Having a coach is not reserved solely for athletes. Just as a coach helps to guide a team on the field, ice, or court, a coach can assist professionals navigate workplace challenges. A concept that once was seen as negative has grown in popularity in recent years.
Today, executive coaching is becoming a staple in organizations large and small. It was reported that over 1 billion dollars were spent on professional coaching last year, and that number is expected to grow in the coming years.
But how effective is executive coaching? Just like anything else, there are coaches of every caliber. When it comes to the cream of the crop, some leaders have reported that these coaches have helped them as much as anything else in their careers.
Here are just some of the benefits reported from coaching experiences:
- Increased self-awareness
- Heightened interpersonal relationship skills
- Extra perspective on decision making
- Deeper understanding of their own tendencies/style
- Increase in personal performance
Bottom line: executive coaching works. What’s more, it is needed in order to reach your full potential as a leader. Here is some research to prove it.
From Association for Talent Development’s “How Effective is Executive Coaching?”
Fifty-eight (58) percent describe results from coaching as “excellent,” and more than 40 percent describe results as “good.” Among HR and training professionals, only 7 percent have seen results they would describe as only “fair,” with a mere 1 percent reporting “poor” results.
According to Sherpa Consulting, the best path to improvement may come from experienced coaches. Coaches in the business for two or less years report 51 percent of coaching results as “good” and 49 percent as “excellent.” Veteran coaches, those in business 15 years or more, report 23 percent of coaching efforts producing “good” results, and 76 percent producing “excellent” outcomes.
From Institute of Coaching’s “The Personal Benefits of Coaching”
80% of people who receive coaching report increased self-confidence, and over 70% benefit from improved work performance, relationships, and more effective communication skills. 86% of companies report that they recouped their investment on coaching and more
From College of Executive Coaching “The Benefits of Business Coaching”
A study of Fortune 1000 companies using coaching showed these percentages of executives reported the following benefits from the coaching they received:
- An increase in productivity (by 53%)
- Increased customer service (by 39%)
- Increased retention of senior people (by 32%)
- Reduction in costs (by 23%)
- Increased bottom line profitability (by 22%)
From Korn Ferry Institute’s “The Effectiveness of Executive Coaching”
Respondents were very satisfied with coaching: 86% rated coaching as very effective; 95% are doing things differently as a result of coaching; and 95% would recommend coaching to other staff members
96% of organizations report to have seen individual performance improve since coaching was introduced. Nearly as many (92%) also have seen improvements in leadership and management effectiveness
Coaching assisted in the development of three main competencies: (a) leadership behavior (82%), (b) building teams (41%), and (c) developing staff (36%)
In conclusion, coaches provide an unbiased, third-party perspective. Gaining this perspective and working with someone who has experience handling workforce challenges similar to yours will not only help you personally, but will also create a cascading effect throughout your organization.
Who is holding you accountable?