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Executive coaching
a lucrative option for psychologists
(June
2005 Issue)
"You're fired!" No wants to hear those words. But when real estate
tycoon Donald Trump fires his latest executive reject on the television
show "The Apprentice" each week, several million viewers nod their
heads in agreement. Because of some crafty editing by the show's
producers, it's easy to agree with The Donald's choices each week.
After all, they've spent the last hour pointing out why one candidate
would not be a good fit for a high paying job in Trump's organization.
In real life, these situations are never so easy. There are too
many factors, personalities, expectations and too much money at
stake to simply fire any executive who doesn't easily fit the bill.
According to Lew Stern, Ph.D., the director of the Professional
Executive Coaching Certificate Program at the Massachusetts School
of Professional Psychology (MSPP) there is a 40 percent failure
rate of newly appointed executives. The reasons vary - too intimidating,
not decisive enough, no executive presence or unclear expectations.
But the result is a waste of hundreds of thousands of dollars in
recruiting and hiring and the obvious psychological and financial
blow to the employee who loses a job.
To combat the difficulty inherent in assuming a new role, corporations
are using new tools to help executives hit the ground running. One
method is to bring in an executive coach.
Stern, a Boston-based executive coach with more than 30 years of
experience, spoke with New England Psychologist's Catherine
Robertson Souter about the field.
Q: First, what is executive coaching?
A: The definition of executive coaching is that it is experiential,
individualized and focused on leadership development. It is conducted
primarily through one-on-one interactions driven by data from multiple
perspectives and it's based on mutual trust and respect.
As an executive coach, you work with executives or other professionals
to help them achieve their short and long-term goals and to build
them as leaders. You help them develop their strategy, assess their
organization and identify the needs of the people that are working
with them.
The corporations come to you asking for different things: "We have
a leader whom we need to prepare to take on a larger role," or "We
are looking to develop someone for possible promotion," or "We have
someone in a position who is not as good as he/she could be."
Q: Is this a field where psychological training would give one
an edge?
A: Sure, as much as it helps to be a person who has been a business
consultant for 20 years or an organizational development consultant.
There are really four core areas for an executive coach and psychology
is one of those areas. The other three are understanding business
management, understanding organizational development and a working
knowledge of coaching principles, practices and skills, which are
significantly different than therapy skills.
It's not oriented toward a medical model of diagnosis and treatment
as much as it is an assessment of and collaboration with the business
organization. Lots of psychologists get into executive coaching
because they are interested in shifting their practice into a business-consulting
model. But those without the attributes needed for professional
executive coaching find that transition very difficult.
Q: What are the attributes that some may be lacking?
A: Working with executives on their turf is very different than
working in your own office. In addition to all the things that a
therapist may need - being empathic and a good listener and professional
ethics - you also need to be very direct, very collaborative.
You need to be comfortable in a business environment. You need
to be able to influence people without having authority over them.
At the same time, you need to show humility and have that kind of
maturity that works with senior leaders where you can hold your
own with them without coming across as arrogant.
There's not as much of a formal distance as in a clinical setting.
In professional executive coaching, you have to do some schmoozing,
participate in organizational situations. There is partnering with
human resources and the executive leadership of the organization
and there is an understanding of business trends.
Professional executive coaching is a really good direction to go
in if you want to make more money, have more flexibility and have
different outlets for your skills. It is perfect for people who
are less patient with talk therapy and are more action driven and
who want to help someone achieve business results.
Q: How did you get involved?
A: I had a Ph.D. in counseling psychology, started a private practice
and was also chief psychologist at a family service agency in the
Midwest. I started consulting with Digital Equipment Corporation
and Massachusetts General Hospital and then within five years,
stopped doing my private practice. I found the consulting work much
more satisfying.
I worked within a couple of large businesses to get that perspective
and with a global business consulting firm and traveled around the
world. I worked with leaders from every company you can imagine.
Q: How would a psychologist begin to explore the field?
A: First they need to step back, do some networking, and find out
if they would really love doing this job. If you don't, it will
show. It's a big investment for senior executives - maybe $15,000
to $40,000 to do one intervention.
A psychologist should first ask if this is right for me and then
"What don't I know?" If they have the psychology background but
they lack the business and organization development and coaching
background, then MSPP is a program that can help.
Typically, it takes about three years to set up a practice. You
don't advertise as an executive coach. It's done almost fully by
word of mouth and by networking.
The difference between making money as an executive coach and as
a clinical psychologist is that all you need is maybe four or five
executive coaching cases in a year to make a living if you want
to make $100,000 to $200,000 revenue. I love the work. You can travel.
I worked in Turkey, South Africa, Israel, Europe, and on the West
Coast. But 90% of my work is in New England. Some executive coaches
are more global and travel around the world.
Q: The certification program at Massachusetts School of Professional
Psychology is obviously something you would recommend.
A: The program is intended for… anyone who is interested in developing
their ability to conduct a practice in professional executive coaching.
The minimum requirement is that you have a bachelor's degree and
a commitment to the two years of the program of study. There is
a practicum at the end under supervision. There is also a commitment
to sign a piece of paper that says you will live up to standards
of practice of executive coaching as we define it.
Q: Are there other programs like this out there?
A: For psychologists, there are very few. This is one in New England,
one in California and one in Chicago. There are certificate programs
in coaching but they tend to be one-week or a weekend long and focus
on coaching skills but not on all the other competencies that are
part of the four-core model. When it comes to actual certification
or retraining there are not a lot for psychologists other than this
program.
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