If you think executive coaching is a ‘fluff’ program that only has soft benefits you might be surprised. We’re highlighting the Top 5 Benefits of Executive Coaching, both hard and soft, that companies and executives will find when working with a highly qualified executive coach. While there are the soft side benefits of improved communication and teamwork (which have immense value) there’s also surprisingly high return on investment and an increased sales and customer ratings. Read on to see how it really does pay to invest in an executive coach.
1. Strong Return on Your Investment
When it comes to investing business dollars, it’s important to have a strong return on investment. Executive coaching meets that requirement. Executive coaching delivers an average ROI of 5x-7x. You and your company will receive $5-$7 for every $1 you spend on executive coaching. Now that’s a strong ROI and a program you can take to the bank, or board for approval.
2. Increased sales and customer ratings
In a market where every company is looking to stand out, it’s essential that we find ways to increase customer ratings organically. If we can increase sales while treating customers better that’s a bonus. Executive coaching increases workplace engagement and reports show that highly engaged workplaces see a 10% increase in customer ratings and 20% increase in sales. Executive coaching does far more than help one or two executives; it has a ripple effect on the entire organization.
3. Improved teamwork
Forget about the team bowling events or happy hours. Have the team leader get an executive coach and that alone will improve the teamwork. Executive coaching is shown to improve teamwork as the approach of the executive changes towards driving a stronger team that works. At XecuCoach we also reinforce this by using quantitative assessments to ensure executives we coach align well with each team member.
4. Increased productivity with the same resources
Do you feel the need to do more and deliver more with the same resources? Executive coaching is a way to get that done. When a leader is partnered with an executive coach and taught how to lead in a new way, why to lead in a different way, they see what’s possible with the same resources. This saves the executive hours of reworking plans and strategies trying to add resources. Instead, they elevate productivity with the resources they already have.
5. Enhanced Communication with Team, Leadership and Board
When partnering with an executive coach, it’s essential to do an assessment that identifies your communication style. Much of what we do as humans, is verbal and non-verbal communication. That means that much of what we can change, be it relationships, teamwork, or leadership style, stems from communication. XecuCoach’s quantitative assessment breaks down communication style into both how and why the executive leads the way they do. We also look at how their team members communicate in order to triangulate the styles and enhance that communication style with each other. The communication gaps are then worked on and enhanced so they can improve their relationships and communication styles across the board.