The Power of Coaching During Executive Transitions
One of the most critical phases in your executive career is transitioning into a new role. The first months are a make-or-break period where you set the tone for your tenure, establish key relationships, and begin to implement your vision. The powerful impact of coaching during these transitions flies under the radar somewhat, but it deserves to be better known; coaching has helped many outstanding leaders set themselves up for success in a new role.
Whether you’re moving up to an executive position within your current organization or joining a new company at the executive level, both scenarios have pitfalls and challenges. It’s so easy to bump into unspoken assumptions of what’s expected, get snowed under by conflicting priorities, fail to establish or re-set new relationships quickly enough, and be perceived as overstepping or too timid. Just as important to keep in mind, this is a time of great opportunity to set a positive tone in a fresh start and establish yourself to be even more successful. Seasoned executives tap into coaching because they know the potential return on investment (ROI) value of coaching to make a powerful start in a new role.
For any new hire, there’s a learning curve period where you absorb more value than you contribute. It’s unavoidable, but the idea is to move through it as quickly as possible. For executives, the key is to shorten this time by getting the right support. Here are a few statistics to illustrate how coaching can "shorten the runway":
Reduced Time to Productivity: A study conducted by the Center for Creative Leadership found that coaching can reduce the time it takes for leaders to achieve productivity by approximately 65%. This underscores the efficiency that coaching provides in accelerating an executive's transition into their role.
Improved Transition Speed: According to a survey by The Conference Board, 62% of organizations reported that coaching significantly reduced the time it took for new executives to become effective in their roles. Organizations that utilize coaching for leadership transitions noted faster integration and adaptation to company culture and goals.
Enhanced Rate of Goal Achievement: Research from the International Coaching Federation indicates that coaching can accelerate the achievement of performance goals by up to 70%. For new leaders, this rapid progress can mean moving from a learning phase to active contribution much more quickly than without coaching support.
Cost Efficiency: In a study by the Chartered Institute of Personnel and Development, organizations with high-quality coaching programs reported an increase in productivity (reported by 80% of respondents), improved communication (reported by 77% of respondents), and increased employee engagement (reported by 64% of respondents). This efficiency equates to both time savings and cost savings for organizations investing in coaching.
Those are the results; now let's explore some of the reasons why coaching is essential for executives during this crucial period.
Setting the Stage for Success
Research indicates that executive leaders who receive coaching are more likely to succeed in their new roles. According to a study published by the International Journal of Evidence Based Coaching and Mentoring, 85% of executives who underwent coaching reported improved job performance, increased leadership skills, and enhanced personal development (Grant, A. M. & Cavanagh, M. J., 2011). This statistic highlights the effectiveness of coaching in fostering growth and facilitating a smooth transition.
Building Relationships
The first 90 days are often hectic as executives need to establish connections with colleagues, direct reports, stakeholders and partners. Coaching helps leaders develop or apply the interpersonal skills most crucial for building trust and rapport. A study by Harvard Business Review found that successful leaders prioritize developing connections with their teams early on, emphasizing collaboration and transparency (Gallo, C., 2016). A coach can guide executives in navigating complex social dynamics, ensuring that they create a supportive and open environment right from the start.
Clarifying Vision and Goals
A critical task for executives in their first three months is to articulate a clear vision and set actionable goals. Coaching can provide clarity and focus. According to a report by the Association for Coaching, effective coaching interventions can lead to a 70% increase in goal attainment (Association for Coaching, 2019). Coaches can work with executives to refine their vision, align it with the company's mission, and develop strategic plans that engage team members and drive performance.
Enhancing Decision-Making Skills
New roles often come with a myriad of decisions that require quick thinking and sound judgment. Coaching can enhance an executive's decision-making capabilities, allowing them to navigate challenges with confidence. A research piece from the Institute of Coaching explored how coaching helps leaders practice reflective thinking, ultimately leading to improved decision-making processes. Leaders who engage with coaches can tackle challenges more strategically, moving beyond instinctual responses to informed decision-making (Institute of Coaching, 2020).
Encouraging Resilience and Adaptability
Change is the only constant in the corporate world, and leaders must be resilient and adaptable. Coaching equips executives with the tools to cope with the inevitable pressure that comes with a leadership transition. A study by the American Psychological Association highlighted that coaching significantly reduces stress and boosts resilience among leaders (American Psychological Association, 2017). By fostering a growth mindset, coaches can help executives view challenges as opportunities, enabling them to thrive in a dynamic environment.
Shorten the Runway
The first weeks in a new executive role can be overwhelming, but with the right support, we can turn this period into your launching pad for long-term success. Coaching offers a structured approach to navigating the complexities of leadership transitions, from building relationships and clarifying vision to enhancing decision-making and fostering resilience. As the evidence suggests, investing in coaching is not merely a luxury; it is a necessity for executives who aspire to lead effectively and impactfully.
For executives aiming to transition seamlessly into their roles, partnering with a skilled coach is a game-changer. You’ll see a powerful return on investment by “shortening the runway” and reducing the time it takes for a new executive to make a positive impact in their new organization.
As an executive coach, I support leaders to make their best impression in this critical period. Executives can set up their own coaching, or it may be partially or fully funded by their companies, because it supports retention and ensures the best possible return for their investment in a new executive.
If you are interested in equipping yourself or your employees for success with an executive coach, reach out to me today at kate@growthpoints.ca.
References
Grant, A. M., & Cavanagh, M. J. (2011). Coaching and Mentoring: The Role of Coaching in the Development of Leadership Skills. International Journal of Evidence Based Coaching and Mentoring.
Gallo, C. (2016). The Story Behind the "First 90 Days." Harvard Business Review.
Association for Coaching (2019). Coaching at Work: The Journal of Coaching for Work.
Institute of Coaching (2020). The Importance of Coaching in Leadership.
American Psychological Association (2017). Coaching and Leadership Development in Organizations: Myth or Reality?