One of the most surprising things I’ve learned while launching my coaching business is how much demand exists for this service, although there are virtually no professional coaches in my local community. Looking around and realizing I was either ahead of the competition or in a non-existent market caused me to pause and do some research to ensure the type of work I wanted to undertake was rooted in both growth for my clients and positive ROI for businesses.
What I found continued to surprise me.
The desire for feedback in today’s workplace is increasing, yet few businesses incorporate formal coaching programs into their professional development plans. And as the Millennial generation enters their professional careers, this demand shows no signs of slowing down. According to the Harvard Business Review, Millennials want feedback 50% more often than other employees. While their number one source of development is their manager, only 46% of Millennials studied agreed that their managers delivered on their expectations for feedback. This means the old routine of annual performance reviews won’t be sufficient to help young professionals grow and engage in their workplaces, as most Millennials prefer monthly feedback sessions.
While coaching may be more in-demand with the newest generation in the workplace, the concept itself is nothing novel. Years ago, the idea of being coached sounded like a gentle word for discipline or needing a performance improvement plan. Now coaching is a sought-after perk that can give employers an edge when top talent is increasingly challenging to find and retain. Instead of spending large budgets to send employees out of town to a conference in hopes of raising their morale or giving them time to complete generic leadership programs, coaching is an opportunity to focus on individual strengths and develop behaviors that benefit employees in both their professional and personal lives. This type of one-on-one work develops skills that are more difficult to enhance through corporate training programs, such as interpersonal communication, executive presence, and strategic thinking. As these skills become more valuable to employers, both they and employees win when there is a coach to provide objective accountability.
So what return on investment can a business expect when hiring a coach to work with their team? The numbers can vary as broadly as the situations in which coaching is used, although several studies have suggested the range of 5-7 times the initial investment. Instead of focusing solely on the numbers, consider the results a coach can help clients achieve: control over their time, better communication skills, harmony with their co-workers and other relationships, more effective leadership skills, confidence to push themselves in sales and networking efforts. The more you consider the ripple effect a productive coaching relationship can have, the more evident the value and power of this unique partnership.
Are you ready to raise the performance of your employees with the support of a coach? Or would you like this personalized feedback without waiting for your employer to deliver it? Let’s talk and explore how I could help you accomplish your goals!
Like this topic? Here are some great articles that dive into the issue on a deeper level:
The Business Case for Coaching
35 Reasons You Should Work With a Coach
Image Source: JSK Coaching