Do You Need and Executive Coach?

This is the title of an article that appeared on Forbes.com written by Hannah Clark dated 01/12/07. Some of the highlights:

"You may be a brilliant negotiator, a financial whiz or a technical genius. But do you have what it takes to manage other high-level employees? If your communication skills have been a sore spot during your annual reviews, a leadership coach might be able to help. Once a tiny industry, dominated by boutique firms, leadership coaches have moved into the mainstream."

The trend is driven partly by demographic shifts. In North America and Europe, the executive-age population--i.e., baby boomers--is nearing retirement. Companies need to start focusing on developing internal leaders, rather than just recruiting from the outside.
"There is going to be a real premium for companies to try to retain talent," says Mark Marcon, an analyst with Robert. W. Baird. "And the talent out there to replace the people retiring is going to be scarcer and scarcer."
Meanwhile, India and China are growing faster than their business schools can churn out candidates. While the twin tigers are developing a large class of professional workers, the executive ranks are still thin.
"It's going to take another generation before they have enough management talent," says Peter Felix, president of the Association of Executive Search Consultants, which recently published a survey about the executive job market worldwide. "It takes a whole generation to train effective, modern management."
Leadership coaches often work with managers who have been highly successful, but see barriers preventing them from reaching the C-suite. Some are technical whizzes who don't have the interpersonal skills to manage a large staff. In other cases, coaches are called in when there has been turnover on an executive team, and the senior officers need to get to know each other. Leadership coaches can help a new CEO adjust to his or her position, or aid a board trying to develop a succession plan. The price for such leadership insight can vary, but it's not for executives with low bank balances. LeaderSource charges anywhere from $25,000 to $65,000 for a coaching engagement, which lasts a year or more and involves 20 to 30 sessions."

I believe that more and more leaders in new missional efforts will require a leader coach to help them make sense of themselves because most of the traditional support systems friends, family, traditions, experience can be relied on to continue to give encouragement to move ahead.