By Karlin Sloan and David Utts
[The following article was contributed by Karlin Sloan. Her firm (Karlin Sloan and Company) is a sponsor of the Library of Professional Coaching]
Executive coaching programs are becoming more and more common in organizations across the globe. Organizations such as Lockheed Martin, JP Morgan Chase, Pfizer, MTV Networks, Boeing, Marriott, Cisco Systems, and Disney use executive coaching as a leadership development strategy. Coaching has the power to enhance individual and corporate performance, to generate a rich pool of world-class leaders in line for succession, and to make a real difference in coping with the current climate of economic and structural crisis.
Recent research by Manchester, Inc. showed an average return of 5.7 times the investment in a typical executive coaching assignment. Among the benefits cited were improvements in productivity, quality, organizational strength, executive retention, customer service, and bottom-line profitability.
We also know the anecdotal evidence for the impact of coaching is particularly strong. A founder and executive team member at a technology firm in California reported that because of a single coaching conversation he made a decision at a crucial time that enabled him to increase his personal net worth by approximately $8 million and his company’s value by 20%. Would he have made that decision without coaching? We cannot know. What we do know, is that he felt as though he was making faster, more strategic decisions because of the coaching.
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