As a coach, I am often asked about the benefits of coaching, particularly from prospective clients who are new to it.
Although there is some research to show a link between coaching and improved performance, most people form a view based on the stories they hear as opposed to any hard facts. These tales will often come from friends, colleagues or from their manager who has felt the benefits from his or her coaching.
So, I was pleased to find a piece of research carried out a couple of years ago by Manchester Inc. Their survey based on 100 executives, mostly from Fortune 1000 companies, concludes that the investment in coaching executives returned an average of almost six times the cost. Now, that is some rate of return!
The main benefits for the organisation were:
- delivering an average ROI of 5.7 times the initial investment
- improving executive productivity (reported by 53% of executives)
- retaining executives who received coaching (32%)
Whilst the benefits to the executive were:
- direct report and supervisor relationship improvements (greater than 70%)
- teamwork (67%)
- working relationships with peers (63%)
This piece of research certainly supports the widely held belief that coaching works!
Of course, most executives don’t read the latest coaching research. It may simply be enough for them to know that the most successful companies in the world provide their employees with coaching.
In reality, the impact of coaching is difficult to gauge when measures of success are not agreed upfront. So it is important to consider, before even engaging an executive coach, what your objectives are and how you will recognise progress and success.
If you want to find our how coaching can work for you or your team, then contact us to find out more.