Executive Coaching
The term coach is often associated with a sport or a box pulled by a horse. Referring to the former, a coach often defined as a person well-versed in a particular activity who lends his/her knowledge and expertise to those who need direction in said activity. Athletes, singers, actors, etc usually have coaches to aid them hone their skills and point out what needs improvement.
In the corporate world, there are also those who are experts in the field, and they are what we call executive coaches.
Executive coaching is for the most part, an interactive process created to aid inviduals to grow and develop their business/investing/managing skills in a fast pace. Most executive coaching is work-related and focuses greatly on improving behavior and performance. Executive coaching is goal-driven and results-oriented, providing personally tailored education for professionals who don’t have the luxury of time.
There are several key features in executive coaching. The first is that there is a limit on time– the coach sets a goal with a set of parameters, included time alloted. The executive coach is also time-limited, with hourly rates. Another key feature is action-oriented approach to learning, where coaches also take note of actions not simply results. Yet another is innovation, where coaches create custom activities for their students in order to hone the skills they have and improve the skills they don’t have. Lastly, executive coaching involves plenty of feedback, objectivity and an openness to suggestion.
Companies hire executive coaches for a variety of reasons. One reason is to provide support to an appointed senior person to a higher position, and utilizing their full potentials by exploring and accelerating their subject’s personal development. A second reason is to provide a critical thinker / sounding board to senior executives. A third reason is as a reward or retention of key staff who have been successful with the business.