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The Benefits of Executive Coaching

What are the benefits of executive coaching?

Continuous development is a pursuit that distinguishes good mentors from great mentors.

Improving your skillset is not solely for those starting their careers but benefits every level on the corporate ladder. Leadership assessments and executive coaching are fundamental to creating formidable and robust management teams to drive a business forward. Knowing there is always more to learn is something any management team should recognise and embrace.

But in a climate where anyone can be a coach, how do businesses find the right one to generate positive results?

The coaching industry has boomed over the past decade: There was a 153% increase in UK-based life coaches on LinkedIn in 2020 compared with the year before, according to the social network, while the number of business coaches soared by 115%. According to Ibis World, the value of this sector alone is forecast to reach $11.6bn (£8.4bn) in 2021. However, it is unregulated, and anyone can set up as a coach without training or qualifications.

To find an ICF accredited coach for your business, you can use search their UK directory here.

So, what are the benefits of using a coach in your business?

Manage Change

All businesses, regardless of size, go through periods of change. This could be changes to the senior management team, restructuring your workforce and processes or launching a new product. Using a coach can help to highlight gaps in your planning, provide impartial insight and make recommendations based on their experiences with other businesses such as yourself.

Identify Strengths and Weaknesses

The Pareto principle is a framework which states that roughly 80% of value come from 20% of effort. It can be used to evaluate such things as customers, workload, tasks, and productivity. Working with an executive coach can help you analyse your business and determine what your 20% is.

Empowerment and Personal Development

Using an executive coach can help develop essential management skills, such as communication, empathy, self-awareness, social skills, and cognition. All these skills are important to retain talent within your business.

• Effective communication creates positive impacts within your business, such as more effective teams, increased employee engagement, and a positive company culture.
• The ability to empathise with your peers and employees is to understand their point of view. Enlightened companies are increasingly aware that delivering empathy for their customers, employees, and the public is a powerful tool for improving profits.
• Self-awareness is a means for growth. When you are self-aware, you can question the things around you, rather than blindly continuing to do something the same way it has always been done.
• Having excellent social skills is the fabric of every relationship, whether in our personal lives or at work. Excellent social skills in the workplace allow you to lead without dictating and negotiate with ease, enabling you to successfully work with your team(s) to achieve the results you need.
• Cognitive learning is an integral part of building knowledge. This is the type of learning that allows us to make connections in the world.

Better Leadership

Developing your skills can help boost your emotional intelligence, ultimately creating a workplace environment of transparency and trust. People with high EQs understand themselves and their emotions clearly. They are also keenly aware of how they influence people around them.

The benefits described in this blog are only some of the possible successes of working with an executive coach. However, one thing is clear, whatever your business or personal goals, working with a coach can positively impact your business and the workplace environment of your employees.

Vero HR offers a range of external HR services and coaching to meet the needs of your business. Please do not hesitate to give us a call on 01733 830830 or email us at enquiries@verohr.co.uk.