Is executive coaching right for you? Generally a combination of coaching and consulting, executive coaching targets CEOs and executive management and addresses organizational concerns. Most executive coaches have a ontrong business resume, prior experience at the upper levels of management, and an ability to deliver concrete results.
To aid you in the decision making process, consider this hypothetical example of the executive coaching process.
Bill is the new CEO of Belington Publishing. The company’s board of directors brought Bill on because he had a reputation for turning failing businesses into thriving companies, all in the matter of a few years. If things didn’t turn around soon, the company would have to file Chapter 11 bankruptcy.
To ensure the greatest likelihood of success, the board contracted with an executive coach. The terms of the contract include two, 90-minute coaching sessions per month over the course of 12 months.
Executive Coaching Plan
The executive coach, Nancy, doesn’t waste any time coming up with a plan. She’s broken down the executive coaching plan into four steps:
Assessments and Strengths Indicators
Nancy understands the importance of identifying a baseline that clearly details their starting point. She’ll start by choosing a few assessments that will best serve her client, Belington Publishing, as well as the executive she is working with:
- Myers-Briggs Type Indicator®
- ProScan Survey
- Lominger VOICES® 360°
- TalentSmart Discovering EQ™
- TalentSmart Emotional Intelligence Appraisal
- Leadership Practices Inventory (LPI)
During the first month, Nancy will use a few tools and assessments, along with personal interviews, to collect information about the executive’s past and present leadership roles.
She will then schedule two, 90-minute coaching sessions to discuss the results, as well as the practical implications, with the executive. This information is critical in helping to determine where they are and creating an action plan that will take them where they want to go.
Strategic Action Plan
Combining the data she has collected through the interview and assessment process along with the business goals and objectives of the company, she will craft a plan.
During months two and three of the contract, Nancy will meet with the executive for two 90-minute sessions each month, focusing on creating an actionable, strategic plan that will deliver results
Coach. Measure. Adjust.
During months 4-11, Nancy will continue to meet with the executive for two 90-minute sessions each month. During this time, she will coach around any obstacles or challenges the executive faces achieving the goals they agreed upon.
Together, they will assess what’s working, what isn’t, and measure the success of the executive’s efforts. Based on each month’s results, they will adjust the business objectives and goals, taking into account obstacles and hindrances to progress, ensuring success for the executive and the organization.
As the coaching comes to a close, Nancy will work with the executive and the board of directors to create a plan to ensure ongoing and future success. To do so, will take into account the executive’s strengths, the challenges and obstacles he faces, the organization’s culture and politics, as well as the metrics she’s gathered over the past 11 months.
Although Bill didn’t hit all of his targeted goals, he is making significant progress. The organization’s profits are up, and both Bill and the board of directors are satisfied with the results. Their return on investment was seven times the initial investment — a clear win for all.
Now that you’ve walked through this scenario, what are your thoughts? Is executive coaching for you?
Share your thoughts in the comments section below.