While many professions take a beating in a recession, executive coaching seems to be one which is on the upswing even in a down economy. I guess the sheer importance of making every opportunity for business count and the possibility of getting left behind drive companies and individuals alike to use executive coaches in tough times.
In a recent Wall Street Journal article, Sarah Needleman says that not only are executive coaches still in demand but the need for their professional services seems to be more appreciated.
I feel executive coaches can play a very special role in recessionary times for the following reasons:-
- When you need to make every dollar spent on developing your talent count, you cannot afford to experiment. A well formulated and researched executive coaching plan can bring in high yields for your investment.
- Individuals need to hone new skills or get used to new ways of thinking and working in recessionary times. What worked when everything was hunky-dory won’t work now. Here’s where a seasoned executive coach can get executives to think of alternates which would benefit them and their firms.
Last but not the least, let it not be thought that executive coaching is a – as the old phrase goes- “panacea for all evils”. It can certainly help immensely -provided the coach is carefully selected and the executive and his/her firm recognizes what the coaching will- and will not- do.