High-pressure decisions, employee retention, and crisis management are all challenges that executives face on a regular basis. At work, it’s easy for leadership to feel isolated; after all, there are fewer people at the top of an organization. While your leadership team might be fully capable of working through problems alone, most of us make better decisions when receiving guidance from a trusted person.
Guidance in the form of leadership coaching gives executives an advantage when tackling a new challenge. Whether it’s creating space to vent, being pushed to think outside the box, or receiving feedback from a trusted mentor, executives need coaching in order to succeed. While more than half of senior leaders say that isolation impedes their performance, 92% of coached leaders say their resilience and performance are significantly improved. Coaching takes the pressure off executives from making decisions alone and provides an expert partner to help along the way.
Leadership coaching is more than a “soft” investment; it brings measurable changes to ROI, employee retention, and innovation. Here’s how investing in executive coaching significantly moves the needle across an organization.
Before starting any new business initiative, leadership wants to know: Will this be worth it?
While coaching and training solutions are often viewed as a nice-to-have, data shows they’re imperative for increasing revenue. Organizations with coaching cultures report 51% higher revenue than peers, and that number increases when executives receive coaching. Executive coaching directly impacts:
Fortune 1000 companies that invest in executive leadership coaching see an average return of six times the cost of coaching. The financial impact of leadership coaching is hard to ignore. However, coached leaders create positive impacts beyond dollars and cents; they contribute to a healthier, more productive work environment.
Leadership coaching removes the pressure of solo decision-making. Executive isolation, where leaders experience loneliness at the top, is incredibly detrimental to decision-making. A CEO’s decisions account for 45% of a company’s performance, but more often than not, their decisions are made in isolation.
Personalized coaching provides a confidential outlet for senior executives to receive guidance. From professional development to personal challenges, leaders need to be surrounded by other experts to grow. In a study of executives coached on stress management, 67% reported improved confidence in decision-making & conflict resolution. This is especially important when coaching is accessible in real-time, as 92% of coached executives report increased resilience when receiving coaching in times of crisis.
Great ideas need a sounding board. Leadership coaching gives executives a place to explore new ideas and receive the guidance needed to execute on fresh initiatives. Companies with strong learning cultures in place are 92% more likely to innovate.
However, one-on-one coaching serves as more than a place to explore new ideas. Coaching speeds up the learning process and leads to more effective knowledge retention than traditional learning methods. In fact, leaders participating in coaching say they’re better equipped to solve complex problems, communicate effectively, and motivate employees.
Coaching executive leaders improves employee retention. With 75% of employees reporting that their manager is the reason they quit a job, it’s evident that retention hinges on leadership performance. Creating confident, capable leaders starts with investing in their personal and professional development.
Employees at Boomi, a global software organization, introduced professional development coaching across the organization. They found that 82% of employees experienced reduced burnout and better stress management, and 88% reported increased engagement with their work and organization. The ripple effect of executive coaching leads to healthier employees who are better equipped to stay in their roles long-term.
Attracting and retaining executive talent is harder than ever. People in leadership positions are prone to increased stress, burnout, and attrition. But with the right coaching setup, executives have the support they need to thrive on the job. Investing in leadership coaching empowers executives to make better decisions and innovate with ease.
Ready to invest in leadership coaching? Explore how TaskHuman can provide one-on-one coaching for your leadership team.