CEO Today - July 2023 Edition

relationship. I shared a 4-step framework for preparing for difficult conversations, she used it, and it was very effective! Can you give us an example of a significant breakthrough or transformation that an executive achieved through your coaching? I find that some of the most gratifying outcomes happen when clients become aware of blind spots and limiting beliefs they did not realise were holding them back. These “lightbulb moments” are magical and open space for personal change and significant positive transformation. I’ve helped many clients progress in their careers and find more fulfilling work, but my goal is really to help them see their full potential and live lives with more purpose and in line with their core values. The longest study on happiness done by Harvard shows that what really matters is the quality of our close relationships, much more than power, fame or success. Coaching allows individuals to understand how their unique styles and behaviours impact those around them, and by making a few simple changes, these dynamics can have great long-term positive impacts on their relationships and well-being. Some examples are: The CEO of an asset management company had not realised that his perfectionist tendencies were getting in the way of his relationships at home and at work. As a result, he was not capable of enjoying the small things in his life and was looking for more joy. Coaching helped shed light on this blind spot, and slowly letting go of getting things his way (prioritising being happy rather than being right) led to quick and effective positive change in his relationships and his happiness level. A very bright lawyer was getting in her own way by not believing in her capabilities and constantly worrying that she would not be recognised or get the promotion she deserved. She realised she was being hijacked by her hyper-vigilant tendencies and wasting energy on issues outside her control. By focusing on playing to her strengths and spending her energy on what she could control, she was able to perform at her best. As a result, she was not only recognised, promoted, and given a significant salary raise, but also she reached C-level at her firm. Another senior client had taken a redundancy package after 20 years+ at a large organisation. He had worked on highly complex projects and had a very strategic mind, but came to coaching lacking confidence and belief that he would be able to find another role and was convinced that his skills were not transferable to another industry. After recognising this impostor syndrome, he moved towards action and networking and eventually got a job at a start-up and was promoted to Operations Director in less than a year. Why should organisations invest in Coaching and what are you doing to increase awareness of coaching’s benefits to society? The case for more Coaching in organisations is very strong: not only is it a fast-growing industry, but it offers a high return on investment, boosts productivity and improves employee retention. The Coaching industry is expected to grow at a compound annual growth rate of 7.6% - and reach revenues of $27.5 billion by 2026, and Harvard Business Review studies concluded that coaching boosts productivity by 44%1. The ICF Global Coaching Client Study found that nearly 90% of organisations surveyed made back their initial investment. The receivers of the coaching also benefit: 99% of individuals and companies who hire a coach are “satisfied or very satisfied,” and 96% say they would repeat the process.2 A 2021 study concluded that Coaching produced a 529% ROI ($5 for every $1 spent on coaching) as well as significant intangible benefits to the business. When the financial benefits of employee retention were included, the ROI was 788%.3” 40% of organizations that use coaching or mentoring report that their organization has realized better retention of desired talent, compared to 24% of those that do not use mentoring or coaching4. Retention has a very high cost to organisations (the average cost of turnover per employee earning £25,000+/ year is £30,614)5 and this has been accentuated with the Great Resignation. Organisations are losing out on money and valuable members of staff, and coaching can help alleviate that. Some of the initiatives I am working on alongside my ICF Coaching colleagues include: 1) Raising awareness of the benefits of coaching to organisations and to

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