The evolving role of coaching and mentoring within funds.

The importance of executive coaching in finance is intensifying; its role in enhancing leadership skills is being increasingly recognised across the industry as a crucial factor to organisational performance. At our third brunch briefing of the year, One Ten Associates were pleased to welcome guest speakers, Claire Lamb, HR Director at BGF, and Joanne Perez-Tomlinson, CFO and Certified Executive Coach, and discuss the evolving role of coaching within funds. Here we explore the key differences between executive coaching and mentoring, and the key benefits it can bring for many businesses. 

What exactly is executive coaching? 

In short, executive coaching aids professional development and organisational success. It is a process whereby a trained coach works with senior staff to help develop their skills, improve their performance and achieve their goals. The benefits of executive coaching include:

• Enhanced decision-making
• Improving team performance
• Boosting leadership effectiveness
• Driving strategic growth

As a goal-orientated process, executive coaching focuses on helping managers and business leaders to develop essential skills to overcome challenges and achieve their professional objectives, which ultimately contributes to organisational success.

Life coaching and mentoring: different objectives

While executive coaching primarily focuses on improving job performance and developing leadership skills in a professional setting with measurable outcomes, life coaching and mentoring have different objectives. The former tends to focus on broader personal development and overall life satisfaction, whereas the latter is more concerned with professional and personal development through guidance, support and sharing of experiences. 

Mentoring is therefore more relationship-based and less structured than coaching, and in the context of a business environment, executive coaching is rapidly gaining momentum as the go-to solution for business success.

The Coaching Process

Executive coaching is delivered through structured, one-to-one sessions, where the coach initially works with the executive to set clear, measurable objectives aligned with their business goals. A coach will then use various techniques to work with the client on achieving their goals with regular feedback and reflection sessions to ensure continuous growth and accountability.

But how do you select the right coach? 

It is crucial that a coach has the right expertise to be able to tailor strategies that address an executive’s challenges and goals. Once goals have been identified, it is important to find a coach with relevant experience in the sector and appropriate credentials, such as an International Coach Federation (ICF) accreditation. Compatibility should then be assessed from both sides via an initial consultation, and a coaching plan, once developed, should be reviewed to ensure that session frequency, duration and cost align to the executive’s needs and your firm’s budget. 

Challenges and solutions in executive buy-in

Scepticism about the value of coaching and legitimate concerns over time and cost are some of the common challenges faced by HR leaders when looking to achieve buy-in for coaching from their leadership teams. However, presenting tangible data to show the positive impact on organisational performance, and sharing testimonials or case studies from respected industry leaders who have benefited from coaching were highlighted as solutions to address the push-back. 

Running a pilot programme with clear goals and measurable results may also be beneficial if there is a hesitancy to allocate a budget for coaching. See for yourself the ROI that coaching delivers to your business.

Furthermore, different levels of management may perceive coaching in different ways, and it can be useful to position the benefits of coaching appropriate to each level of management within the firm’s hierarchy: 

• Senior executives: Focus on high-level strategic benefits and measurable outcomes.
• Middle management: Offer practical applications and tools for immediate use.
• Entry level team members: Emphasise personal growth, skill development, and career paths.

The biggest key takeaway from our recent brunch briefing event is that executive coaching leads to both enhanced staff performance and a more dynamic corporate culture, which ultimately contributes to the success of organisations. However, it is not without its challenges, and it is important to do your research, check for ICF accreditation and identify staff and firm goals before engaging.

If you would like to join the team for future brunch briefings, or would like to know more about leadership coaching, reach out to khuram@onetenassociates.com