Whether you’re the CEO of a multi-million dollar corporation in Seattle or a small business owner in Denver, choosing an executive coach can be a difficult decision. Here are three questions to ask yourself when thinking about investing in a coaching program designed exclusively for executives.
- What is my return on investment (ROI) going to be?
- Does the plan fit with my professional goals and the objectives of the organization?
- Is the program tailored to my specific needs and the needs of my employer?
One of the most important questions you should ask is, “How do I, or we as a firm, measure our ROI on what we’ve invested in our tailored coaching program for executives?” This question is critical because, as effective leaders know, their company’s objectives and strategies must be aligned with what they plan to get out of any executive coaching engagement and training they invest in.
How is the return on investment on a successful executive coaching process measured? First let’s consider some of the basic cost-savers.
- Compare an executive coaching program to a half-day workshop. A seminar for you or your employees held in another city involves multiple days of travel on paid leave and incurs travel expenses. An executive coaching program eliminates these expenses.
- Does the workshop drill down to my needs or the exact needs of each individual leader and will it teach them what they need to know to benefit the organization? You’ll soon realize that a cookie cutter solution is much more likely to be unsuccessful than a personalized coaching program for executive leaders. A program catered to individual needs hits the bullseye while a program catered to overall needs might come close or miss the target altogether.
Recognize that the right executive coach can make a huge impact to your organization. You might find that the cost of not having a coach actually outweighs the cost of having one.
If you’re raising your eyebrows saying, “I’m still not convinced. I need more facts,” then let’s get straight to them. A comprehensive study conducted by McGovern, Lindemann, Vergara, Murphy, Barker, and Warrenfeltz, which was published in The Manchester Review, revealed the following benefits to businesses that employed executive coaching tools:
- Increase in relationships with immediate supervisors — 71%
- Increase in teamwork — 67%
- Increase in building positive relationships at work — 63%
- Increase in job satisfaction — 61%
- Increase in organizational commitment — 44%
- Improvement in relationships with clients — 37%
If you’re convinced that executive coaching can help take your company to new heights or advance in your career, the final question to ask is, “What features should I look for in an effective coaching program?”
The primary factor you should look for in a program for coaching executives is that the coaching strategy should deliver results. Look for executive coaching services that provide you with step-by-step instructions you can implement and put into action to see immediate results.
Are you ready to boost performance, increase ROI, and get targeted results? Contact Joel Garfinkle to invest in a coaching program that delivers all of the above and more!
Copyright ©2005-2016 Joel Garfinkle, All Rights Reserved.
Joel Garfinkle is recognized as one of the top 50 coaches in the U.S., and the author of 7 books, including Getting Ahead: Three Steps to Take Your Career to the Next Level. He has worked with many of the world's leading companies, including Google, Deloitte, Amazon, Ritz-Carlton, Gap, Cisco, Oracle, and many more. Visit Joel online at Garfinkle Executive Coaching. Subscribe to his Fulfillment@Work Newsletter and receive the FREE e-book, 40 Proven Strategies to Get Promoted Now!
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