human resources and financial resources.
Have a ‘Career Workout‘
Executive coaches can reinvigorate an executive, diminishing the effects of burnout. Executive coaches function in the same way as a physical fitness personal trainer; they can provide a fresh take on how to maximise your time and results, while also providing meaningful feedback and encouragement. This is increasingly important in the new climate of executive management. The success rate and tenure of CEOs is vastly different than in generation’s past. In the past two decades, for instance, thirty percent of Fortune 500 CEOs have lasted less than 3 years. Now more than ever, it is critical to be performing at your personal best as often as possible. Every tool to aid in this endeavour should be pursued, including coaching.
Bridge the Perception Gap
One reason for the greatest concerns facing executives is the gap between how leaders perceive themselves and how others view them. This can be referred to as an issue in self-awareness. These perception differences can be career limiting. The wider the gap of perception, there will be more resistance to change. It further makes it arduous to create a positive organisational culture where openness and honesty are encouraged.
Executive coaches can provide great assistance in bridging this gap. Coaches add one-on-one personal interaction with an objective third party for executives. An executive coach will not hold back criticisms or necessary information that executives must acknowledge and understand to implement personal changes, such as how they interact with their staffs or deal with clients. This interaction can provide a focus other forms of organisational support cannot.
Career Coaching in Business
Individual executives are not the only ones pursuing executive coaching; business owners and organisations as a whole are becoming aware of the advantages they provide. Paul Michelman, writing in the Harvard Business Review Working Knowledge, states that most major business firms now make coaching a nucleus of their executive development programs. A study by Right Management Consultants found eighty-six percent of business organisations used coaches in their leadership development curriculum.
Chief executive officers interact in a high risk Vs high reward stratosphere. It can be a mentally gruelling atmosphere where even the highly competent and experienced can feel extremely pressurised. These individuals do not have to handle the burden on their own though. Executive coaches can be critical assets in succeeding within this competitive position. As part of your Executive Career Management programme with Career Intelligence, you can gain access to on-demand career coaching sessions. Our experience coaches will schedule sessions with you to guide you through your career move and coach you into the best shape possible for your next role. Find out more about the service when you become a gold member – login to Career Intelligence now.