Many businesses partner with executive search firms in order to learn how to find the right talent. It’s important to partner with an executive search consultant service in order to grow your business effectively. This includes minimizing problems related to quitting employees. In fact, statistics gathered from 2015 found that 2.7 million workers voluntary resigned, a 25% increase compared to figures from 2013. Considering that, you can help minimize this problem by finding the right executive. That being said, it’s understandable what happens after that talent starts working for your company. With that in mind, here is why executive coaching is something you never want to ignore.
Executives Still Need Guidance
Many workers are hired by a company and coached. This coaching enables them to be prepared for the possibility of moving up within a company. However, many executives can feel that there isn’t this kind of support for their roles. With that in mind, it’s wise to have an executive search team there to offer guidance to your new executive.
In addition, an executive search firm can ensure that a new executive gets acclimated to his or her new company. Sometimes, executives can feel rushed into their new respective roles. In turn, this can lead to unfavorable outcomes for both executives and the businesses they are leading. Statistics gathered from a recent Robert Half survey found that 36% of executives felt that one of the most common reasons for a failed hire is a poor skills match.
Preparation for the Future
While you might have found the perfect executive right now, times can change in the business world. These changes can often happen quickly. Considering that, it’s important that your executive is continually being coached. In turn, this coaching can help your new executive prepare for unforeseen circumstances that might lie ahead.
As you continue working with your new executive, ensure that recognition is of the utmost importance. After a talent acquisition company helps you find the right executive, it’s important that this person receive recognition. In fact, statistics show that 86% of businesses that utilized some type of employee recognition noticed an increase in worker happiness.
Properly Coached Executives Help Companies Grow
It’s understandable that you might be on the fence about executive coaching. However, not coaching employees could cost your company a lot of potential revenue. With that in mind, you’ll want to learn about the results of a recent study conducted by the American Management Association.
This study found that companies investing in coaching were able to receive an ROI that was seven times larger. This means that companies were able to make back seven times any costs paid for employee coaching. In addition, 25% of companies reported that their return on investments from coaching ranged from 10 to 49%.
In conclusion, it’s important that your company places emphasis on coaching after finding the right executive. These employees, while happy with their positions, can feel like no one is there to offer guidance. While executives are chosen for their knowledge and abilities, they could be entering a new industry with your company. Therefore, coaching helps to ensure that both an executive and the business he or she is working for are prepared for the future.