The High ROI of Business Coaching
Coaching is a relatively new
industry, started in the 1980s, but has spread world-wide because it works.
A 2001
Manchester study of 100 executives from Fortune1000 companies found
that the average ROI (return on investment) was 5.7 times the initial investment
in a typical executive coaching assignment. The study found the benefits to
companies that provided coaching to executives were improvements
in:
 |
Productivity (reported
by 53% of executives) |
|
Quality (48%)
|
|
Organizational strength
(48%) |
|
Customer service (39%)
|
|
Reducing customer
complaints (34%) |
|
Retaining executives
who received coaching (32%) |
|
Cost reductions (23%)
|
|
Bottom-line
profitability (22%) |
|
Working relationships
with direct reports (reported by 77% of executives) |
|
Working relationships
with immediate supervisors (71%) |
|
Teamwork (67%)
|
|
Working relationships
with peers (63%) |
|
Job satisfaction (61%)
|
|
Conflict reduction
(52%) |
|
Organizational
commitment (44%) |
|
Working relationships
with clients (37%) |
According to an
International Coach Federation survey, clients typically seek help with time
management (81%); career guidance (74%) and business advice (74%). The benefits
extend to self-awareness (68%); smarter goal setting (62%); a more balanced life
(62%); reduced stress levels (57%); and more self-confidence (52%).
THE BOTTOM LINE: When you know what you want to achieve, select a coach that you think can help you get the job done, and when you believe it will work, it will.