There is no doubt that the coaching industry is large and expanding. A recent study conducted that coaching brings about two billion dollars annually, globally. This shouldn’t be so surprising. But this should immediately lead us to believe that the reason why coaching has grown to be so prominent is because it is indeed effective and working. What’s more interesting is that with the rise in demand for coaching, coaches have began charging higher fees and taking in more clients as well. However, over half of the coaching industry is focused on executive, leadership and business coaching. Executive coaching has grown so large that it has grown to be such a prominent and integral part of development in many organizations across the globe.
Executive coaching isn’t just solely focused on the development and performance of a senior employee of the organization. It occurs on the team and organizational level too. It’s used a tool to foster development, growth, increasing one’s learning curve, improving job satisfaction, working on interpersonal relationships, increasing self-awareness and increasing performance amongst a myriad of other reasons.
So what are the factors that have deemed executive coaching to be effective at the organizational level, proven my empirical research?
- Leader self-efficacy — not just general self-efficacy, but leader self-efficacy is drastically improved upon coaching intervention within organizations. There is indeed a positive link between levels of efficacy and the executive coaching practice. This has also caused openness to new behaviors and the aid in top level performance.
- Psychological factors — these factors are very common concerns for many coachees. These include, but are not limited to, factors such as stress levels, anxiety, depression, burnout and resilience. The impact of coaching on these psychological factors has been extremely compelling. There are indeed positive relationship between coaching and the positive effects on the improvement of psychological factors within employees in organizations. This has a direct impact on the level of performance.
- Self-awareness and satisfaction — empirical studies have concluded that not only career satisfaction, but life and work satisfaction is improved with the involvement of coaching within organizations. Performance and self-awareness are key factors that many clients bring up and wish to target on.
- Transformation Leadership — a wonderful result executive coaching has brought in is that, yes, there is a drastic change in transformational leadership through the coach-coachee relationship and process. However, the great thing is that even after the coaching intervention has been completed, leaders continue to grow in transformation leadership. Transformational leadership is heavily pronounced as soon as the coaching process has ended. It is evident and at full work, bringing in top performance. However, it keeps on going. This has caused many senior leaders in numerous organizations to embark on the executive coaching journey.
- Solution focused thinking and change readiness — with the process of executive coaching itself, a huge component of executive coaching emphasizes on the importance of feedback. This is a crucial part of coaching, whether it is executive coaching or life coaching, or any other type of coaching. This is due to a number of reasons. Feedback encourages the thought process and to keep accountability as well. This hardcore thought process is crucial as it is ultimately the client who will bring in her or his solutions. The encouragement, support and guidance of the executive coach are definitely important as well — but the client will develop the thinking needed to set his or her direction towards achieving his or her goals. Change readiness is a key skill achieved from the executive coaching process. This allows senior level managers, CEOs and business leaders to create advantage, minimize risks and sustain performance.
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