With the economy struggling right now, companies are looking for ways to cut organizational costs. Many businesses are reducing the executive development budget as a cost-cutting strategy. The problem with this is that taking development away from top executives may not be the best move to cut costs.
Leading during difficult times requires a special skill set. In today’s demanding business environment, executives have very limited time to spend on their own leadership development. Most executives find it difficult to accomplish the responsibilities of their positions. Many are too stressed and busy to take a step back and learn from their experiences. Often times, it is difficult for key leaders to implement changes that satisfy best management practices due to stress. Leaders often get stuck and cannot determine what steps will help make significant changes in the organization. An executive may understand that the organization needs to make changes to move forward but may not be certain of what changes will actually help.
The responsibilities of an organization’s CEO are set by the organization’s board of directors or other authority, depending on the organization’s legal structure. They can be far-reaching or quite limited and are typically enshrined in a formal delegation of authority.
Typically decision maker, leader, manager and executor. The communicator role can involve the press and the rest of the outside world, as well as the organization’s management and employees; the decision-making role involves high-level decisions about policy and strategy. As a leader of the company, the CEO/MD advises the board of directors, motivates employees, and drives change within the organization. As a manager, the CEO/MD presides over the organization’s day-to-day operations. The term refers to the person who takes all the decisions regarding the upliftment of the company, which includes all sectors and fields of the business like operations, marketing, business Development, finance, Human resources, etc. The CEO of a company is not necessarily the owner of the company.
Executive leadership coaching teaches key organizational leaders how to navigate in difficult times. Coaching can help not only resolve or correct ineffective behaviors, but it can also help develop leadership skills and areas of key growth that will influence the entire organization.
A different perspective from an executive coach can help a leader move the company forward through difficult economic times. An executive coach can free up a business owner to work on other assignments rather than spending their time providing coaching to top leadership. An executive coach works with leaders to do the following :
Communicate more effectively
Improve leadership skills
Learn how to lead in a difficult environment
Readjust priorities
Executive coaching provides individualized interactions with a third party, someone not part of the company or organization. An executive coach can provide objectivity as they do not have influences from within the organization. This type of support can offer a unique viewpoint that other types of support from the organization cannot offer. Coaching helps the leader develop quickly and while they are in their current job. The executive can continue to fulfil their daily responsibilities as they go about making changes that will lead greater productivity and improve organizational efficiency.
