A business is only as good as the people who lead it. If a business improves, it’s generally because the leaders improve. When a business is stagnant or declines, often the leaders have not improved. Unlike fine wine, executives do not naturally get better with age. It may be time to think about strategic executive coaching for your leaders.
One of the reasons a leader’s performance may not continue to improve is due to a lack of development. Less than 1 percent of worldwide corporate learning and development expenditures are allocated to the executive level. As a leader’s responsibilities and influence on the success or failure of the business increases, their developmental support decreases, and in many cases, disappears altogether.
Companies that forego developing their executives beware: the top 15 percent of investors in leadership development outperformed the bottom 15 percent in market capitalization growth by 85 percent over a ten-year period. Failure to properly develop senior executives will likely result in failure to meet your financial goals.
Every world-class performer has a coach. Does your executive team?
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