Why CEOs need Executive Coaches
The role of a CEO has never been more challenging and rewarding, however it can also be a lonely one, hence Boards and CEOs increasingly turning to Executive Coaches to assist them in their growth, performance and to reduce attrition.
Today’s CEOs face more pressures than ever, dealing with rapidly changing markets, technologies and workforces, as well as increased financial and legal scrutiny by the media, shareholders and public. Today’s organizations work internationally, often with virtual teams, multiple stakeholders and diverse workforces in terms of age and cultures. Business leaders therefore need to be able to see the big picture, expand their networks, both internally and externally, understand equality and diversity issues, and align their strategies to achieve maximum performance.
It is no longer enough for a leader to be a technical specialist or sector expert; he or she needs to think and act strategically to balance complex situations, such as those regarding share prices, sustainability, employee well-being and engagement. Leaders also need to improve their basic Leadership Judgement. According to a recent survey, 85% of leaders wanted to make more decisions based on their intuition, not on data. At Natural Talent we assess Leadership Judgement with one of the most successful online tools, the Leadership Judgement Indicator.
In addition employees and clients are now much more business savvy and critical; thanks to technology and social media, positive or constructive feedback is often instant. Leaders need to be more agile to be able to lead and manage change, be more authentic and able to demonstrate integrity. They need to break age old limiting habits and behaviour patterns, which they can achieve with the help of a qualified and experienced Executive Coach.
According to Harvard Business Review two out of five CEOs fail in their first eighteen months on the job, mainly due to their ego, lack of Emotional Intelligence and self-awareness, and often trying to lead with an outdated Leadership style. 92% of leaders surveyed recently felt their style was too directive and wanted to move towards more of a Coaching led organization to build stronger, more effective executive teams.
Leaders with such blind spots find it difficult to create a positive organizational culture which is open and honest. Often their management teams do not stand up to overly assertive behaviour and are reticent to provide constructive feedback. This is where an Executive Coach can provide an objective assessment of the CEO’s behaviour and give hard hitting feedback in order to encourage the CEO to change their style, as well as utilizing a robust Face to Face 360 Feedback Review.
‘Great CEOs, like great athletes, benefit from coaches that bring a perspective that comes from years of knowing you, the company and what you need to do to successfully drive the company forward.‘ William R. Johnson, CEO of H.J. Heinz Co.
Natural Talent’s Executive Coaches work with global and local CEOs, VPs and SMTs to help them develop their Leadership and Management Competencies, grow and improve performance, reduce or eliminate their blind spots, and be open to constructive feedback in order to be more successful. ROI can be in excess of 7,000% as key VPs and senior managers are retained and overall teams become much more engaged and productive.