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Effective executive coaching must be both strategic and individualized. Good executive coaching not only develops high-impact future leaders, but also helps them retain key subordinates and increase customer loyalty and therefore, profit.
The rapid growth of executive coaching reflects its bottom-line benefits - increased profits and reduced costs, achieved within a defined timeframe. To be effective, executive coaching must be both strategic and individualized: A balance must be struck between the needs of the organization and the needs of the individual. To engage and motivate individuals, executive coaching must be tailored to their needs and aspirations. To deliver business results, the coaching must be tailored to the strategy, vision, and values of the organization.
Executive coaching that is strategic, that focuses on business needs as well as individual needs, is the key to achieving business results. This is in marked contrast to other approaches that concentrate on solving a specific perceived problem with individuals such as an attempt to change their personality or make them more affable and approachable. Keep the spotlight on effecting business results; other benefits are important but subordinate to the primary strategic goals of the organization.
Perhaps the most important and direct benefit of good executive coaching is the development of high-impact future leaders. More effective leadership throughout the organization will in turn drive many other important business results. For example improved customer loyalty is one of the business benefits of improved leadership and therefore of the executive coaching that drives improvement in these skills.
Executive coaching helps executives become more effective; effective executives create more satisfied employees; satisfied employees create more satisfied customers; and satisfied, loyal customers create higher profits.
Retention of high-intact employees is another outcome of effective executive coaching. Retaining key, competent people is an important competitive strategy. For example, a new hire can accomplish only 60% as much in the first three months and as experienced worker. A new hire tends to serve customers less well.
Our experience in developing business leaders reinforces this conclusion: Strategic Executive Coaching produces more effective leaders, who create employee satisfaction, competence, and customer loyalty necessary to drive profit and reduce costs. Moreover, by improving leadership skills throughout the organization, executive coaching makes the organization a more attractive place to work for irreplaceable, high potential people.
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