What are the benefits of executive coaching?
Benefits Experienced by the IndividualHere at Noomii, we interviewed a number of coaches and their clients to find out what the benefits are. Below is an incomplete list of benefits of executive coaching experienced by the executive.
- Better communication with team members
- Increased confidence
- Better work-life balance
- Quicker decision making
- Better time-management
Benefits Experienced by the OrganizationThe benefits of coaching depends on the type of organization and the desired outcome of the coaching. In the case of executive coaching, the company benefits if the executive's performance is improved by more than the cost of the coaching PLUS any additional improvements experienced throughout the organization based on the executives performance.
Let's say for example, an executive earns $100,000 and the company invests $10,000 per year for their coaching. Can the coaching improve the executive's performance by 10%, an amount equal to the investment? And what's the multiple effect? If the executive manages 10 people, how much of their performance is affected by the executive coaching? Ideally, there will be benefits throughout the organization and the return on investment will be much greater than 100%.
According to the International Coach Federation Global Coaching Study performed in 2009, the median company return was reported to be 700% with almost one fifth of respondents reporting an ROI of at least 50 times (5000%) the initial investment.
CB Bowman, MBA, CMC, MCEC at Executive Leadership, LLC 908.509.1744 firstname.lastname@example.org; http://www.exec-leadershipllc.com.