CEOs need help. Todays business leaders have to contend with industry competition, changing consumer behavior, new technology, and fears of an impending recession. With the sands beneath their feet shifting, theres never been a more uncertain time to be a CEO. CEO turnover increased by 12.9% in 2019 over 2018, according to a survey by Challenger, Gray and Christmas, Inc. There were 1,640 CEO transitions last year, compared to 1,452 in 2018, representing the highest total since tracking started in 2002. This greater uncertainty and turnover has driven an increase in the number of coaches offering to help executives succeed.

Coaching is a booming industry that shows no signs of slowing down. In 2016 there were 53,300 coaches working worldwide who generated $2.4 billion in revenue and these numbers continue to grow. The field of coaching is highly variable. Since there is no regulation about who can call themselves coaches, many have vastly different backgrounds and trainings; the result is a cluttered field of people claiming they can help executives. How can you determine whom to count on for such an important job?

The decision to hire a coach to work with a CEO is an important one. Companies invest millions of dollars and thousands of hours on selection and training for their top executives, all of which can go down the drain if there is an unexpected exit or termination. Finding a coach with proper training and qualifications should be priority number one.

There is a subset of coaches who have experience in the business world, and are trained as psychologists, holding a PhD or PsyD in psychology. This means at least five years of study and a wide variety of experiences in multiple fields. In addition to having business experience, psychologist coaches have experiences working with groups, families, and individuals with areas of focus including work, family, and self-management.

These qualities give psychologist coaches deep knowledge of the roots of human behavior and motivation, and unique insights into another human beings inner and interpersonal world. Through their training, psychologists become experts in creating sustained behavioral change. Psychologist coaches combine their expertise with their knowledge of business to understand the complex strategic, organizational and psychological needs of CEO clients. They use these insights to help CEOs analyze, process and make decisions in their fast-paced, VUCA world.

The question of which coach to pick can be simplified by understanding what coaches can provide, and what clients can expect from their coaches. The list below shows four hats that psychologist coaches wear when working with their CEO clients:

By wearing one or more of these four hats, psychologist coaches can help CEOs sustain themselves in tumultuous times. Reducing CEO turnover means less money lost in search and development, lower severance payouts, and better safeguards on intellectual property. Successful and long-tenured CEOs improve corporate stability and general morale. People want to know that there is a competent captain at the helm. Investment in CEO success through coaching is an insurance policy against disaster. Psychologist coaches really can help CEOs weather the storm.

References:CEO turnover up 22% over last year, the report shows by Valerie Bolden-Barrett.Challenger Survey: CEO Turnover Repor Most CEO Changes on Record.International Coach Federation (ICF): ICF Global Coaching Study.CEO Report: Turnover Up 22% Over Last Year by Challenger, Gray & Christmas.

Written by William H. Berman. Heres what youve missed?

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Helping CEOs Weather the Storms: Psychologist Coaches Wear 4 Hats - CEOWORLD magazine