S: Strategic thinking
As an executive, you’re responsible for the strategic direction of your organization, which involves creating value for investors, employees, suppliers and other key stakeholders. To create value, you must excel at strategic thinking, which involves using logic and other skills to make critical decisions.
Why is strategic thinking important?When you engage in strategic thinking, you analyze a set of factors, evaluate several alternatives and determine which is most likely to help your organization reach its long-term goals. Done well, strategic thinking ensures that your actions align with your company’s mission, vision and values.
Strategic thinking also makes it easier to identify potential gaps in the marketplace, develop innovative solutions to business problems and respond to sudden industry changes. For example, supply chain disruptions forced many manufacturers to adjust their business models during the COVID-19 pandemic. Executives had to use their strategic thinking skills to make quick decisions about everything from launching new products to connecting with consumers who didn’t want to leave their homes.
Strategic thinking at workHere are just a few examples of how executives apply their strategic thinking skills on a daily basis:
- Anticipating problems: Strategic thinking requires you to stay abreast of industry trends and understand how market forces will likely affect your company’s long-term goals.
- Gathering information: You can’t make good decisions without plenty of objective data to back them up. Reading newspapers, reviewing market intelligence reports and analyzing the data in your ERP system are all good ways to understand business challenges and identify potential solutions.
- Challenging assumptions: An executive with strong strategic thinking skills doesn’t take things at face value. If you want to make decisions that align with your company’s mission and goals, you must be willing to challenge your own assumptions.
- Soliciting multiple points of view: Once you reach the executive level, it’s easy to surround yourself with people who think the way you do. Strategic thinking requires executives to solicit multiple points of view before making critical decisions.
- Understanding risk: There’s no such thing as a risk-free decision. You must use your strategic thinking skills to understand the potential risks of each option and find ways to mitigate each one.
Executive coaching to improve your strategic thinking skillsIf you need to improve your strategic thinking skills, consider enrolling in an executive coaching program. An executive coach works with the following people:
- Chief executive officers
- Chief financial officers
- Chief operating officers
- Company vice presidents
- Other C-suite executives
When you work with an executive coach, you have an opportunity to learn several helpful frameworks. These frameworks make it easier to see the big picture and understand what you need to do to help your organization succeed. Executive coaching services also help you clarify your goals and use systems thinking to develop new objectives. Systems thinking refers to your ability to understand how different elements of a situation interact with each other.
Once you understand how to apply systems thinking, you can use it to identify patterns and anticipate the outcome of each potential course of action. As a result, executive coaching has the power to make you a better strategic thinker.
E: Emotional intelligence
When you hear the word “intelligence,” you probably think of the ability to learn new things or apply your knowledge to complex situations. Although this type of intelligence is important, it’s not the only one you need to succeed as an executive. You also need emotional intelligence, or the ability to regulate your own emotions and perceive emotions in others.
Think of the first type of intelligence as “book smarts” and the second type as “social smarts.” A high level of emotional intelligence requires skill across several domains:
- Emotional self-awareness: Before you can manage your emotions, you must be aware of what they are. Researcher Tasha Eurich explains that you should have internal self-awareness and external self-awareness. Internal awareness is how well your values and interests align with your environment. In contrast, external self-awareness is an in-depth understanding of how others view you.
- Self-management: People with high levels of emotional intelligence have a positive outlook. They also have an achievement orientation, which motivates them to strive for excellence at work. Self-management also requires emotional regulation and a high level of adaptability.
- Social awareness: Emotionally intelligent people are capable of demonstrating empathy for others. You don’t have to agree with what other people are feeling, but you should be able to understand it. For example, if you make a decision that requires a reduction in force, you should understand that employees may worry about their employment status. Emotional intelligence also requires a high level of organizational awareness. This involves understanding the dynamics within your company and recognizing the smaller networks that have formed over the years.
- Relationship management: This aspect of emotional intelligence is one of the most important for executives, as it encompasses many of the skills you need to excel in a leadership role: conflict management, coaching, influencing, mentoring, teamwork and inspirational leadership.
Why is emotional intelligence important?Emotional intelligence makes it easier to build relationships and resolve conflict, making it a critical skill for executives. In some cases, it’s more important to have emotional intelligence than it is to have job-related technical skills. Emotional intelligence is so important that 71% of employers value it more than technical skills when assessing potential employees.
Emotional intelligence at workExecutives use their emotional intelligence in a wide range of situations. Here are just a few examples to get you thinking about the importance of emotional intelligence in your professional development journey:
- Conflict resolution: If you have a high level of emotional intelligence, you can stay calm in tense situations. You can also take time to listen to multiple points of view, ask clarifying questions and listen to people’s concerns without passing judgment. This makes emotional intelligence essential for resolving conflict in the workplace.
- Networking: When you excel at perceiving other people’s emotions, developing personal and professional relationships is easier. If you continue demonstrating a high level of emotional intelligence, your contacts are also likely to be more responsive when you need advice or ask for feedback on a business problem.
- Communication: When you communicate with other people, you need them to understand your message, whether congratulating them on a job well done or asking them to change a critical work process. If you have a high level of emotional intelligence, you’re capable of perceiving emotions and adjusting your message based on your perceptions. As a result, audience members are more likely to listen to what you’re saying and take it to heart.
- Active listening: Active listening isn’t just about hearing what people say. It’s about understanding the message. To be an active listener, you must pay attention to facial expressions, gestures and other forms of nonverbal communication. Emotional intelligence lets you pick up on these cues, enhancing your understanding of the message.
Executive coaching to increase your emotional intelligenceExecutive coaching helps increase your emotional intelligence, allowing you to identify your shortcomings and learn how to overcome them. An executive coach can teach you various tools to help you be more perceptive and aware of your emotions, making you more successful at work and in social situations.
L: Leadership skills development
In simple terms, leadership is the ability to influence others or guide groups of people. As an executive or an entrepreneur, you must have these leadership skills to succeed in a business environment:
- Relationship building: Leaders must be able to motivate their team members. If you can build strong relationships, it’s easier to convince people to collaborate.
- Adaptability: For executives, every day is a little different. You may be handling a crisis one day and attending routine meetings the next. As a result, you must be able to adapt quickly to changing circumstances.
- Critical thinking: As an executive, you must be able to analyze and evaluate information objectively. Once you complete your analysis, you should be able to use the information to make important decisions. These are some of the most important activities involved in critical thinking.
- Innovation: Whether you need to slash expenses or increase your company’s profit margin, you need to be able to think outside the box. Innovation is the ability to develop novel, useful strategies. In many cases, you can’t achieve your company’s goals simply by maintaining the status quo. Instead, you have to engage in innovative thinking.
- Negotiation: Executives and entrepreneurs must negotiate with employees, colleagues, suppliers, investors and other stakeholders on a daily basis. Generally, negotiation involves discussing an issue and developing a mutually agreeable resolution.
- Conflict management: Although the term conflict has negative connotations, it’s a normal part of doing business. Simply put, conflict is a difference of opinion. For example, your chief technology officer may disagree with your opinion about the best way to spend your IT budget for the upcoming year. You’ll never be able to eliminate conflict, so you must know how to manage it appropriately.
- Motivation: When employees are motivated, they’re committed to your vision for the future. They’re also willing to work together to reach shared goals. As a leader, it’s your responsibility to keep staff motivated and ensure that they feel appreciated.
Why are leadership skills important?Leadership skills are essential for success as an executive or entrepreneur, as they help you solve complex problems, achieve organizational goals and make decisions based on objective data instead of emotions. These skills can also help you lead a more fulfilling personal life.
Leadership skills at workHere are just a few examples of how you can use your leadership skills to help your organization succeed:
- Inspire team members: If your company misses its earnings target for the quarter, you need to inspire team members to do better during the next quarter.
- Resolving conflict: During a meeting, your CFO and CMO get into a heated debate. You must use your leadership skills to stay calm, ask relevant questions, actively listen and help the two executives devise a mutually acceptable solution to their disagreement.
- SWOT analysis: As part of your strategic planning, you may need to perform a SWOT analysis, or an examination of your company’s strengths, weaknesses, opportunities and threats. You must use critical thinking to analyze the situation, assess risks and determine the best course of action.
Executive coaching to develop your leadership skillsEnrolling in an executive coaching program can help you identify your strengths and weaknesses as a leader. An executive coach can also help you increase your confidence and understand how to apply appropriate motivational techniques to various situations.
E: Ethical leadership
Having strong leadership skills is not enough; you must also excel at ethical leadership. This is when you lead others with honesty and respect. Ethical leaders are concerned with doing the right thing, even if the right thing isn’t necessarily the most profitable thing. Maz Bazerman, Professor of Business at Harvard Business School, explains that ethical leaders should focus on what creates the most value for society.
Why is ethical leadership important?Ethical leadership has several benefits:
- Improved reputation: Conscientious consumers are drawn to companies that act in accordance with their own values. Therefore, ethical leadership may help you attract new customers and strengthen your relationships with existing customers.
- Enhanced compliance: Businesses must comply with various state, local and federal laws. Operating ethically makes it less likely that your company will violate one of these laws, which may help you avoid fines and other penalties.
- Increased employee retention: Ethical leadership may help you turn your organization into an “employer of choice,” making it easier to attract and retain highly qualified employees.
- Better performance: By acting with integrity, ethical leaders increase employee engagement. Staff members are more likely to embrace an organization’s mission if they’re confident that a leader is looking to create value for everyone.
- New investors: Although some investors are only interested in profit, others want to invest in companies that are committed to doing the right thing. Ethical leadership can help you attract these investors to your company.
Ethical leadership at workYour ethics play a role in every decision you make. Here are just a few examples of how executives and entrepreneurs use ethical leadership in the workplace:
- Vetting suppliers: You need someone to supply raw materials for your newest product. It comes to your attention that the lowest bidder uses unethical labor practices. Do you buy from them, or do you decide to pay a little more to work with an ethical vendor?
- Handling whistleblowers: An employee comes to you with evidence of wrongdoing from one of your colleagues. Do you act on the report or keep it quiet to protect another executive?
- Complying with the law: Your CFO suggests a little “creative accounting” to make your financial statements look better. Do you agree, or do you insist on producing accurate financial statements?
Executive coaching to enhance your ability to lead with integrityA skilled executive coach can help you identify your personal values and learn how to apply them in every setting. Taking advantage of executive coaching services can also help you gain the confidence to stand up for what’s right — even when doing the right thing is difficult.
C: Communication skills
Communication skills help you transmit and receive information. Whether you’re giving a presentation, writing a memo or having a conversation, good communication skills help you gather the information you need to make critical decisions.
Why are communication skills important?As an entrepreneur or executive, you must have excellent communication skills if you want people to trust you. Good communication also excites people about your company’s mission and vision, which is essential for motivating and inspiring them. Without communication skills, you wouldn’t be able to influence others, making it extremely difficult to do your job.
Communication skills at workExecutives spend much of their time attending meetings, networking with business contacts and reviewing reports. Here’s why you need communication skills to excel in your role:
- Trust: When people trust you, they’re more likely to share their concerns or let you know when they disagree with you. Effective communication allows you to build trust, setting the stage for productive meetings and networking conversations.
- Persuasion: As a leader, you must be able to persuade colleagues and subordinates to adopt a recommended course of action. Effective communication helps people understand the benefits of your recommendation and motivates them to take action.
- Education: If you mentor young leaders, you need to be able to share your knowledge with them. You may also have to help mentees develop new skills. To educate others, you must communicate effectively.
- Relationship building: Effective communication helps you avoid misunderstandings and ensure that other people understand your message. This is why it’s essential for building relationships. Not everyone has the same communication style, so you must be willing to adapt to the needs of employees, vendors, investors and community members.
Executive coaching to improve your communication skillsIf you need to improve your communication skills, take advantage of executive coaching services. With an experienced coach, it’s possible to identify and address your communication-related weaknesses individually. An executive coach can also teach you how to organize your thoughts and distill complex concepts into a short list of key points. When you finish your executive coaching program, you’ll be able to apply the right communication style for every situation.
T: Team building
Team building is just what it sounds like: the ability to create a team that’s capable of effective collaboration. You can’t just group people together and expect them to achieve a desired outcome. In fact, every team goes through four stages, all of which require support from a competent leader:
- Forming: During the forming stage, you select team members and ask them to work together. Early on, people are usually afraid to “make waves,” so they may avoid controversial topics or discuss topics that aren’t related to the task at hand.
- Storming: Once a team reaches the storming stage, members start to organize tasks. This may create conflict or lead to power struggles among strong-willed team members.
- Norming: Eventually, the group becomes more cohesive. Team members are more comfortable expressing themselves and making decisions as a group.
- Performing: In this final stage, a team is highly productive. Members have clear roles, understand each other’s strengths and can function independently when needed.
Why is team building important?Team building is an essential skill for executives, as it helps build trust and promote a shared vision. Whether you’re an executive or a business owner, team building also goes a long way toward minimizing conflict and encouraging open communication.
Executive coaching to improve your team-building abilitiesEnrolling in an executive coaching program allows you to assess your strengths and weaknesses related to team building. Once you identify some areas for improvement, your executive coach can help you understand team dynamics and learn how to guide team members through the forming, storming, norming and performing stages.
Adaptability refers to your ability to adjust to changes in your environment. As an executive, you must deal with change on a daily basis. Here are just a few examples:
- A supplier goes out of business, so you must determine the best way to source raw materials without any production delays.
- Your organization has decided to upgrade to a new CRM system. You have to choose a new vendor, complete the onboarding process and help employees adjust to a new way of accessing customer data.
- The economy enters a recession, reducing demand for your company’s products. Now you have to determine how to avoid losing market share.
- Your largest competitor goes out of business, creating an opportunity to expand your company’s footprint.
- A survey identifies a large gap in the marketplace. You need to decide how your company will fill that gap.
- One of your key employees quits without notice. You must distribute their projects to other staff members to avoid costly delays.
Why is adaptability important?
In the business world, it’s not a matter of if things will change; it’s a matter of when they will change. A high level of adaptability makes it easier to shift gears and respond to changes in the marketplace. If you find it easy to adapt to changing conditions, you can take advantage of new opportunities before your competitors do. You may even be able to increase your company’s market share or generate positive publicity.
Executive coaching to make yourself more adaptable
When you work with an executive coach, you have the opportunity to adjust your way of thinking. Many people view change as something to fear, but successful executives and entrepreneurs see it as a good thing. Change allows you to improve your products and services, build stronger relationships with customers and enhance your company’s performance. A skilled coach can help you identify the benefits of change instead of focusing on the challenges of change management.
D: Digital transformation
Digital transformation is the process of using technology to create a competitive advantage. This involves using large-scale deployments to completely transform your business. For example, many companies now use artificial intelligence to analyze data and uncover hidden patterns. Using AI tools creates a competitive advantage by helping organizations streamline inefficient processes and make decisions faster than ever before.
To use digital transformation effectively, your organization needs several capabilities:
- Excellent talent management: Digital transformation requires highly skilled employees to manage large-scale deployments and maintain your IT infrastructure. You also need the right recruitment tools, such as an applicant tracking system and an AI tool for screening résumés.
- Clear strategy: You must have a clear strategy that explains how adopting new technology will create value for the organization and its stakeholders.
- Flexible business model: A flexible business model is well-suited for growth, allowing you to increase your output without increasing your inputs. For example, if you publish e-books, you can sell millions of copies without a significant increase in resources.
- Big data: You can’t make big decisions without big data, which has three characteristics: volume, variety and velocity. Volume refers to the amount of data available, while velocity refers to the speed at which you receive data and use it to make decisions.
As an executive or business owner, it’s your job to develop a clear strategy and ensure that staff members have the tools to recruit highly skilled employees, implement a flexible business model and use big data to make critical business decisions.
Why is digital transformation important?
Digital transformation is important because it helps your organization gain a competitive advantage in the marketplace. Large-scale deployments allow businesses to bring new products and services to market faster than ever. They also create value, often improving a firm’s financial performance and satisfying both board members and investors.
Executive coaching to improve your digital transformation skills
Executive coaching helps with many of the skills required for successful digital transformations, such as change management, adaptability, ethical leadership and team building. You’ll also have the opportunity to develop strategic thinking skills, ensuring that you can develop a clear strategy for using digital transformations to create value.
V: Visionary leadership
Visionary leadership is all about creating a vision for your organization’s future. You should be able to paint a clear picture of where your company is now, where you want it to go and what’s necessary to get there. If you communicate your vision effectively, team members will embrace it and dedicate themselves to achieving it.
As a visionary leader, you should display these traits:
- Resilience: Visionary leaders don’t give up when things get tough. They have a high level of perseverance, which enables them to solve complex problems and motivate others to succeed.
- Creativity: A visionary leader must embrace innovation and encourage team members to experiment with new product and service ideas.
- Risk taking: Although you need to manage risk, you shouldn’t eliminate it entirely. Sometimes, taking risks pays off in a big way, creating value for your organization and propelling your career to new heights.
- Organization: Visionary leaders know how to organize resources to make their visions a reality. This includes building successful teams.
- Enthusiasm: If your followers see that you’re enthusiastic about your vision, they’ll be more likely to commit to it.
Why is visionary leadership important?
Team members need a sense of purpose to motivate them and convince them to embrace your ideas. If you can’t communicate your vision successfully, you won’t be able to get employees excited about the future. When employees aren’t excited, they tend to be disengaged.
Executive coaching to turn yourself into a visionary leader
An executive coaching program can help you develop several traits needed for visionary leadership, including creativity, resilience, organization and risk taking. As part of a coaching program, you’ll also have the opportunity to refine your communication skills, ensuring that you have what it takes to explain your vision in a way that’s easy for team members to understand.
A: Analytical skills
Strong analytical skills allow you to identify problems and use data to develop effective solutions. They also help you uncover trends that could help your business fill unmet needs in the marketplace. Here are just a few ways executives and entrepreneurs use analytical skills on a daily basis:
- Research: When you conduct research, you gather relevant information and use it to make decisions. As part of this process, you must distinguish reliable data from unreliable data sources. Skilled researchers also understand when to use qualitative data versus quantitative data.
- Brainstorming: If you have a problem, brainstorming helps you develop potential solutions. The key to using this skill effectively is to focus on idea generation instead of evaluation. Even if an idea seems farfetched or too difficult to implement, don’t discard it right away. You may be able to modify it in a way that makes it the ideal solution to your problem.
- Forecasting: You can’t predict the future with 100% accuracy, but you can use data to make realistic predictions about your company’s performance. For example, you may be able to predict how many new employees you’ll need to hire next year or how much your expenses will increase based on recent trends.
- Process optimization: Successful executives always look for ways to optimize business processes. This skill allows you to identify and eliminate inefficiencies. For example, if your recruiters have to screen every application manually, they may not have enough time to conduct in-depth interviews. You may be able to optimize the screening process by implementing an applicant tracking system or using AI screening tools. Once you implement your proposed solution, your recruiters will have more time for strategic activities.
Why are analytical skills important?
You can’t make critical decisions without applying analytical skills in some capacity. For example, you may have to use this year’s payroll data to forecast your labor expenses for next year. It’s also common to use brainstorming to come up with potential solutions for complex problems. If you don’t have strong analytical skills, you won’t be able to make wise decisions for your company.
Executive coaching to improve your analytical skills
Signing up for executive coaching is a great way to improve your analytical skills, as it gives you access to an experienced, objective professional. When you start working with your coach, you’ll be able to identify areas of weakness related to analytical thinking. For example, if you need to improve your forecasting skills, you’ll be able to set goals for improvement.
Executive coaches also provide a supportive environment, ensuring that you feel comfortable exploring new possibilities. Finally, as you develop your analytical skills, your coach can provide real-time feedback and support.
N: Negotiation skills
As noted previously, negotiation is the process of discussing an issue and coming up with a mutually agreeable resolution. Whether you’re an executive at a Fortune 500 company or own a business, you must negotiate regularly. For example, if a supplier wants to raise their prices, you must negotiate the smallest possible increase. Otherwise, your business costs will rise to an unsustainable level, making it impossible to achieve your strategic vision.
Meanwhile, your supplier wants to negotiate the largest possible increase. They have expenses to cover and profit targets to meet, just like your company does. The negotiation process allows you to reach a resolution that helps both companies meet their objectives.
Why are negotiation skills important?
At the executive level, negotiation involves deals worth millions or even billions of dollars. If you aren’t a skilled negotiator, you may struggle to maintain customer relationships, increase your company’s profit margin or achieve other business-related goals. Excellent negotiation skills help you resolve conflict and build value.
Executive coaching to improve your negotiation skills
Working with an executive coach is one of the best ways to improve your negotiation skills, as a coach can help you build confidence and speak more assertively. Your coach can also teach you proven techniques for using negotiation to create value for your company. Best of all, you can practice your new skills by participating in role-playing exercises and other activities with your coach.
C: Crisis management
At some point in your career, you’ll have to deal with a business emergency. It may be the death of a key employee, negative publicity about one of your products or a major lawsuit against your company. Crisis management is how you respond to that emergency.
Crisis management usually occurs in three stages: pre-crisis, crisis response and post-crisis. Here’s what happens during each stage:
- Pre-crisis: You know that a crisis will occur at some point, so the pre-crisis stage is for developing a plan to deal with different types of emergencies. It involves identifying risks, creating a response plan, developing a monitoring system and appointing someone to act as the crisis manager when an emergency occurs.
- Crisis management: This is when you implement the response plan you developed during the previous stage. Your crisis manager is responsible for communicating with stakeholders about what’s happening and how your company plans to respond.
- Post-crisis: Now is your opportunity to review what went well and what didn’t. Once the crisis passes, you should update your response plan accordingly.
Why is crisis management important?
The faster you respond to a crisis, the less impact it has on your company’s bottom line. Crisis management gives you a chance to plan ahead, ensuring that you have a response plan ready to go as soon as a crisis occurs.
Executive coaching to handle every crisis with confidence
Crisis management requires effective communication skills, advanced analytical skills and the ability to think beyond the next week or the next month. An executive coach can help you refine your leadership skills, ensuring you’re prepared to confidently handle any emergency. Working with a coach may also make you more adept at assessing team members and determining the best way to use their skills during a crisis.
E: Executive presence
Executive presence is a characteristic rather than a skill, but it’s essential for professional success. In simple terms, a strong executive presence is a set of traits that allow you to be confident, assertive and dynamic. It’s the “certain something” that makes people sit up and take notice when you walk into a room or give a presentation.
When you have a strong presence, you can persuade followers to embrace your vision for the company’s future. These are just a few of the characteristics that make up a strong executive presence:
- Confidence: To succeed as an executive or an entrepreneur, you must be bold instead of meek. You must also be able to assert yourself and express your opinion in tense situations.
- Interpersonal skills: Before you can lead people successfully, you must create relationships with them. Excellent interpersonal skills make it easier to build trust and form positive relationships.
- Character: Team members want to know that they’re following someone with a strong moral compass. Your character is the way you think and behave — even when no one else is watching.
- Credibility: If you want team members to take you seriously, you must demonstrate credibility. Before you speak, audience members want to know you’re competent and have in-depth knowledge of your selected topic. You can also demonstrate credibility by displaying sound judgment, citing reputable sources and keeping your thoughts organized.
- Charisma: Charisma is a personal trait that makes it easier to influence others. When you’re charismatic, people are naturally drawn to you, making it more likely that they’ll listen to your instructions or accept assignments from you.
- Composure: You must remain composed when sharing information with team members. It’s also important to be objective rather than making decisions based on your emotions.
Why is executive presence important?
Executive presence is important because it helps you command respect and build trust within your team. Without a strong executive presence, it’s difficult to inspire people and motivate them to overcome challenging circumstances in the name of your shared vision.
Executive coaching to enhance your presence
An executive coach can help you develop the traits necessary for a strong executive presence. For example, joining an executive coaching program allows you to increase your emotional intelligence. This makes it easier to display charisma and maintain your composure in tough situations. Additionally, by helping you become an ethical leader, your executive coach can also help you enhance your credibility.
G: Global leadership
Thanks to modern technology, it’s possible to share information with colleagues who are thousands of miles away. Businesses can also sell their products and services to customers in multiple countries, creating more opportunities to generate revenue. These changes have made it necessary for executives and entrepreneurs to develop global leadership skills.
Global leadership refers to the ability to influence people from different cultures, and it requires a high level of cultural competence. You don’t have to be fluent in multiple foreign languages, but you do have to respect other cultures and understand how they’re different from your own.
If you’re new to global leadership, it’s helpful to understand the six cultural dimensions proposed by Geert Hofstede:
- Power distance: The power distance dimension describes the extent to which a culture accepts that power isn’t distributed equally. China scores high on this dimension, as demonstrated by the focus on superior-subordinate relationships in the workplace. In the United States, the Pledge of Allegiance contains the phrase “and justice for all,” indicating a lower tolerance for inequality.
- Individualism: In collectivist cultures, people tend to make decisions based on what’s best for the group. People in individualist cultures make decisions based on their personal interests. For example, it’s common for members of individualist cultures to seek praise for their accomplishments. People in these cultures may make decisions based on what is most likely to lead to a promotion, a title change or a salary increase.
- Uncertainty avoidance: This dimension refers to the extent to which members of a culture feel threatened by ambiguity. Some people embrace the unknown, while others are afraid of it.
- Motivation toward achievement and success: A high ranking on this dimension indicates that a culture is driven by competition and success. Conversely, a low ranking indicates that a culture places a high level of importance on caring for others.
- Indulgence: Members of an indulged culture tend to have weak control over their desires, while members of a restrained culture have a high level of control over their desires.
- Long-term orientation: Cultures with low scores on this dimension tend to avoid change and focus on maintaining tradition. In contrast, cultures with high scores place a high level of emphasis on planning for the future. For example, a culture with a long-term orientation may encourage young people to attend college so that they can get high-paying jobs when they’re older.
Why is global leadership important?
No two cultures are exactly the same. If you’re going to lead global teams, you must know how to build cross-cultural relationships. This entails respecting cultural differences while also helping your team members find common ground.
Executive coaching to improve your global leadership abilities
Executive coaches have the knowledge and skills needed to help you understand what’s important to members of different cultures. Your coach can also help you determine the best way to find common ground without disrespecting anyone’s cultural identity.
Resilience is the process of adapting to challenging circumstances. It would be great if every day went smoothly, but executives and entrepreneurs have many responsibilities. There’s bound to be a crisis at some point, so you need to be able to respond appropriately instead of allowing it to completely derail your plans.
Companies should also be resilient. In other words, businesses must adapt to changes without abandoning their objectives. If you want your company to be resilient, you must focus on growth.
Why is resilience important?
Resilience is important because it helps you overcome significant challenges. If you want to inspire people, you must come across as someone who tackles tough challenges without breaking a sweat. Stress is a normal part of life, but a successful leader can reframe negative thoughts and use a crisis to motivate team members.
Executive coaching to increase your resilience
Executive coaching services help you build several of the skills needed to become a resilient leader. For example, working with an executive coach can help you increase your adaptability and learn how to communicate effectively in times of crisis.
O: Organizational culture
Organizational culture is a set of shared values and beliefs that guide every aspect of your company’s operations. These four types of organizational culture are the most common:
- Adhocracy: In an adhocracy, managers have a long-term vision, but team members have the freedom to be creative and flexible.
- Clan: If your company has a clan culture, team members identify with its mission and vision. The ultimate goal is to create a cohesive team that responds appropriately to business challenges.
- Hierarchy: A hierarchy has a consistent structure designed to maintain stability. Managers are there to enforce the rules and maintain order.
- Market: In a market culture, managers encourage their team members to compete with one another. The organization is always looking for ways to outperform its competitors.
According to Edgar Schein, who taught at MIT’s Sloan School of Management for over 60 years, every organizational culture has three levels: artifacts, espoused beliefs and values, and underlying assumptions.
An artifact is everything you see, feel and hear when encountering a new culture for the first time. This includes an organization’s dress code, physical environment and observable ceremonies. Espoused beliefs and values are the things that members say they believe and think they believe. Your company’s code of conduct and mission statement are examples of espoused beliefs and values.
Underlying assumptions are unconscious patterns that influence the way members think and behave. They serve as the foundation for your company’s values. For example, your organizational culture may be based on the assumption that satisfied employees are more productive.
Why is organizational culture important?
Organizational culture is important because it dictates how well team members work together. It also sets expectations regarding employee behavior. For example, if your company is an adhocracy, team members understand that creativity is essential.
Executive coaching to help you develop a healthy organizational culture
An executive coaching program can help you develop the skills you need to create a healthy organizational culture. For example, your coach can help you identify the underlying assumptions you have about your organization and your role.
W: Wealth management
Wealth management is a set of practices used to increase your net worth and minimize your financial risk. If you own your own business, you may need help minimizing your tax burden or choosing an appropriate retirement plan. Company executives usually receive several forms of compensation, such as salary, bonuses and stock options. If you don’t know how to manage it all, you may spend more than necessary on investment fees or miss out on valuable tax breaks.
Wealth managers typically collaborate with accountants and tax professionals to determine how to maximize each client’s wealth. For example, if you’re considering selling your business, your wealth manager may consult with your tax professional to determine if there’s a way to reduce the amount of tax owed once you complete the sale.
Why is wealth management important?
Wealth management is important because it allows you to preserve as much of your money as possible. This makes it easier to reach your financial goals and plan for the future. A wealth manager may help you determine the best way to pay for your child’s education, advise you on how to reduce your investment risk or recommend steps that you can take now to ensure that you can enjoy your retirement.
Executive coaching to help you manage your wealth
Once you’re enrolled in an executive coaching program, your coach may be able to connect you with a reputable wealth manager. The sooner you receive professional advice, the sooner you can start building wealth.
T: Thought leadership
Thought leadership is a way to demonstrate your expertise in a particular field. For example, if you have 20 years of experience as an information technology executive, you may demonstrate your expertise by presenting at conferences or writing articles for trade publications.
Why is thought leadership important?
Thought leadership has several benefits for executives and entrepreneurs:
- Writing articles, facilitating workshops and giving presentations are effective ways to build a strong personal brand.
- When you engage in thought leadership, you bring positive attention to your company, which may help you attract new customers or investors.
- Thought leadership establishes you as an expert in your field.
- You have the opportunity to inspire others with your knowledge.
- As part of your content marketing strategy, thought leadership improves your company’s search engine rankings and drives high-quality traffic to your website.
Executive coaching to help you become a thought leader
Establishing yourself as a thought leader requires confidence, analytical skills, resilience and executive presence. An executive coach can help you identify weaknesses in these areas and recommend a series of action steps to help you address them.
H: Human capital development
Human capital refers to the knowledge, skills and traits that help people become productive members of society. For example, someone who knows how to use Python has the potential to develop a successful career in artificial intelligence and machine learning.
Human capital development is the process of helping people improve their knowledge and skills. Not only does this benefit individual employees, but it also has the potential to benefit your organization. These are just a few examples of the capital held by your employees:
- Social capital: Relationships, social status, professional networks
- Knowledge capital: Degrees, certificates, technical skills, professional certifications, intelligence, work experience
- Emotional capital: Resilience, creativity, loyalty, emotional intelligence
Why is human capital development important?
Human capital development is important because it promotes innovation and increases productivity. For example, if you offer tuition reimbursement, one of your employees may use their benefits to complete a computer science degree. Once your employee has that degree, they can use their new skills to step into a new role or take on additional responsibilities as part of their current role.
If you know how to develop human capital effectively, you also have a better chance of motivating employees and convincing them to embrace your company’s vision. It’s also critical to identify gaps in each employee’s knowledge and skills. When you understand what team members need to reach their full potential, you can adjust your company’s learning and development program accordingly. As a result, effective human capital development is essential for innovation and succession planning.
Executive coaching to improve your ability to manage human capital effectively
Human capital development requires several of the skills addressed above, such as the ability to think critically, adapt to changing circumstances and display a high level of emotional intelligence. Working with an executive coach can help you develop and refine these skills, ensuring that you feel comfortable assessing team members and persuading them to get additional education, training or work experience.
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