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If you’re a business owner or leader looking to improve team performance, but have never considered executive coaching & mentoring, you could be missing a trick.
But what exactly is executive coaching & mentoring? Why is it so important? Let’s take a closer look.
What is the definition of Executive Coaching & Mentoring?
Executive coaching & mentoring is the process of senior leadership teams undergoing a combination of training, workshops and support in order to become better leaders.
Effective senior business leaders are better at supporting their teams, leading to increased productivity and a more satisfied workforce, which ultimately improves business performance.
Shockingly, only 5% of organisations have executive coaching & mentoring in place, meaning there is a huge gap in the quality leaders within organisations. Executive coaching & mentoring however, can help transform businesses through supporting senior managements teams.
Why is executive coaching & mentoring important?
Executive coaching & mentoring improves communication & productivity
Communication between leaders and their teams is often an issue within many organisations. How often leaders communicate, as well as the quality of communication varies deeply between businesses. Worryingly, Harvard Business Review
found that 37% of managers sampled said they feel uncomfortable having to give direct feedback about their employees’ performance.
One constant however, is that businesses with better communication often fair better when it comes to performance, productivity and output. For example, Workforce
state that employees believe poor communication is contributing to several factors including stress, as well as a loss of sales. Indeed agree that poor communication leads to lower productivity and satisfaction levels.
Itol’s study found that after businesses deployed Executive coaching & mentoring, there was an 88% increase in managerial productivity.
Poor productivity and output is often one of the main concerns for companies. The above stats show just how much the strength of senior leadership’s communication can impact the bottom line.
Executive coaching & mentoring inspires employees, boosts morale & improves employee retention
An area many business leaders struggle with is low morale and high employee turnover. Studies have shown that businesses who invest in coaching & mentoring for executive leaders find that their overall employee satisfaction rises.
According to Finances Online, senior executives that have replaced traditional forms of leadership with more modern approaches (focusing on communication & mentorship) lead to an 86% upturn in stronger work.
As well as driving higher performing teams, it can also have an impact on employee retention. Goremotely report that 70% of employees quit their jobs
due to lack of appreciation, therefore working on this area can greatly reduce employee turnover levels.
The above data demonstrates that good leaders are inherently tuned into their teams, which subsequently helps organisations flourish.
Executive coaching & mentoring helps make better leaders
The main advantage of Executive Coaching & Mentoring is that it helps make overall better leaders, ultimately improving business success. Guider
state that 55% of businesses feel that coaching & mentoring directly improves profits and a study by Rhythm Systems found that Executive Coaching & Mentoring led to a 788% return on investment.
In addition to this, 71% of Fortune 500 companies have coaching & mentorship programmes, meaning some of the most successful businesses recognise and reap the rewards of executive coaching & mentoring.
Executive coaching & mentoring acts as a sounding board for senior leaders, offering impartial advice from an outside source; a way of gaining constructive feedback on areas for improvement.
Wiseup executive coaching & mentoring
The above points show how crucial developing a great senior leadership team is within a business.
At Wiseup, our bespoke Executive Coaching & Mentoring schemes help organisations develop consistently high performing teams. Our network of over 100 Experts, made up of both business coaches and business mentors, cover a wide range of topics and specialisms. We offer a tailored solution depending on what your business needs are.
If you're looking for business support, help with your leadership and management teams and an action plan for more effective leadership, learn more here.