Being an executive of a business certainly isn't what it used to be. Today's company leaders have to deal with unprecedented challenges and have to handle employees that have a mentality that's never been seen before. That's why the executive coaching industry has been booming over the last several years as companies look to make sure their leadership is at the best level it can be.
You've probably heard of executive coaching before, but there's a good chance you have some misconceptions about it or beliefs that used to be true but are no longer accurate. Here's a look at some of the most common executive coaching myths.
#1. Executive coaches are only for people who are struggling. Years ago, this mindset may have had some merit. In days gone by, when an executive coach was working with a leader, it means they had some serious issues to work on. But that's far from the norm now. In fact, improving executive leadership today is seen as an investment in a company, and bettering their skills is a top priority. Executive coaches are about increasing professional development and stopping bad behavior before it even starts.
#2. Executive coaching is expensive. There certainly are some big names in the executive coaching industry, and some of these names can demand big dollars. But you might find that this coaching is actually more affordable than you realize. And if money is a concern, you should be aware that coaching programs can be tailored specifically to your needs. If you want to save money, you can request a smaller approach tailored towards one specific thing instead of a sweeping generalization.
#3. An executive coach will come in and completely change how things are done. Executive coaching isn't about making wholesale changes or changing someone's entire personality. Most training sessions are a few weeks long, while it's estimated it can take over 200 days for a new habit to form. So if you think a coach is going to come in and turn your company upside down, that's the wrong idea. Instead, the coach is there to help leaders maximize their potential and learn how to better guide employees. Any changes to the company as a whole will come from the top - not the outside coach.
Studies have shown that executive coaching produces amazing results—up to a 70% increase in individual performance, a 50% increase in team performance, and nearly an 800% return on investment. The business landscape today isn't what it was 20, or even 5 years ago, so your approach to leadership and the betterment of executives should be different as well. If you have the old-school mindset that an executive coach is only for times of trouble, put that mindset aside and learn more about how you could benefit from executive coaching.