Modern-day executives are challenged more than ever. In today’s VUCA (volatility, uncertainty, complexity, agility) reality, executives must be more than one thing. They need to know how to balance business with people priorities. They must develop a macro-perspective in order to lead in a complex environment. More than ever, they have to develop self-awareness and adopt a habit of self-reflection. Due to these influential skills, executive coaching has been in such high demand across the globe. In a recent study run by the International Coach Federation and PwC, participants stated that Executive Coaching generated 7 to 400 times the ROI for themselves or for the organization they work with.
Executive Coaching is about partnering with leaders and senior managers to support them in their priorities such as:
- Accelerating their business results;
- Developing their leadership skills;
- Helping lead the change in turbulent and uncertain times;
- Transitioning them from an being operational manager to a transformational leader;
- Supporting their vision and strategic thinking/planning/implementation skills;
- Being their sounding board and opening the space for them to reflect on their decisions;
- Supporting them to develop more leadership insight;
- Aiding them in coping with stress and developing habits for resiliency;
- Helping them gain a macro-perspective and big-picture view;
- Supporting their influencing skills and enhancing their leadership presence;
- Increasing their agility and business judgement.
Executive Coaches that are successful earn a 6K figure income each year. But how do they do it? We interviewed Executive Coaches in different countries including the FLOW Coaching Institute alumni. We came to the conclusion that eight out of ten coaches finished an accredited coach training program and obtained their certification. We also learned that most Executive Coaches (65%) have already succeeded in obtaining their ICF PCC (International Coach Federation Professional Certified Coach credential) or MCC (Master Certified Coach credential). When we interviewed executives and asked them about what qualities they are looking for in an executive coach, we came to the conclusion that the majority want their coach to have a leadership background prior to their coaching career. They also stated that they want to be able to trust their coach, so confidentiality is an important quality. They also mentioned that they want to work with a coach who invested in themselves in terms of education, wisdom, and experience. When we spoke to the human resources professionals about these qualities, the majority (70%) emphasized that when they look for a coach for their executive team, they want one who is a certified, preferably with PCC or MCC credentials. In their minds, PCC is the gold standard for coaching.
If you are interested in becoming a successful Executive Coach, we suggest that you make a plan that includes:
- Starting with a search for an accredited coaching program to complete your coaching certification training;
- Asking yourself how you can start gaining coaching experience in working with executives, including not being afraid of providing pro-bono sessions in the beginning of your career;
- Giving yourself a deadline to apply for your ICF ACC and/or PCC certification;
- Setting up a goal such as how many clients you want to coach per week a year from now, or how much revenue you want to generate in a year;
- Working on your business plan;
- Working with a coach yourself – coach and be coached!