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CEO coaching keeps company & boss in shape
CEOs at the top position in an organisation find themselves indecisive and with little or no help. They are assessed by the growth of the company and are highly prone to being fired. Extremely competent and complex global business operations put them under constant pressure. This is supported by the increasing number of CEOs seeking professional coaching services for development and to ensure longevity of their positions.
One might wonder why a CEO needs a coach. Though they are in that position based on their decision-making skills, they are the ones who need counsel the most. This is because they work alone and their wrong decisions will cost their company in millions. They are judged by their latest success or failure and not given a fair number of chances to prove themselves.
CEOs at their position might need to change their mindset and management style. They are expected to take the toughest decisions and get them all right. One does not have a true peer or a superior to seek help. Added to these are office politics, impatience of boards to see positive results and the company’s culture. In such circumstances, a coach who guides you in making decisions, hones your skills, mends your style, acts as a friend, is unbiased and unaffected by workplace politics and loyal to you more than to your company, becomes a necessity.
CEO coaches are generally people outside the organisation who are hired to bring out the best skills in CEOs. They work upon several aspects like negotiation skills, management skills, diplomacy, strategic skills, decision-making, crisis management and influencing skills. CEO coaching is not a one-time service but the coach is constantly in touch with his client.
He develops the ability in the CEO to see through the issues, perceive them properly and with right spirit and take the right decision. He also advises the CEO on dealing with the board.
This coaching is not actually to educate the CEO on some areas, but is like a therapy to hone his skills. Thus, selecting a suitable coach is very important to gain the best results.
Many organisations divert a part of their income to provide coaching to their CEOs. But, when the organisation hires an inside person for the job, there can be a chance that he will be more loyal to the organisation. So most CEOs are opting for personal coaches. However, the coach must have the approval of the company board.
While hiring a coach one must make sure of several issues because they can make a big difference to the CEO’s career. Firstly, consider his qualifications. Many might promise big but might not have sufficient skills and experience to ensure their insight to the issues concerning a CEO. Also, check if he has any previous experience in the industry domain. Contacting his previous clients would be helpful. Hire him for a short time initially.
You can renew your contract after assessing his services. Coaches are sometimes paid partly by their clients and partly by the company the client is working with. However, there are some aspects that must be addressed and clarified before signing the contract with a coach.
There may be some critical issues on which a discussion and advice are needed but sharing the issue with the coach would be a compromise of confidentiality. Thus, the relationship between the coach and the company must be healthy and well defined. Occasional interaction of the coach with the board members would be a good idea to establish a trust based relationship and to understand their perspectives and expectations better so that he could help his client better.
Once a coach is appointed, the company can periodically review the outcome of his services. They also ensure that the relationship between the CEO and his coach is being maintained well.
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NITYA SAI SOUMYA
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