Coaching for boards brings significant value

Coaching for boards of directors is often the deciding factor in whether your governance education continues or lapses. While some people might not even give it a second thought, increasingly, newer generations embrace it. They see such coaching as an important tool for reflection, helping them with targeted development, staying focused, and networking. Given the increased scrutiny directors face, all of this is essential in modern governance. Crucially, coaching feeds into one of the most important elements of good boards: a culture of learning. Any director who refuses to explore new ideas because they “already have enough expertise to do the job” is out of pace with the dynamic and rapidly shifting nature of corporate governance. Coaching helps ensure this never takes over and gives directors a platform to continuously challenge themselves. In a nutshell: what is coaching in a boardroom context? It’s a dedicated effort to improve or maintain a director’s knowledge about specific areas of governance. It can also apply to groups of directors or entire boards, especially if the coaching concerns collaborative working or other team-based activities. Coaching is tailored to the individual’s needs, so it can look quite different each time. There may be one coach or several covering different areas. Coaching sessions may be general and infrequent or targeted and take place at scheduled intervals. Why do directors need coaching? Directors are usually knowledgeable and have tried and tested ways of working, but that’s never enough these days. The modern director needs constant self-reflection to explore new ideas and must never be afraid to admit they need advice. Coaching is the answer to those issues. It also gives many directors an opportunity to sit back and take stock of their decision-making up to that point. Through coaching, they can analyse their work with new contexts and opinions, potentially opening doors for thought they didn’t realise existed. What are the benefits of coaching for boards? It improves collaboration It may help with conflict resolution and other big barriers to decision-making It keeps boards agile, adaptive and willing to try new ideas It lays out a director's strengths and weaknesses It feeds a culture of accountability, which is essential to the modern board It contributes to realistic goal-setting How does coaching for boards work? First of all, it depends on who needs coaching. Is it the chair? Is it specific board members? Is it the board as a whole? Once you’ve answered these questions, you can start to draw a plan together, which might look something like this: Execute a coaching contract upfront which defines objectives Hold an initial meeting between the board chair, directors, coach or whoever else might be involved. Design the coaching process after conducting an initial assessment Focus on a variety of issues through personal development planning Agree on how often coaching sessions will be needed and stick to that plan during the coaching process. Hold a conclusion meeting once the process is over. Have you achieved your goals? Have you arrived at new challenges? What might be good areas for focus in future coaching sessions? This is just an example, though - a collection of common coaching plan elements. You can use other frameworks, too, which draw from other fields like psychotherapy and mediation. If you’re unsure, speak to your coach or relevant colleagues. How to find a coach Often, directors find their own coach through their network and referrals. If this method doesn’t work for you, try researching external consultants or similar professionals online. While a coach doesn't need to have held the role of director, they do need to have a thorough understanding of what it means to be a director. Some clients have long-term relationships with the same coach, while others prefer a series of shorter-term engagements. The coach should be challenging but maintain rapport with the directors. Coaching can be highly effective, but if directors feel like it is being imposed on them, it will lose its impact. What about return on investment? It’s natural to want to put figures on an initiative like coaching to ensure you’re getting value for money. The bottom line is that if done right, it can lead to higher goal achievement and improved collaboration along with enhanced performance at work. As boards are at the very top of the command chain, it might be difficult to trace direct financial impact of coaching - depending on the organisation. The most important thing is to ensure you have constant feedback from all stakeholders involved. Do directors feel more empowered? Are they better equipped to deal with new issues that arise? Are shareholders more confident in the director receiving coaching? Does management feel the director is more reliable? Seek this information wherever you can. Ultimately, coaching is supposed to be a boost to leadership, so the key metric for success is how that leadership changes or improves over time. In summary Coaching can be a critical tool for a director’s development, ensuring consistent leadership and innovation. Training is not a one-off activity but an ongoing process, and coaching is a key ingredient in ensuring that the process continues to be successful.

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Coaching for boards brings significant value

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