"Many of the world's most admired corporations, from GE to Goldman Sachs, invest in coaching. Annual spending on coaching in the U.S. Is estimated at roughly $1 billion". - Harvard Business Review
"Recent studies show business coaching and executive coaching to be the most effective means for achieving sustainable growth, change and development in the individual, group and organization." – HR Monthly
"Using [coaching] instead of sending executives and managers to seminars two or three times a year can be more beneficial to ongoing career development, not to mention less expensive." – PC Week
These are the opinions of significant authorities regarding the effectiveness of executive coaching. But the question I often encounter from the general public is, "What is executive coaching?"
"A major benefit of coaching is having someone who helps you see your strengths and weaknesses and uses them to accomplish your goals." – Minneapolis Star-Tribune
"Coaching takes a holistic view of the individual: work, corporate values, personal needs and career development are made to work in synergy, not against one another." – British Journal of Administrative Management
"A personal coach can help you by getting you to spell out what it is that you really want and then working with you to make the changes that actually enable you to get there." – The Vancouver Province
"[A coach] is part advisor, part sounding board, part cheerleader, part manager and part strategist." - THE BUSINESS JOURNAL
The next question that I am asked is, “Is coaching more effective than training?” Let us see what the experts have to say in response to this.
"A study featured in Public Personnel Management Journal reports that managers (31) that underwent a managerial training program showed an increased productivity of 22.4%. However, a second group was provided coaching following the training process and their productivity increased by 88%. Research does demonstrate that one-on-one executive coaching is of value." – F. Turner, Ph.D.
"Xerox Corporation carried out several studies on coaching. They determined that in the absence of follow-up coaching to their training classes, 87% of the skills change brought about by the program was lost." – Business Wire
"In a 2004 survey by Right Management consultants, 86 percent of companies said they used coaching to sharpen skills of individuals who have been identified as future organizational leaders." - Excerpt from “What An Executive Coach Can Do For You” – Harvard Business School.
"Business coaching is attracting America’s top CEOs because, put simply, business coaching works. In fact, when asked for a conservative estimate of monetary payoff from the coaching they got… managers described an average return of more than $100,000, or about six times what the coaching had cost their companies." - FORTUNE Magazine
Now that we know that Coaching is effective the final question I am asked is, "When should executives seek coaching?"
"[Executives should seek coaching] when they feel that a change in behavior-either for themselves or their team members-can make a significant difference in the long-term success of the organization." - Marshall Goldsmith, Fast Company Columnist
Keywords: Executive Coaching
By: Pramila Mathew
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