Patti Cotton

Executive Coach & Career Strategist

Patti Cotton

Executive Coaching: Understanding the Numbers

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Executive Coaching: Understanding the Numbers
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Returning to work means reexamining how you operate to get things done. It’s an opportunity to see whether you and your staff can be even more effective in light of the complexities that have developed in the world which affect the business landscape. It’s time to fine-tune your leadership and take it to the next level.

But as business owners seek to develop their leadership and that of others in the company, they often focus on presenting workshops, classroom training, and mentoring programs. These have proven to be the least effective in developing leadership. Executive coaching, which is called upon less frequently, has proven to work best for leadership development, and the numbers reflect this.

“But my training budget is modest,” said one leader. “I can’t give every executive her own private coach.”

I agree that executive coaching may appear to be more costly. But the return is also much higher. Studies by PriceWaterhouseCoopers and the American Management Association show the following: When businesses invest in executive coaching to develop greater leadership, they recognize a mean ROI (return on investment) of 7 times that of their initial investment, with a solid 25% of those same companies reporting a return of 10-49 times the investment.

How might your business benefit from such returns?

Typical ROI results reported from executive coaching include (but are not limited to) increased revenue and profitability, reaching or exceeding organizational goals, higher performance and productivity, greater creativity and innovation, and enhanced skills in communications and conflict management.

At the same time, leaders have all heard disappointing stories of coaching experiences that cause hesitation.

“How do I know it will work?” asked one executive. “My colleague really enjoyed his coaching experience, but he said it never really helped him reach any tangible goals.”

Sadly, his story is not unique.

How can you ensure, then, that your investment will pay off sizable dividends? Careful planning to identify a leader’s development goals and objectives is not enough. The coaching engagement should be overseen by a formally trained coach using proven methodologies, and the plan should have distinct measurables (more numbers!) that serve as success markers to gauge how well the process is working.

You may also consider team coaching, which can make the most of your budget, and still have great returns. New evidence supporting the effectiveness of this approach is exciting, and can yield such outcomes as greater trust, performance, alignment, and coordination (and these are just a few dividends).

A lot of leaders, in their eagerness to get “back to normal,” have given little thought to leadership development. The return to work has been first and foremost on most minds. However, with the complexities that COVID has brought to us, leaders and other decision-makers will need to sharpen their skills in decision-making and execution.

Indeed, the COI (cost of inaction) when it comes to leadership development is staggering and has increased exponentially with the new business landscape. For example, 67% of all productivity loss can be attributed to poor communication and conflict. Less-than-optimal leadership practices can cost a business an amount equal to as much as 7% of its total annual sales. There’s much more, but I think you are getting the picture.

Why don’t more companies take advantage of this tool?

Leaders fall into what we call “normalcy bias,” where they feel they are doing well, even when they are not. They may feel that coaching is only for corrective situations, or their executives seem too busy for coaching. And many feel their teams are meeting every goal they set. If the latter is your case, I’d challenge you to think about whether things are just too easy, and what could be accomplished by stretching those goals.

As the great “return to work” continues, and you think about whether your company is ready for more change, ask yourself if you are really fully equipped to lead it. Make sure that your investment, however you allocate it, provides you with a great return.

The Clockwork of Excellent Leadership:   3 Essential Gears

What makes up excellent leadership? The essential components that go into leadership must all work together, or they begin to wear on one another and bring things to a stop. Learn how to keep them running like clockwork. Sign up to receive the  complimentary infographic.

© Patti Cotton and patticotton.com. All rights reserved. Unauthorized use and/or duplication of this material without express written permission from the author is strictly prohibited. Excerpts and links may be used, provided that attribution is made to Patti Cotton and patticotton.com, with links thereto.

Does Your Leadership Suffer from the Bandwagon Effect?

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Does Your Leadership Suffer from the Bandwagon Effect?
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Are you following the crowd when it comes to the way you lead? You may not think so.

However, if you are like most leaders, you may unwittingly suffer from “the Bandwagon Effect” without knowing it.

The Bandwagon Effect is a cognitive bias that can cause us to think and act in certain ways if we believe others are doing the same.

My father had a different way of describing it.

“Monkey see, monkey do, Patti,” he would quip.

Does any of this sound familiar?

1. Do you react to the current conditions that affect your business, rather than anticipate and plan for change? Or do you hesitate to adopt new practices or approaches until you see others doing this with success?

Learning to read the business landscape and anticipate with confidence and action enables you to lead out in front. Otherwise, you will be left behind.

2. Are you shortchanging the development of your own leadership?

It’s necessary to stay relevant and sharp. Reading the latest books everyone else recommends, as well as attending recommended conferences and industry meetings is important. But do you take a systematic approach to developing your personal leadership? Intentionally targeting and working on your personal blind spots and growth opportunities is key to operating at your best.

3. Are you missing an accountability mechanism for your leadership development?

The Bandwagon Effect would reflect that you rely on your board or your colleagues, holding you accountable for business outcomes. But who supports you rising to your potential in the way you lead? Be sure you have a confidential “internal board of directors” for this, comprised of leaders who have your back, understand you and your business, and invite you to take responsibility for your growth.

Where does the Bandwagon Effect show up in the way that you lead yourself and your business? I challenge you over the coming week to carefully examine the way you make decisions and take action to see where you can break away and get out in front.

© Patti Cotton and patticotton.com. All rights reserved. Unauthorized use and/or duplication of this material without express written permission from the author is strictly prohibited. Excerpts and links may be used, provided that attribution is made to Patti Cotton and patticotton.com, with links thereto.

Leading In 2021: Check Your Decision-Making Process

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Leading In 2021: Check Your Decision-Making Process
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If you are feeling the effects of chronic pandemic fatigue, you are not alone. Yet, as leader, you can’t afford it. Your role calls for you to be fresh and alert, with answers that respond to the immediate and support the future.

Samantha recognized her team’s ability to make decisions together had eroded over time.

“We need a total reboot when it comes to our decision-making process,” she said. “How do I go about that?”

“Decision-making is critical, and especially now that uncharted territory becomes the norm,” I said. You are in the same boat as a lot of other excellent leaders. Let’s start with a basic framework for making sound decisions. And I’ll give you some additional things to think about at each step.”

Keys to Sound Decision-Making

  1. Identify the issue.

This sounds simple, yet many mistakenly pinpoint the problem they see as the issue that needs fixing.

What’s the difference?

You may receive reports that your call center or area that supports customer inquiries cannot handle the incoming calls. But is it the employees’ abilities, the process they use, or the system that supports their area?

In my work with leaders, I often hear, “They just need to learn how to work faster.”

This may be true in some cases. However, I find that most employees want to do well, and it can be, instead, that the process they are asked to use or the system that supports the department is at fault. Be sure to analyze the problem that is in front of you to see if there is a root cause or issue that needs to be remedied. Otherwise, you will spend time and energy on something that will continue to erupt.

  1. Identify and include key stakeholders in your discussions.

Who needs to be involved?

Classically, the executive team or leader and group for the immediate area will assemble to discuss and decide on solutions. However, a great deal of valuable input is missed if we don’t ask the question, “Who will be affected by the decision in front of you?” and then involve representatives from that area to take place in the discussions. Once you include voices from those who will be impacted, you can gather a lot of key information that will help you avoid and redirect potential problems coming from the solution!

  1. Make a real decision.

Once you have identified the issue and assembled key stakeholders around the table, make sure you don’t wind up suffering from normalcy bias or, “the ostrich effect.” Normalcy bias says we will avoid the problem by ignoring it. If you have left a meeting without having made a decision toward a next step, your team is reflecting normalcy bias. This often occurs because people do not want to have the tough conversations needing to occur. If you feel your team is waffling on a decision, ask yourself what conversation needs to take place in order to move forward.

  1. Play out the scenarios to assess potential impact.

Take the short list of solutions and outline how each of them would play out. Whom and what would they affect? How? Can you measure or quantify this? What would wins entail? Losses? Be sure you tease out the impact of each so that you are ready to take responsibility for the outcomes.

  1. Watch for hidden agendas and subtle non-commitment.

Keep watch for those team members that do not speak up or that make comments that reflect a lack of commitment. Call on them to weigh in to make sure you have ferreted out any potential dissension. And, conversely, watch for those who are quick to agree without asking questions. This may indicate either a lack of interest, understanding, or an avoidance to confrontation in case they disagree.

Finally, I shared with Samantha that a shared agreement around how the those involved will remain aligned and coordinated throughout the process is imperative. Who will be the gatekeeper for this process?

The way you and your team make decisions can make or break the future success of your company. I encourage you to have a conversation around the way you make decisions and to test the steps outlined above.

The Clockwork of Excellent Leadership:   3 Essential Gears

What makes up excellent leadership? The essential components that go into leadership must all work together, or they begin to wear on one another and bring things to a stop. Learn how to keep them running like clockwork. Sign up to receive the  complimentary infographic.

© Patti Cotton and patticotton.com. All rights reserved. Unauthorized use and/or duplication of this material without express written permission from the author is strictly prohibited. Excerpts and links may be used, provided that attribution is made to Patti Cotton and patticotton.com, with links thereto.

When Your Executive Can’t Get to the Point

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When Your Executive Can’t Get to the Point
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Have you ever had an executive who just can’t seem to get to the point?  It can be an agonizing monologue, and you, as listener, can easily get lost in their narrative.

How do you help them shorten up the time they spend in detail so that you can determine what they need from you?

Tom asked me to work with him on his tolerance levels with key executives. “Specifically, I’m at my wit’s end with John, one of my key executives.”

“I can’t get past his droning narrative,” Tom continued. “It’s as if every conversation he has begins with when he was born and where. Then I start bristling and cut him off. Lately, I’ve noticed him shutting down, and I’m sure it’s because of my reaction. What do I do?”

“John may be a functional communicator*,” I said. “Does he love details and timelines?”

“I don’t know what a functional communicator is, but he thrives on timelines and charts,” Tom answered. “Burying himself in step-by-step guides and combing through details are a mental trip to Disneyland for John. It drives me crazy!”

“And how do you like to get things done, Tom?” I asked.

“Listen, I’m a big-picture thinker,” he responded. “Don’t bog me down with details. Give me a quick overview, and let me ask a few careful questions. That’s how we can move forward quickly.”

“Then I would call you an intuitive communicator, Tom,” I said. “Too many details can seem distracting to you.”

“You aren’t kidding,” Tom said. “My skin starts crawling when we drop below 40,000 feet.”

“Well, Tom, since you say John is great talent, and you want to negotiate a better way of communicating with him, here are four steps you can take with him.”

  1. Let him know you value his contributions.

Tell John he may have noticed you becoming frustrated upon occasion and that you apologize for this. Share that you recognize this is due to your differing communication styles and is no reflection on how you regard his talent or positive impact on the team.

  1. Share your observation about your communication styles.

Note he appears to be a functional communicator. He likes to outline things in a step-by-step way so that nothing is missed and provide details so that someone has full information by the time he is finished presenting. Ask him if this is correct. After listening and confirming, be sure you let him know you appreciate his desire to be thorough. Then, share your communication style with him.  As an intuitive communicator, you appreciate the aerial view. You like the big picture, and details can be distracting to you. You prefer for him to stick to the main topic and allow you to ask follow-up questions. You will then ask him to share other details he feels are relevant after you ask your questions.

  1. Pick a topic and role play.

Experiment with how it would be to communicate in each other’s preferred styles. In other words, after selecting the topic, share first with him, outlining all details and info John might appreciate. Debrief after having done so to see if this is helpful to him. Then, have John try your style with the same topic, identifying the main point in a sentence and its present or potential impact. He will then sit back for questions. Again, debrief.

  1. Practice.

As you meet together, continue to try each other’s styles as you communicate. Ask each other how it is working, and what could go better. Make sure that you don’t treat this as a test, but as experimenting to find the right way for both.

The next time you become frustrated with a colleague’s communication style, ask yourself what would work for you, instead. Then have the conversation with that person and ask them about their experience with you. Do they also need something different, in order to communicate more smoothly? Suggest experimenting such as is outlined above, and see if this doesn’t improve your working relationship and your ability to get things done together.

*Mark Murphy’s 4 Communication Styles, Leadership IQ

The Clockwork of Excellent Leadership:   3 Essential Gears

What makes up excellent leadership? The essential components that go into leadership must all work together, or they begin to wear on one another and bring things to a stop. Learn how to keep them running like clockwork. Sign up to receive the  complimentary infographic.

© Patti Cotton and patticotton.com. All rights reserved. Unauthorized use and/or duplication of this material without express written permission from the author is strictly prohibited. Excerpts and links may be used, provided that attribution is made to Patti Cotton and patticotton.com, with links thereto.

The Key to Developing Your People

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The Key to Developing Your People
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Developing your people is key to keeping your business strong. Rather than a “sometime event,” it should be an active part of your culture so that you always have your leadership talent pipeline full.

Jim was worried. His company had a knack for hiring great people. But the turnover was significant. Employee exit interviews often reflected that they felt there were little or no career path opportunities. This was puzzling to Jim, as he had always encouraged his executives to watch to support bright and promising talent in their areas for bigger things.

He had brought in several targeted trainings so that his executives were well-versed, but the numbers showed that this was not working.

What was missing?

When Jim called me, he had just learned that a key manager was leaving for a competitor.

“I can’t have this talent bleed anymore,” Jim blurted. “How can we get a handle on developing our people so that we quit losing good talent, and so that this talent is ready to move into greater responsibility?”

“Jim,” I answered, “your approach is a familiar one. Leaders may bring in occasional targeted trainings or leave people development up to their individual executives to groom people in their areas. Neither of these approaches is effective.

“What is needed is a uniform, systemic approach to developing your people that is well-defined, modeled, and replicable. Otherwise, your talent pipeline – your leadership pipeline – will be leaking from all sides.

“Well, I need to do something quickly,” Jim replied. “What are my marching orders?”

Jim and I worked on three simple steps to turn things around. By the end of 12 months, results were remarkable.

3 Steps to Developing Your People

1. Define it. Developing your people requires addressing competencies, character, and commitment. This means reviewing and identifying:

a. The technical skills needed for the role
b. The relational skills or character traits that support your culture and work environment (e.g., integrity, connection, respect, etc.)
c. Employee commitment (what does commitment look like in their personal leadership, their work, etc.)

2. Make it systemic and formalize it as part of expectations. Agreeing on your approach and framework is a good start, but you will then want to create a plan to cascade this throughout the company in a way that is replicable. What needs to be refined and emphasized in your messaging to support this as a cultural expectation? In employee job descriptions to support this? In performance reviews?

3. Model it. Start at the top. Too many leaders issue the directive to launch such an initiative, but do not actively take part in it. You as leader, and your executive team, need to begin this process first, and actively model it so that directors and managers can take the ball and run with it.

Taking the time and devoting the energy to developing your people is one of the greatest ROIs I see in the business world. I encourage you to make this a topic of discussion with your team – and to act on it.

© Patti Cotton and patticotton.com. All rights reserved. Unauthorized use and/or duplication of this material without express written permission from the author is strictly prohibited. Excerpts and links may be used, provided that attribution is made to Patti Cotton and patticotton.com, with links thereto.