CUMA Conference 2005 Where Credit Union Managers Connect

CUMA Conference 2005

Where Credit Union Managers Connect

CUMA Welcomes

Peter Bedard People First Inc.

“Holding up the Mirror! Executive Coaching…”

Introduction

• Why are you here?

• People First Model of Alignment

PURPOSEMISSIONVALUES

Comm

unica

tion

Cultur

e Strategy

Structure

Tea

m B

uild

ing

Satisfaction and

RetentionRecruitment and

Selection

Job Design

Succession and

Career P

lanning

Per

form

ance

Man

agem

ent

Training and Development

Compensation and

Incentive

VisionMissionValues

Some Statistics

• “Between 25 percent and 45 percent of Fortune 500 companies use executive coaches.” Survey by The Hay Group,

• Metropolitan Life Financial Services– retained all of the salespeople who had coaching– each representative who leaves a company with three

years’ experience cost $140,000 to replace. – the coaching program which cost about $620,000,

delivered $3.2 million in measurable gains: A 5.16 ROI. The Rowell Consulting Group

More Numbers

• “…a full ROI study on an executive coaching program that produced a return on investment of nearly $3 million per year or 689 percent.” Ed Cohen, senior director at the Center for Performance Excellence

• According to a study done by the Manchester Group, organizational benefits from coaching include:– Improved Relationships 77% – Improved Teamwork  67% – Improved Job Satisfaction  61% – Improved Productivity  53% – Improved Quality  48%

Exercise

1. Write down names of people you know or know of when you hear the word coach.

2. Write down the top 3 attributes that you think of when you hear the word coach.

Are these what you pictured?

An Executive Coach• “holds up the mirror”• offers an outside perspective• creates a safe haven for executives to admit their own

desires and fears• motivates the executive to clearly articulate his or her

vision for the organization or department• helps executive set stretch goals• acts a sounding board for ideas related to managing the

team• holds the executive accountable for living the

organization’s values• connects the individual with specialists as required

Coaching the executive team

• fosters more openness from those who may feel threatened by “Right Hand” or by HR

• says the things that team members are thinking or feeling but are afraid to say

• can act as “integrator” with overall team• observes the next level of implementation and provides

timely feedback• helps to “translate” leader’s vision and intentions• removes “power of the pen” in meetings by acting in a

facilitation role • introduces timely learning opportunities• helps overcome natural team dysfunctions

The 5 Dysfunctions of a Team

Absence of

Trust

Fear of

Conflict

Lack of

Commitment

Avoidance of

Accountability

Inattentionto

Results

Taken from The Five Dysfunctions of a Team – Patrick Lencioni

Status and Ego

Low Standards

Ambiguity

Artificial Harmony

Invulnerability

Dysfunction

Result

Executive coaching

Can be confused with…

…consulting

…mentoring

…teaching

…advising

Shouldn’t be confused with…

…managing

What isn’t coaching?

• a therapist relationship• a judgmental relationship• a nodding head / ego-stroking• a structured relationship• an execution role or line position – coaches work through

the client• a proxy role – “on behalf of the CEO you should do that”• off-the-shelf• measurable – leap of faith• forever

Qualities of a good executive coach

• Relevant / transferable business experience• Good interpersonal skills• Emotional “radar”• Political savvy• Flexibility and creativity• Tough love• Organizational insight• Comfort with the top but happy in the background

Why an External Coach vs. “Right-hand”

• perceived objectivity• comfort with vulnerability – should be working self

out of a job• less fear of recrimination• may be able to use more than one, depending on

circumstances and specialty required• easy to change when timing and “fit” change• trained as advisor not as technical Subject Matter

Expert• Hopefully, less political

Possible downsides to using an external coach

• may be perceived as a “mole”; creates suspicion• may lack suitable business knowledge to put into

context• cost; may be perceived as luxury• may become a crutch; held solely accountable for

lack of leadership or team performance• there is no “silver bullet” in Leadership

What can coaching help you do?

• Ensure alignment• Develop Potential Leaders • Select and Retain Key Talent • Succession Planning • Create an Engaged Workforce • Improve Company Flexibility and Responsiveness • Increase Innovation• Increase efficiency and reduce costs

How do you know if you need a coach?

• look at the executive team dynamic – communication, support, meetings, sharing best practices

• when an individual is taking on a new assignment

• when a person is developing new leadership and management techniques

• When you wish to build interpersonal and team skills

CUMA Luncheon

Sponsored by Silver Sponsor…

Executive Breakout Workshops1:00PM – 2:30PM

• Workshop #3 – Tom Thomson– Holding up the Mirror! Executive Coaching…

• Workshop #4– Varley– Implementing DICO’s Revised Bylaw #5

• Workshop #6 – Governor General– Trends in Retail Service Delivery

• Workshop #7 – Carmichael/Jackson– Acquiring, Retaining & Growing Profitable Members