What is executive coaching?
Executive coaching is a time bound engagement between a coach and a business executive aimed at helping them create the best business outcome. Organizations have seen an ROI of 7 to 10 times the initial investment during the process.
Every executive coaching is personalized, confidential in the details but open in the outcome to be achieved.
Leading companies across sectors engage an executive coach to help their leaders continue their learning journey and further business.
Why is executive coaching needed?
Business in evolving times brings its opportunities and challenges. Old business models are being challenged by young upstarts. There is a steady demise of business that fail to reinvent themselves. Many a times, it is not the lack of ideas or talent that prevent a business from re modelling itself. It is the senior leaders who may be the biggest barriers.
Having been brought up in a different era of business, the find it difficult to adapt themselves to newer paradigms. Even when open to change, they get restricted by their inner beliefs and past instances of success.
How will the leaders, brought up in a different era of business, be able to imagine business in a different era. The models of success, its enablers and drivers have changed from what it was earlier.
Business leaders need to evolve themselves such that they do not limit the growth of business, instead with their experience act as enablers.
An executive coach helps make this shift.
What does an executive coach do?
An executive coach works with a leader on their specific development needs. This may translate to bringing more innovation in the team, shifting mindset from being tactical to being strategic or listening to both customers and organization.
What are some examples of success in executive coaching?
Consider the case of a leading technology company based in Mumbai. The company had grown significantly during the service oriented technology boom of the 90’s. The times were different now though. New technologies like AI, RPA and voice automation had automated most of the business the organization was catering to. There was a need for a significant change across the company. However the leaders kept trying to push the existing products and services to their clients. This had a reduced demand. Further the margins were low due to increased competition. The organization hired an executive coach. The coach worked with the leadership in the organization to help them re-invent themselves to lead the new business paradigms. Where leaders were not willing to change, the CEO built the strength to let go. At the end of a 1 year engagement, the organization emerged strong and more agile than what it had been.
A Bangalore based tech product company wanted its executives to scale themselves to the next level. The Bangalore based leaders had succeeded in the organization due to their strong technical background. In the new roles, the organization expected them to play a role in directly interacting with clients and driving higher revenue. The newly promoted leaders were how ever not able to make the shift. They were not able to hold the right commercial conversations. Further, they were not able to charge for the services rendered to the existing clients. When pushed, the relationship with clients was either too giving or it got spoilt.
The leaders were good. The CEO who was also based in Bangalore, felt a change in mind will benefit the leaders. They engaged the services of an executive coach. The coach worked with the leaders over a period of one year. He helped each of them uncover their hidden biases. The coach then worked to upskill leaders in the right way such that they could hold the right commercial conversations with their clients.
A Mumbai based financial institution wanted to elevate its CXO team to build a higher executive presence. The board of the organization felt that while the executives were great at business, they lacked the essential presence that defines a leader in their organization. This was important because these leaders would go on lead public engagements and be the face of the organization externally. An executive presence coach was engaged to work exclusively with the leaders and skill them in their areas. The coach worked on gravitas, messaging and appearance with each of the coachee individually. At the end of a 6 month intervention, the leaders were able to amp up their presence significantly with internal and external audience.