So why bother to introduce coaching in your organisation? What are your employees going to get out of it? Can people really support each other in their learning and development through having a simple developmental dialogue? So read on to learn more about the benefits of coaching and find out the answers to these frequently asked questions about using coaching in the workplace.
The Business Benefits from Coaching
It is increasingly recognised that there are significant benefits of executive coaching. Both individuals and groups perform better with coaching and that this performance translates into these business results:
- Coaching for leadership increases productivity, improves communications, increases staff commitment and loyalty, and decreases levels of stress and tension within companies.
- Coaching benefits individuals to remain loyal and committed to the new company in the face of demanding global business hours, language barriers, differing work ethics and economic fluctuations.
- Coaching can help prevent executive derailment. Some studies suggest this can be as high as 33 percent for senior executives.
- Coaching helps managers to develop better interpersonal skills. Some common reasons for interpersonal conflict include executives that are too abrasive, too controlling and too isolated. Consequently coaches work with individuals to explore these behaviours, and to recognise and modify their self-defeating beliefs, assumptions and actions.
- Coaching helps leaders to think and plan more strategically, to manage risk more effectively and to create and communicate vision and mission.
- Coaching aids in developing a culture of trust and personal responsibility within the organisation and with clients and customers.
- Coaching enables executives or managers to use their personal power more effectively.
- Coaching can develop those leadership qualities that have been empirically proven to be associated with success. These certainly include cognitive capacity, social capacities, personality style, motivation, knowledge and expertise.
Research into the Benefits of Coaching
Manchester Consulting Inc. has conducted what is believed to be the first major research project to quantify the business impact of executive coaching. In a study of 100 executives who had undergone coaching, return on investment (ROI) was 5.7 times the initial investment outlay. Likewise, other less tangible business impacts of coaching included:
- Improved teamwork
- Improve relationships with peers
- Improved job satisfaction
- Reduced conflict.
A study by Gegner explored the outcomes of the coaching progress from an interpersonal and intrapersonal perspective. As a result of coaching, executives reported that they had become more aware of self and others and that they assumed more responsibility for their actions. Furthermore, they all reported positive changes in performance.
So has this excited you about the benefits your organisation can create? Get in touch and we can discuss this further with you.