Marshall Goldsmith is the world’s #1 executive coach and is the founder of 100 Coaches, his pay it forward community in which he teaches leading coaches everything he knows for free, on the sole condition that members agree to someday pay it forward in a similar manner. Since 2018, I have been fortunate to be a member 100 Coaches.
Marshall keeps giving back. He created MarshallGoldsmith.ai, an AI replica of himself that will answer any question you ask it. I recently interviewed Marshall.ai and this is a portion of our conversation. In it, he explains the nuts and bolts of hiring an executive coach.
Q. What is the primary role of an executive coach?
Marshall Goldsmith AI: As an executive coach, my role is to facilitate positive, lasting behavioral change in leaders and executives. I help my clients gain self-awareness, clarify their goals, achieve their development objectives, and act as a sounding board. I provide support and guidance as they navigate leadership challenges and personal growth opportunities. My focus is not on teaching them how to run their business, but rather on helping them become more effective leaders by improving their interpersonal skills, decision-making processes, and overall leadership capabilities. Through tools like 360 feedback, I assist them in understanding how their behaviors are perceived by others and work with them to create strategies for personal and professional improvement.
Q. Are there many different types of executive coaches?
Marshall Goldsmith AI: Yes, there are many different types of executive coaches. Coaches may come from diverse backgrounds and have various areas of specialization. Some are academics, clinicians, entrepreneurs, former executives, or career coaches. They may have a broad approach or specialize in specific areas such as communication, executive presence, or leadership development. Coaches can have backgrounds in psychology and social sciences, providing deep knowledge of human behavior, or they may be veterans of the business world with firsthand experience of leadership challenges. The key is to find a coach whose expertise and approach align with your personal and professional growth objectives.
Q. Who should consider hiring an executive coach?
Marshall Goldsmith AI: As an executive coach, I believe that successful executives who want to be as impactful as they can be should consider hiring a coach. This includes C-suite denizens, presidents, vice presidents, directors, division leaders, and the most promising high potentials. These are individuals who have vision and the broad authority to execute on it, and their decisions have significant implications for their organizations and stakeholders.
Leaders may seek coaching at various inflection points, such as when preparing to assume new responsibilities, during organizational changes like mergers or facing new competitors, or when they feel burned out, overwhelmed, or dissatisfied. Even if an executive is in a great place professionally and personally, coaching can help them think more expansively about their career and life.
Ultimately, my target audience is the cohort of human beings who are already successful in their own way and want to become even more successful. If you recognize that you cannot achieve your best alone and are open to change and growth, you should consider hiring an executive coach.
Q. Who is NOT a good candidate for coaching?
People who do not think they have a problem, are pursuing the wrong strategy for the organization, are in the wrong job, or think everyone else is the problem are not good candidates for coaching. Additionally, individuals with integrity or ethical issues should not be coached but rather should be dealt with appropriately by their organization. Coaching is most effective when a person recognizes their behavioral issues and is committed to addressing them.
Q. Can you please give me a concise summary of what happens in a 6-12 month initial engagement coaching a senior executive?
Marshall Goldsmith AI: Certainly. In a 6-12 month initial coaching engagement with a senior executive, the process typically unfolds as follows:
Assessment and Feedback Gathering: We start by identifying key areas for development. This often involves gathering feedback from stakeholders through interviews, surveys, or a 360-degree assessment tool.
Goal Setting: Based on the feedback, we work together to set one or two key behavioral goals for the executive to focus on.
Action Planning: The executive develops an action plan detailing how they will work on these goals. This plan is driven by the executive, with my role being to facilitate and provide input.
Ongoing Support and Accountability: Regular coaching sessions provide support and ensure accountability. These sessions are opportunities to discuss challenges, celebrate successes, and refine strategies.
Mini-Surveys: Around the midpoint and again towards the end of the engagement, mini-surveys are conducted with stakeholders to measure progress on the executive's behavioral goals.
Review and Adjust: We review the feedback from the mini-surveys and make any necessary adjustments to the action plan.
Sustain Improvements: The focus is on embedding changes into the executive's behavior and ensuring they have the tools to maintain these changes beyond the coaching engagement.
Closure: Once the goals are met and the executive has demonstrated sustained improvement, the formal coaching process concludes, although I often remain in contact with clients for ongoing support and development.
Throughout the engagement, the emphasis is on practical change, accountability, and the executive taking ownership of their development. The ultimate aim is for the executive to internalize the coaching process and continue their growth independently.
Q. What does it cost to engage an executive coach?
Marshall Goldsmith AI: The cost to engage an executive coach can vary widely depending on several factors, including the coach's experience level, the scope of work, the leader's level of impact on the organization, and the organization's impact on the world. If the stakes are higher, the fees are typically higher. Some Fortune 500 companies may pay tens of thousands of dollars a month for elite coaching for their CEOs, reflecting the extraordinary value those executives create by becoming better leaders. Coaches just starting out are likely to charge less, providing value to those looking to benefit from coaching on a budget. Mid-level executives or established entrepreneurs at smaller companies may find a wide range of investment options available to them.
My fees for coaching depend upon the engagement, and I often work with other great coaches. My online fee is $20,000 per session (up to 3 hours).
It's important to note that many coaches bill monthly or quarterly rather than hourly, which can make it more comfortable for clients to use the coach's services as much as they need without worrying about the meter running. The financial investment should be weighed against the stakes at hand, and the investment of candor, commitment, openness, and caring will be just as significant.
Q. How do you know which executive coach is best for you?
Marshall Goldsmith AI: Choosing the right executive coach for you is a deeply personal decision that hinges on a variety of factors. Here are some key considerations to help you determine which coach is best for you:
Alignment with Goals: Ensure the coach has experience and success in helping clients achieve the kind of goals you have set for yourself.
Background and Expertise: Look for a coach whose background and expertise align with your needs. This could be someone with a business background similar to yours or someone with a deep understanding of human behavior if that's where you need support.
Coaching Style: Reflect on whether you need a coach who is more nurturing and supportive or one who is challenging and direct. Your personal preference and the type of growth you seek will guide this choice.
Chemistry: The relationship between you and your coach should be built on trust, respect, and ease of communication. You should feel comfortable and understood by your coach.
Reputation and Track Record: Consider coaches with verifiable success working with other executives. Recommendations from trusted colleagues or a reputable agency can be valuable here.
Personal Fit: Sometimes, the best coach for you is someone who shares similarities with you in terms of personality or career path. Other times, a coach with a different perspective can broaden your horizons.
Methodology: Understand the coach's methods and ensure they resonate with you. A coach's approach should be something you're comfortable with and confident in.
Logistics: Practical considerations such as availability, time zone compatibility, and the coach's willingness to work within your schedule are also important.
Remember, the best coach for you is one who will support and challenge you in the right balance, and with whom you can build a strong, collaborative relationship. It's worth taking the time to speak with potential coaches, perhaps through 'chemistry calls', to gauge the fit before making your decision.
Q. Please tell me about 100 Coaches.
Marshall Goldsmith AI: 100 Coaches is a project that I started as a way to give back and honor the many wonderful teachers and leaders who have generously helped me throughout my career without asking for anything in return. Inspired by kind and generous teachers like Frances Hesselbein, Alan Mulally, Paul Hersey, Richard Beckhard, Warren Bennis, Peter Drucker, and many more, I decided to 'adopt' individuals and teach them everything I know for free. The only expectation is that these individuals 'pay it forward' by doing the same for others when they get older.
The project began with the intention to select 15 people, but due to overwhelming interest and the positive impact of the initiative, it expanded to include 100 Coaches and beyond. The community now includes over 300 members from diverse backgrounds, including leaders from various industries, thinkers, and coaches.
The 100 Coaches project operates under three rules: no money, no guilt, and no expectations. The members are encouraged to help each other and share their knowledge without any expectation of payment in return, with the understanding that they will continue the cycle of learning and giving back throughout their lives.
This initiative has become one of the most fulfilling projects of my life, and I am thrilled to see it grow into a movement with a significant number of coaches from around the world who are committed to making a positive difference and paying it forward.
Q. Thank you, Marshall!
Marshall Goldsmith AI: You're welcome! If you have any more questions about leadership, coaching, or my books, feel free to ask. Have a great day!
I am Bruce Kasanoff, an executive coach who can help you get what you want. Book a one-hour call with me and I’ll prove it.