Today’s CEO faces more pressures than ever before. Business leaders are dealing with rapidly changing markets, technologies and workforces; government regulations are also escalating, increasing financial and legal scrutiny. Top executives who feel that they can manage it all by themselves are more likely to burn out, make poor decisions or make no decisions. This can potentially result in significant loss of opportunities, human resources and financial resources.
Achieving CEO Readiness Through Coaching
- No one else needs to hear the truth more, but gets less of it from their employees
- No one else is the focus of criticism when things go wrong
- No one else is the final decision maker on difficult and often lose-lose decisions
With these circumstances, it is essential to have an unbiased person to act as a confidante, a mentor, or someone they can trust to tell the truth about their actions and behaviours.
Reasons why you need coaching and how you can benefit from it Viable candidates for the top executive positions must possess a vast array of skills and emotional intelligence. It is a rarity that all of these abilities are inherent to an individual; this requires aspiring executives to develop these talents with a purposeful strategy. Part of this strategy to build readiness for the role should be obtaining coaching.
Why boards need coaching Robust coaching and development plans against the prospective needs of the company. In particular, coaching continually updates the board on how executive candidates are progressing. This allows the board to measure an executive candidates’ readiness, as well as their capacity for growth, on an ongoing basis, helping make the ultimate executive selection decision clearer.
Transitioning to new roles Conventional wisdom goes that giving people ninety days to acclimate in to their new roles is sufficient preparation. For a role as critical as an executive officer however, such little time to adjust is setting individuals up for failure. Most people need a full year to become fully effective in their new situation. Everything changes when you move into a new job, whether you come from within the company or from outside. Coaches can work with executives and their organisations to develop a detailed road map for success as well as construct an environment that maximises an individual’s effectiveness.
It’s not just for newbies… The business world is constantly changing. New market conditions evolve the nature of how organisations must conduct affairs and what drives success. An individual company’s conditions even alter the way executive officers need to approach the role. Consider the example of the founding Chief Executive Officer. For founder Chief Executive Officers, there’s regularly a need to grow one’s personal skill set in accordance with the company’s growth. In the early start-up years, being a content expert and fund-raising guru might have been the pivotal elements of their executive roles; there may have been little expenditures of time and effort spent on crafting policies, procedures, and staff management systems. As the venture grows, however, these founding leaders must confront a whole new set of challenges related to regulating and managing an increasingly complex firm. Coaches and consultants can work with CEO/founders to adjust with their business, and adapt to the shifting demands as a business transforms in size and breadth.
Return on investment The most asked-about facet about business executive coaching is its return on investment. The plurality of studies, including one by Joy McGovern and her colleagues at the research firm Manchester, indicate that chief executives who received coaching appraised the service between $100,000 and $1 million.
Ego boost Coaching is also a psychological advantage in today’s business world. It is contended that assigning a coach to an executive is now viewed as a privilege and a signal that the organisation values the executive’s contributions and is willing to invest money in his or her growth and development. With a healthier mental state, chief executives are more likely to be comfortable in their position, and enable their creativity and acumen to best be actualised into results.
Make sure you’re ready to to take your career to CEO level and succeed. Sign up to the CI Executive Career Management programme and get access to a Career Coach to guide and coach you through your journey to board level. Also don’t forget to keep a lookout for the top roles that become available in emerging markets.
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