CEOs are under more pressure to deliver than ever before. Flatter organizations, rapid change, technology breakthroughs, competition for strong people, an internationally diversified workforce, changing consumer needs, and worldwide rivalry in a connected world are just a few of the numerous problems that the CEO faces. These reasons keep CEOs awake at night, concerned about their present growth and profitability, as well as their long-term viability.
Executives at the bottom of the corporate ladder have a boss to whom they may turn for assistance or advice. To make strategic decisions, to provide advise, to motivate, and to steer. When a CEO requires direction, drive, and clarity, who does he or she turn to? Most of the time, the answer is no one.
A significant organization’s CEO is supposed to exude confidence and expertise. The ramifications might be severe if a CEO openly admits to being unclear or questioning the strategic direction. The CEO may be viewed as weak, indecisive, or inept by the board and executive team. A publicly listed company’s market cap can be wiped out by a single incorrect phrase from the CEO’s mouth. The CEO’s judgments (or lack thereof) have far-reaching consequences. The stakes are really high. A lot is at stake. The CEO’s actions have an impact on many people both inside and outside the firm.
It is a contradiction that the one person who has the most influence on the company’s profitability and employee well-being cannot seek assistance for himself or herself. CEOs frequently lose sleep at night worrying about their own actions and the ramifications of those decisions. It is lonely at the top – this is especially true for CEOs who must fight their battles alone – silently and without seeking assistance. Unfortunately, CEOs are also human, and they require assistance.
Top performance as a CEO of a huge firm is also difficult. Why should we expect CEOs to perform at their peak without the assistance of a coach? Despite this, according to a Stanford University and Miles research of over 200 CEOs, two-thirds do not utilize a coach. The survey also found that the majority of CEOs prefer coaching. CEO coaching is more popular than ever. Unfortunately, most CEOs do not receive the necessary outside counseling. According to a Harvard report, while most CEOs seek CEO coaching and assistance on their leadership qualities, two-thirds of CEOs do not employ an external coach.
CEO coaching was once thought to be remedial. The notion was that if the CEO needed mentoring, it showed she wasn’t capable of handling things on her own. Fortunately, this false view is quickly changing. CEO coaching is currently viewed as developmental, with the goal of assisting a successful CEO in achieving greater levels of success for himself and his firm. Many CEOs now publicly disclose to having a coach and encourage others to do the same.
Companies understand how beneficial leadership executive coaching can be; one research indicated that those that elected to use coaches received a 788 percent ROI. According to International Coaching Federation (ICF) studies, 86 percent of firms observed a ROI when they interacted with coaches, and a whopping 96 percent of participants stated they would do it again because it was useful.