Introduction
We are thrilled about our new alliance with Velocity Advisory Group (Velocity)! Through this partnership, we will provide our mutual clients with top-of-the line executive coaching services and the best 360-degree feedback assessments in the business.
Over the years, we’ve found that combining 360-degree feedback with executive coaching is the ideal approach to give executives not only a way to identify their strengths and potential areas of opportunity, but also the support for meaningful growth and development. In this article, we’ll explore how 360-degree feedback paired with executive coaching supercharges the experience for leaders.
360-Degree Feedback for Executives
360-degree feedback is an evaluation method that gathers feedback from various sources to provide a well-rounded view of an executive’s performance, competencies, and areas for improvement. These sources include the executive’s direct reports, peers, managers or leaders, board members, and in some cases, external stakeholders such as customers and suppliers.
This method is particularly beneficial for leaders due to their position within the organization. Traditional performance reviews may not fully capture an executive’s performance due to their position and the breadth of their responsibilities. 360-degree feedback fills this gap by incorporating diverse perspectives. Some of the key benefits of 360-degree feedback include:
- Enhanced Self-Awareness: By receiving feedback from various sources, executives gain a deeper understanding of their strengths and weaknesses. This awareness is the first step towards improvement.
- Improved Communication: The feedback process encourages an open dialogue among senior leaders, including board members. It can help break down communication barriers and promote a more collaborative environment.
- Identifying Development Needs: Captured feedback can highlight areas for development that may not be evident in a traditional performance review. This information can guide training and development initiatives.
Executive Coaching + 360-Degree Feedback
Once the 360-dgree feedback has been gathered, the next step is executive coaching. This involves a professional, experienced coach working with the leader to help them understand the feedback, identify areas for improvement, and develop an action plan.
The coach plays a crucial role in this process. They offer an objective perspective, helping the coachee to interpret the feedback and understand its implications. A skilled coach also guides the executive in setting realistic, meaningful goals and then supports them in implementing strategies to achieve those goals. Coaching can also address any emotional reactions to the feedback. It’s natural for people to feel defensive or overwhelmed by the feedback, and a coach can help them navigate these emotions and focus on the learning opportunity.
Why Do Executives Need Coaching?
- To Gain a New Perspective – Executives often get caught up in the day-to-day operations of the business and may lose sight of the bigger picture. An executive coach can help leaders step back and gain a fresh perspective on their business and leadership style. Seasoned coaches can offer an objective viewpoint and challenge assumptions and biases.
- To Identify and Overcome Blind Spots – We all have blind spots, and executives are no exception. Blind spots are areas where we lack self-awareness and can hinder our growth and development. An executive coach can help executives identify their blind spots and work on overcoming them. Coaches can provide constructive feedback and help executives develop strategies to improve their performance.
- To Develop Stronger Communication Skills – Effective communication is essential for success in business. An executive coach can help executives improve their communication skills, including listening, giving feedback, and presenting ideas. They can help executives become more persuasive and influential in their interactions with others.
- To Build a High-Performing Team – Executives are responsible for leading teams and creating a culture of high performance. An executive coach can help them develop their leadership skills and create a team that is engaged, motivated, and productive. They can help executives identify the strengths and weaknesses of their team and develop strategies to maximize their performance.
- To Manage Stress and Burnout – The demands of the executive role can be overwhelming, leading to stress and burnout. An executive coach can help executives manage their stress and develop strategies to prevent burnout. Coaches can help executives prioritize their workload, set boundaries, and develop self-care routines to maintain their well-being
- To Achieve Personal and Professional Goals – Executives often have personal and professional goals they want to achieve, but they may not have the time or resources to focus on them. An executive coach can help executives identify their goals and develop a plan to achieve them. Coaches can hold executives accountable and provide support and guidance throughout the process.
- To Navigate Organizational Change – Change is inevitable in business, and executives must navigate it effectively. An executive coach can help executives manage organizational change and develop strategies to adapt to new situations. Coaches can help executives communicate change effectively, manage resistance, and build a culture that is adaptable and resilient.
Maximizing Investment in Executive Coaching
Sometimes, people confuse executive coaching with life coaching, but they have very different purposes. Executive coaching is a collaborative process involving an experienced facilitator (the coach) and a business professional. Executive coaching differs from life coaching in its focus, concentrating on helping professionals enhance their leadership and overall performance.
For coaching to be effective, it requires a trained coach with real-life experience and a clear understanding of the process. Organizations who right executive coach can experience up to a 7x ROI, so this can be a powerful investment.
To maximize the value of executive coaching, consider the following:
- System and Focus: Look for coaches who follow a reliable framework and adhere to ethical and professional standards.
- Practical Experience: Coaches with meaningful real-life business experience can provide “insider” advice for challenging situations.
- Role Clarity: Coaches are not consultants; they provide an objective perspective to help you evaluate your performance but avoid directing clients as to what they should be doing. With good coaching, the answers always lie within the client, not the coach.
- Due Diligence: Thoroughly vet potential coaches for industry expertise, creativity, diversity, and approach.
- Engagement Letter: Document your expectations and the coaching relationship’s terms in writing.
Conclusion
In short, when pairing a 360-Degree Feedback assessment with a highly qualified coach, you can expect:
- Greater self-awareness and a positive mindset about your future
- Clarity on what success looks like and what steps you need to take to get there
- Vital support and thought leadership to support decision making
- Identification of blind spots to increase self-accountability and personal growth
- Improved performance, productivity, and confidence
Today’s executives face immense pressure to perform and deliver results. Leaders are responsible for making strategic decisions, managing teams, and driving organizational growth. To succeed in this highly competitive environment, they need to be at the top of their game, and executive coaching is a powerful tool that helps many professionals improve their performance at work.
