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10 Leadership Development Goals for 2015

November 5, 2014 By Sam Palazzolo, Managing Director

The Point: Leadership development is the need of the hour for 2015 (or it should be!) More and more organizations are recognizing this need, which is resulting in billions of dollars being spent on training C-suite executives. However, a leadership development program is effective only when the objectives are clearly defined. Here are 10 leadership development goals that you can consider working in 2015… Enjoy!

#10 Greater Interaction With Your Team

Stop hiding behind your desk. Open your cabin door on a regular basis, and try to interact with your colleagues and employees. Emphasis on interaction. Most CEOs like to speak in monologue, even in front of an audience. Avoid that, and instead, increase two-way communication with your team.

#9 Action Based on Data

Intuition is not enough when you are leading a business. You need to stay up-to-date on your data, not only from the company archives, but from market surveys, reports, white papers, and trade journals etc. While innovation is essential for long-term growth, when there are budgetary concerns, you need implement strategies that is known to work.

#8 Strive for Clarity

Today’s business climate is marred by volatility. Leaders need to be on the go to stay at par with competition. While this calls for leaders that are flexible, it is equally important that they should know to communicate with clarity. Whether it is informing your team of a new business policy or introducing a new communication system in the office, you should learn the art of getting straight to the point without wasting a moment.

#7 Meaningful Messages

This follows from the previous point. Improving communication is one thing, but needless meetings, emails, memos, and presentations only interrupt your team instead of helping them work better. So, while you should entertain casual conversations with your colleagues from time to time, for the most part, you should speak only to add value to your listeners.

#6 Be Open to Criticism

In this age where employee/management trust is at an all-time low, those leaders are lucky that a team that speaks honestly to them. Once you assure people that you will give their opinions a fair hearing (even if they go against something you said and did earlier), you not only build trust with your team, but you always know what is going on in their mind.

#5 Talent Development

The leader of tomorrow actively participates in finding and nurturing employees that will implement those instructions to the best of their abilities. If you want to lead the best team, then you essentially need to handpick the topmost talent in the organization.

#4 Pick Out Future Leaders

In line with #5, a mark of a true leader is that he prepares others to take his position when his time is up. If you the company that you ran with such fervent passion to reach new horizons, then you need to develop leaders from your team that will carry your mission forward with the same vigor.

#3 Return to the Basics

As mentioned above, leaders are responsible for taking fast-paced decisions. However, instead of constantly focusing on the short-term decisions, you need to go back to the mission statement of the company. See whether the company is going on track and whether the mission statement needs some amendment or not.

#2 Be Open to Suggestions

See #6. As you encourage people to share their opinions, you get to understand a crucial business issue from all angles. For instance, it is the sales team that knows which marketing messages work the best, which can help you create the most effective marketing strategy on a tight budget.

#1 Empower your Team

Finally and most importantly, a wise and dynamic leader is essential to boost a company’s bottom-line. However, when all the thinking and decision making rests on one man’s shoulders, then he wouldn’t be able to avoid burnout for long. What needs to be done is to teach every person on your team to think for themselves. They should be able to contribute meaningfully when it comes to finding solutions for unique business problems. This way, the success of the company will not be dependent on individuals.

Summary

To sum up, as we enter into 2015, you should create leadership development goals for yourself and make all efforts possible to achieve them to stay on top of your game.

If you’d like more information about Tip of the Spear’s Business Advisory Services, consisting of Centered Executive Coaching, Leadership Development through ‘The Leadership Challenge’ methodology, and Communication Skills Training for Leaders use the CONTACT US page of this website.

What’s the ROI for Executive Coaching?

November 5, 2014 By Sam Palazzolo, Managing Director

The Point: All over America, corporations are spending more than $1 billion a year on executive coaching. For most of these organizations, this is not a last-minute remedial action, but rather a long-term investment in leadership development that pays off in the long run. And pay off it does, with reported ROIs being up to 700% of the initial investment. However, the real return on executive coaching actually goes beyond figures. In this post, we stress on the real return on investment of executive coaching… Enjoy!

A Satisfactory and Enriching Experience

Most executive coaching engagement participants and their sponsoring organizations testify to the high satisfaction rates of executives who undergo such leadership development. For example, out of the 400 executives at Dell Computer Corporation who were offered coaching, 90% reported high satisfaction rates in 2001.

Personal and Team Growth

Executive coaching has also proved to increase organizational improvement, both for the individual leaders receiving coaching as well as their stakeholders. Productivity increases have been as much as 88% as employees see a competent, talented, and an often easy-to-approach person leading their organization. Not to mention, executive coaching also fosters greater teamwork, which paves the way for creative collaborations and more opportunities for delegation.

Quantifiable Benefits for Businesses

Executive coaching makes a positive impact on a business’s bottom-line in more than one way:

As people are trained and groomed internally, you will not have to worry about hiring talent from outside to lead your organization. This will further enhance your ‘promote from within’cultural strategy.
When the organization works as a team, there is a decreased chance of conflict developing, which saves precious time and energy for leaders that have to intervene.
The leader learns to study industry trends while also keeping an open ear for suggestions from within the organization. This coupled with the executive’s knowledge and experience, means that they’re more likely to identify sound business opportunities while avoiding weak prospects.
Coaching becomes company culture. Once an executive undergoes training and learns to spot their own weaknesses, they can share the same insights with potential candidates for future leadership positions in the organization.

Summary

While the average ROI for executive coaching is somewhere along 340% to 700% of the coaching engagement fee, this post was developed to show how investing in leadership development through executive coaching can help businesses make profits (the only reason why a business exists).

10 Leadership Communication Skills of Great Leaders

November 4, 2014 By Sam Palazzolo, Managing Director

The Point: Why study communication skills of great leaders? Well, simply because great communication is one of the major denominators (if not the only one) between social, political, and business leaders across the globe. And since we stress so much on communication skills training for leaders, it is only logical that we take some cues from those in key organizational positions that are performing at what we consider to be a ‘great’ level. Simply put, if you want to excel as a leader in your organization/industry, make sure you have the following 10 key communication skills embedded in your leadership toolbox… Enjoy!

#10 Engage With Your Workforce

As an executive, you may have to send emails and memos to your workforce on a regular basis. But whenever you get the chance, forego corporate communications and engage with dialog with others. When you engage with people in conversation (as compared to monologues), you automatically increase the effectiveness of the message.

#9 Gather Facts Before Taking Action

This follows from the previous leadership communication point. When you engage with your workforce on a regular basis, you will generate honest feedback instead of sanitized versions of the truth. The benefit is that during times of conflict, you will have all the facts needed to thoroughly evaluate the situation. As a result, you will make impartial decisions as compared to executives who are so detached from their subordinates that all they get is one-sided information.

#8 Clarity is King

In today’s corporate world, time is a rare commodity, especially if you are operating in a highly competitive industry, or one that is constantly undergoing change, such as technology. If you need to make split-second decisions and want your employees to be informed of a change in company policy, then just get straight to the point. This is especially true if you are relaying bad news, such as a drop in cash flow. Get some pointers on getting straight to the point from Churchill’s WWII speech: ‘the news from France is very bad….’

#7 Speak Only to Add Value

Improving your leadership communication skills is an essential part of leadership development, but this does not mean that you increase the frequency of speaking to your workforce. Speak only when it’s necessary, and do so only to add to the listener’s experience. Otherwise, people will come to resent your interactions.

#6 Welcome Criticism

This is the true mark of the leader. The leader doesn’t shun or shout down dissenting opinions. Instead, he welcomes as an opportunity to learn more about what people around him are actually thinking. This takes us to the next point…

#5 Listen More

Great leaders know that communication isn’t one-way traffic. There is great wisdom in listening to what others have to contribute to a discussion, even though you may have the final say. In fact, just by the (not so) simple act of listening, you will learn a lot, which is necessary to stay on top of your game.

#4 Body Language and Eye Contact

Communication doesn’t only refer to strong oratory skills. You also have to take non-verbal cues into account, especially body language and eye contact. The way you stand, your hand gestures, and your eye contact with your audience plays a major role in the receptivity of the message.

#3 Body Language of the Audience

Conversely, you also have to pay attention on the body language of the listener. Also try to take cues from his facial expressions to gauge if he truly understands the message.

#2 When you Speak to All, You Speak to None

When your messages are directed to everyone without any specificity, people will have an excuse to avoid personal responsibility. However, since leaders not always have the luxury of dealing with people in one-to-one settings, you should the develop the habit of tailoring your messages in a way that each person in the room feels that you are talking to them.

#1 Know your Material

Finally, if you want to command authority from your listeners, you need know your material really well. Only when you have subject expertise can you get people getting interested in what you have to stay, and this will positively influence the response you get.

Summary

Communication skills are essential if you want to mature as a leader. The job of a C-Suite executive is not an easy one as s/he has to hold their organization together, and this is only possible via robust communication skills.

The Future of Executive Coaching – 5 Predictions

November 4, 2014 By Sam Palazzolo, Managing Director

The Point: We love sitting in on round table discussions regarding the future of the coaching industry. Unfortunately, our Tip of the Spear crystal ball is probably more snow-globe-like than perfectly clear, allowing us to see the future in the midst of a contained snowstorm! But here’s what we do know… Leadership coaching is neither a novel concept, nor a passing fad. Couple on top of coaching as a legitimate leadership development tool the instability of the business climate (read that as storm clouds on the proverbial horizon!) As business issues continue to change, there will always be a need for such a fresh approach to leadership development. In this post, we discuss the future of executive coaching with 5 Predictions… Enjoy!

Coaching existed long before Ken Blanchard and Marshall Goldsmith came on the scene. Basically, executive coaching uses key principles to weave together unique solutions for unprecedented situations. As previously stated in ‘The Point’ the following five predictions outline what we at Tip of the Spear see as the future of executive coaching:

Prediction #5: Metrics Matter

While data has always been a core component of leadership decisions, executives now should use data to gain understanding not just for their department and company, but also the industry and economy at large. The creation of dashboards will greatly enhance executive coaching engagements in the future. Important to remember to choose credible sources for your news and insights!

Prediction #4: Choosing Your Biases

Everyone has their own assumptions and biases through which they analyze data and make decisions. Executives should be trained to maintain a healthy balance between their beliefs and actual market data. The leader has to maintain their ground, but then again also needs to be flexible to adapt to changing business needs. Understanding and taking action on your biases as a leader will be key. (HINT: We typically administer a series of behavioral assessments, such as HOGAN).

Prediction #3: Greater Emphasis on Health

Executives, especially CEOs now need to learn to make leadership traits like effective communication and confidence essential components of their personality instead of treating them as hats that can be put on at the office only. This ‘hat on, hat off’ analogy often leaves leaders less than whole.

A greater emphasis of executive coaching will also be placed on the physical health of the executive. Gone are the days when extreme work-a-holism (which involved sleep deprivation and mindless consumption of alcohol and caffeine). As the leader assumes added responsibilities of supporting their teams, they have to take care of their personal health to not only avoid burning out, but also maintain a healthy atmosphere to conduct day-to-day leadership. This includes things like physical fitness, healthy diet and nutrition plan, stress reduction, and rest consumption.

Prediction #2: The Need for In-House Talent Development

While the slogan ‘people are our most important asset’ has been chanted by companies repeatedly in the past, we see a trend strongly moving towards actually making this happen. The leaders of tomorrow have an additional responsibility on their hands, namely to recruit the right people and train them in-house so that they can run the organization in the future. This is all the more true now when the number of workers reaching retirement age is growing and there is a shortage of potentially qualified applicants (Don’t get us started on the atrocity which is Human Resources Recruiting today!)

Prediction #1: The Need for Behavioral Change

Finally, there is no room in the future for executive coaching that doesn’t offer guaranteed changes in behavior and outcomes. Only behavior based coaching allows executives to apply their knowledge to achieve improved outcomes. Not to mention, behavioral change is long-lasting, which is necessary in today’s ever-changing business environment (HINT: We offer a 100% Money Back Guarantee with our Centered Executive Coaching programs!)

Summary

The future of executive coaching is inextricably tied to the changing job descriptions of leaders, namely, the ability to achieve self-development, to lead their teams, to anticipate change, develop strategies to tackle it, and to become coaching in their own right. The future of executive coaching is bright, and should grow even brighter with the proceeding five predictions.

Should Your Leadership Team Receive Executive Coaching?

November 3, 2014 By Sam Palazzolo, Managing Director

The Point: We’ve come to the conclusion a long time ago: Executive coaching for leaders is definitely beneficial. Beneficial for the executive, beneficial for the leadership team, and beneficial for the organization overall. However, while having a leader that has undergone coaching is a crucial leadership development step for the organization, unless coaching reaches all members of the leadership team, we typically see other leading executives find it ‘hard’ to move forward in the face of new challenges. In this post, we discuss the benefits of executive coaching for the entire leadership team… Enjoy!

Enhancing the Effectiveness of Your Leadership Team

Whether it is individual or group training, the job of an executive coach is to first identify where the team stands at the beginning of the engagement sessions. This typically involves identification of the best ‘players’, the leaders with potential for exponential growth, and even the weakest links. If there is something lacking, the coach will immediately suggest remedial action right at the onset so that things start off at the right footing.

Identify Collective Goals for the Team

Just like a sports coach drafts the team and formulates strategies for game-day, the coach will identify some common goals for the team, including those which will serve as motivation for all the leaders to work together. Of course, the coach will rely on the suggestions and feedback of each leader involved in the engagement (including stakeholders), which in itself is a constructive leadership team-building activity.

Constant Improvement

One of the hallmarks of leadership development programs is that executives lose the fear of taking risks and making mistakes. Instead of trying to avoid making mistakes or covering them up, leaders should actually aim to learn from them. But as mentioned at the beginning of this post, why leave the process of learning for the upper echelons of management to chance? A coach for the group allows the leadership team to grow together, collectively learn to reflect on their setbacks, and apply lessons learned to ‘up’ their game with each passing year.

Coaching Makes Team Members Accountable

As people learn to work with collective effort in a team setting with pre-defined expectations, this will typically instill discipline and accountability in the organization. Sometimes, the best organizations barely manage to keep their head above the water due to a lack of accountability. Coaching acts to make leadership team members accountable… Accountable to themselves, accountable to each other, and accountable to their organizational stakeholders.

Coaching Brings Out the Best in People

As you are busy fulfilling your leadership duties in the organization, you may simply not get the chance to gage the individual strengths and weaknesses of their stakeholders. But once the leadership team begins working within a coaching engagement, each member is encouraged and motivated to bring out their best and strive towards reaching their true potential.

Summary

A sports team cannot train, play, and win without the guidance of a coach. In similar vein, the longer you delay implementing an executive coaching program for the leadership team in your company, the more you will keep it from reaching true potential.

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