In today’s fast-changing economies, the demand for developing our workforce skills, knowledge, and productivity grows more and more valuable. In the last few decades our social, economic and political structures have changed dramatically.
As complexity and economic rivalry makes each and every industry and business more competitive and aggressive, employers and employees are simply being asked to do more with less.
For the same reason, we’re all so exposed to stress and anxiety that dealing with the daily professional tasks or personal matters has never felt so heavy.
The good news? For every problem, there’s a solution! And the 21st century solution many people are turning to, to optimise their careers and indeed their lives is COACHING
According to IBIS World the business coaching industry is estimated to be some $15 billion in 2019 offering an annualized 6% growth rate to match even the most punchy global economy!
And according to the International Coach Federation (ICF) there are now more than 5o,o00 licensed coaches around the world.
People seek a coach for a variety of reasons: relationship failure, weight lost, career change. However, the most tangible and measurable results of a coaching relationship are visible in the workplace. Research suggests that of all coaching clients, 29% are managers, 23% executives, and 15% business owners or entrepreneurs.
And on the other side of the equation, almost two thirds of coaches identify themselves as corporate coaches – 25% as leadership coaches, 18% as executive coaches, and 19% as business coaches (International Coach Federation, 2016).
Now perhaps that leaves you wondering why, especially during these competitive times, are businesses and organisations so keen to invest in coaching? Well, clearly they feel that supporting their highest potential performers with an executive coach is one way to get the most out of their untapped talent. Recent evidence shows coaching offers an average Return On Investment of some 7.9X the initial outlay. Not 7.9%. 7.9 TIMES or typically a return of more than $100,000 (Webb, 2020). While 25% of coaching clients experiences a return on investment of 10X to 49X the initial cost (International Coach Federation, 2016). And it's not hard to see why when we consider what a 3-4% improvement in top talent performance can mean to an organisation.
Science shows us that in any organisation, it's development, revenue and growth are determined by its employees’ professional and personal qualifications. (Salas et al., 2012) And it's here that coaching affords it greatest successes. And this is exactly why up to 40% of the most successful Fortune-500 companies adopt coaching as it's NUMBER ONE development strategy for their leaders and executives to increase business and profits.
So, here are some of the key Benefits coaching within organisations can offer:
Research at Stanford University found that over 70% of individuals who receive coaching improved their work performance, and enhanced their team building, decision making and planning skills (Stanford University, 2013).
SECOND, Motivation & Achievement
Coaching has been shown to stimulate intrinsic motivation, to dramatically reduce procrastination and to promote the effective achievement of defined goals (Losch et al., 2016). Moreover, coaching has been found to develop a range of skills broader than merely those specifically relevant in their current role. Which means more enjoyment for the coachee and greater long-term benefits for the organisation.
THIRD, Coaching improves Emotional Intelligence and Workplace Relationships
Studies find that a coaching relationship increases increasing empathy, interpersonal skills and emotional intelligence (Stanford University, 2013). As well as improving communication skills and the quality of working relationships in general (International Coach Federation, 2016)
FOURTH, Purpose & Retention
Effective coaching helps top talent discover their true value and purpose within their role and with their company which serves to mitigate absenteeism, disengagement and or course attrition (Stillman et al., 2017). Other research shows coaching significantly reduces stress and the risks of burnout that results into greater engagement and talent retention (Pandita & Ray, 2018).
And FINALLY, coaching is FANTASTIC for Leadership
Coaching has been found to be the single best tool to transform and optimise leadership. By promoting self-awareness, self-confidence and healthy communication and relationships with others, coaching is a powerful leadership tool to be reckoned with! Thanks to their coach, leaders who commit to a coaching relationship describe their improved abilities to avoid unnecessary conflict, manage power more efficiently and thoughtfully, and lead their organisation to success (Simpson, 2019).
What a great little selection of tools coaching can offer to help you improve your personal performance. And with that, of course, increase your pay, your promotion and your prospects!
Hope you can introduce a little coaching in your day!