For many years, organizations used executive coaches to address performance issues with their more senior executives before they were given opportunities to look elsewhere to advance their career. Times have changed. In recent years, both organizations and career-minded professionals are using executive coaches to accelerate development and drive results. Executive coaches are proving effective for organizations when roles are changing, particularly when shifting from a role that is specialized to one that is more of a generalist or during major restructuring. They are also effective in helping develop high-potential individuals who are transitioning from managing work to managing and leading people.
Increasing, individuals are contracting directly with executive coaches. This often occurs when they feel their career opportunities have stopped or when they are no longer satisfied with their own results. They choose to pay for it themselves because they don’t want to put the coach into a relationship which potentially causes a conflict of interest with the employer. An example of this might be when career or employer changes are being discussed.
So when should you consider hiring an executive coach?
When you want to improve your leadership skills
When you aren’t getting the recognition or promotional opportunities you feel you deserve
When you aren’t achieving the results you think you should at work or in your personal life
When you are dealing with difficult people or corporate politics
When you are transitioning from a technical role to a generalist role
When you are transitioning from managing work to managing people
When your performance starts to deteriorate
When you lose your position due to performance
When you are feeling stressed out
Once you’ve decided that an executive coach might be good for you, you may wonder what an executive coaches actually does. One of the most important things that good ones do is to help you identify and focus on the things that are most important. They should look at all aspects of your life, not just work. Coaches work closely with you to identify where you want to be and the gaps that may exist in helping you get there. They ask a lot of questions in order to understand the real challenges that are in your way. They provide structure to help you be accountable for the goals that you set. Perhaps, most important, is that they challenge your thinking and help you take ownership for the things that are preventing you from achieving your goals.
An executive coach isn’t for everyone. They can be very expensive. Fees can range anywhere from $150 to several thousand dollars per hour. The higher you are in an organization, the more you expect to pay. Most coaches require a written contract with a minimum financial and time commitment, usually around $2,000 and for six months. These costs will vary based on the type of engagement and time commitment required, as well as the level of responsibility you have or are seeking. Most require a retainer to get started. When they know you are committed, they set aside time in their schedules to make sure they are available when you need them.
Like everything, the effort you put into something often determines what you get out of it. If you want to get the most from your executive coach, you need to be willing to dedicate time on a regular basis and also time to do that pre-work needed to prepare for your meetings. It’s best to establish a scheduled time to meet. A good coach will prepare an agenda and will keep track of your commitments. That being said, executive coaches aren’t accountable for your results, you are. If you aren’t willing to commit the time needed to meet with your coach and do what is needed to change whatever needs to change in your like, you marginalize your results.
Before hiring an executive coach, you should think a lot about the reason you want to do so. Not only will it help you get the most out of your experience, it also helps you determine the type of executive coach you need. There really isn’t single source for finding a good executive coach. The executive coaching industry is relatively new and continues to evolve. As such, there are no agreed upon standards for what makes a good executive coach and what doesn’t. This makes it harder to choose one that will work best for you. Some coaches have completed certification programs; however, there are differences in opinions among professionals in the industry as to whether certifications are really relevant in today’s increasingly complex world and if they are even needed. Just because someone isn’t certified doesn’t mean they won’t be a good executive coach.
When choosing an executive coach, consider the following:
Why do you want a coach in the first place?
What do you want from your coach?
Overall philosophy of coaching – Are they willing to give you feedback that you may not want to hear? Are they flexible? Can they adapt as your priorities change?
Number of years of experience, types of industries and levels of clients – Have they had experience leading people? Do they understand the challenges you face? Can they give relevant advice when needed?
Types of coaching assignments and area of specialty – Do they know how to accelerate the development of high potential individuals? Do they work more with people who are succeeding in their roles or do they focus on helping people turn around performance?
There are some who suggest it’s better to have an executive coach who doesn’t know anything about the industry or position you are in and there are others who think relevant experience is what makes a person a good coach. In my opinion, it’s better to have someone who understands the complexities of organizations and who can help you determine the best approach to guide you to success. You need someone you can trust with every detail of your life as sometimes your coach has to help you overcome personal challenges you have that are preventing you from being the best you can be. It’s also important to have someone who listens and asks questions. Although your coach will help you take responsibility for your professional development and growth by working with you to set realistic objectives and target dates, you need to remember that you have to implement your plan.
Hiring a good executive coach can be one of the best investments you can make in your career if you are willing to accept feedback and commit to doing what you need to do to get the results you want. It’s important to remember that in most instances our destiny is often determined by the choices we make, both personally and professionally. If you have any questions, please do not hesitate to contact me. I can be reached at Cathy.Ellwood@EllwoodEnterprises.com or by calling me at 614 404 3689.