The coaching industry is not just booming; it’s transforming. Expected to reach a value of $27.5 billion by 2026, coaching is proving its worth with each passing year. But what exactly is coaching, and why is it gaining so much traction?
Former general counsel Claire Bibby and former law firm partner Lara Wentworth both left legal practice in 2020 and helped co-found global lawyer coaching outfit Coaching Advocates. They believe the essence of coaching lies in its ability to provide leaders with clarity and focus. As they delve into the topic, three compelling reasons emerge for leaders to embrace coaching:
Enhancing Effectiveness: A skilled coach acts as a guiding beacon, illuminating areas ripe for improvement and crafting strategies for heightened effectiveness. Picture a project manager empowered to motivate and steer their team towards success.
Mastering Time and Energy: Leaders often grapple with the eternal quest for balance. Here, a coach steps in, helping individuals prioritize tasks and channel energy efficiently. Imagine a busy executive reclaiming precious moments for both professional pursuits and personal passions.
Navigating Stress and Challenges: Leadership isn’t without its trials. A coach serves as a trusted confidant, offering support in navigating turbulent waters and devising constructive solutions. Visualize a leader confronting workplace challenges with resilience and poise.
In essence, coaching represents more than just a trend; it embodies a paradigm shift in how we approach growth and adaptation. In a world where agility reigns supreme, coaching emerges as the silver bullet—empowering individuals to thrive amidst perpetual change.
Leadership is undergoing a remarkable transformation as seasoned Baby Boomers pass the torch to up-and-coming leaders from Gen X, Millennials, and Gen Z. says Claire. With this generational shift comes a change in leadership dynamics: from merely managing to becoming effective coaches themselves.
In recent times, many leaders have sought external coaching to help them become more coach-like as leaders to embrace a deeper shift to fostering a culture of collaboration and growth.
Lara says the outdated "command-and-control" leadership model, emphasises that true leadership stems from the trust and respect of one's team, not just titles.
Just as elite athletes seek out exceptional coaches, top talents gravitate towards leaders who nurture their potential. So, what does it mean to lead like a coach? Here is the COACH acronym to break it down:
Care: Forge Trusting Connections
Today's workforce seeks more than a paycheck—they crave genuine connection. Leaders must demonstrate care by fostering open dialogue and showing genuine interest in their team's well-being.
Organize: Find the Sweet Spot
Growth leaders understand their team's strengths, weaknesses, and motivations, organising them to operate at their best. This "sweet spot" alignment breeds passion and success. Active engagement in the marketplace, coupled with real-time feedback, enhances this process.
Align: Unify Around Purpose
Aligning employees with the company's purpose and values is crucial but challenging. Leaders must bridge the gap between lofty goals and daily tasks.
Challenge: Push Boundaries
Employees desire growth, not comfort. Effective leaders challenge their teams, pushing them beyond their limits.
Help: Support and Celebrate
In the age of collaboration, leaders are colleagues, not judges. They actively engage with employees, offering support and celebrating successes.
Our Own Journey
As leaders and business owners themselves, Claire and Libby have undergone their own evolution which only highlights the importance of outside counsel when it comes to adapting leadership styles to foster growth and success. Leaders are recognising the power of coaching. The future of leadership lies in becoming a great coach yourself.