Eric Schmidt, the Chairman and former CEO of Google, tells Fortune magazine the best advice he ever got was: hire a coach.
“A coach is somebody who looks at something with another set of eyes, describes it to you in [his] words, and discusses how to approach the problem. Once I realized I could trust him and that he could help me with perspective, I decided this was a great idea. When there is [a] business conflict you tend to get rat-holed into it. [Bill's] general advice has been to rise one step higher, above the person on the other side of the table, and to take the long view. He’ll say, ‘You’re letting it bother you. Don’t.’”
Read more of Eric Schmidt's interview at the CNN Money | Fortune website.
Magazine reports “a conservative estimate of the
monetary payoff from coaching is that managers describe an
average return of more than six (6) times the cost of
coaching. In a recent study, training alone improved
leadership skills by 22%. When combined with Executive
Coaching, improvement jumps to 77%.”
Jerome Abarbanel, VP of Executive Resources at Citibank, observes that “even modest improvements can justify hiring a coach. An investment of $30,000 or so in an executive who has responsibility for tens of millions of dollars is a rounding error.”
Bob Nardelli, former CEO of Home Depot and Chrysler, says “I absolutely believe that people, unless coached, never reach their maximum capabilities.”
It's easy to see why. “In one study," reports
MetrixGlobal, LLC, "executive coaching at Booz Allen
Hamilton returned $7.90 for every $1 the firm spent on
coaching.” How many other investments can you name that offer an
ROI of almost 800%?
“I’ll bet most of the companies that are in life-or-death
battles got into that kind of trouble because they didn’t
pay enough attention to developing their leaders," says
Wayne Calloway, former Chairman & CEO of Pepsico.
“In research conducted over the past three years we’ve found that leaders who have the best coaching skills have better business results,” concludes Tanya Clemons, former VP of Global Executive & Organizational Development at IBM, quoted in Time magazine.
“I never cease to be amazed at the power of the coaching
process to draw out the skills or talent that was previously
hidden within an individual, and which invariably finds a way to
solve a problem previously thought unsolvable.” ~
Managing Director, Harley-Davidson
“The business demand for coaching is nearly doubling each
year. Out of the $80 billion being currently spent on corporate
education, FLI Research estimates that $2 billion is spent on
executive coaching at senior executive levels in Fortune 500
“Personal coaches are a hot commodity among executives these days. Never mind the mansion, the Mercedes, the membership in the exclusive country club. In corporate America today, the sign that you have truly arrived – or at least that you are being groomed for arrival – is an executive coach. Your own personal coach, that is. Even if the coach’s assignment is to render you less obnoxious, his or her presence at your elbow signals that you are regarded by the company as entirely too valuable to fire or shoot.” ~Training Magazine