There is little doubt today that coaching works. Coaching, in the sense of leadership development, executive and business coaching, came to the fore in the 90’s. In less than three decades, it has grown into a $2 billion industry.
What has driven this explosive growth?
In short, the explosive and sustained growth has occurred because people and businesses are increasingly recognising that coaching works.
Outstanding Return on Investment
Organisations which have used coaching report a return on investment at a mean of seven times the initial cost of investment. A full 25 percent report a substantial return of between 10 and 49 times.
Coaching is used by between 25 to 40 percent of Fortune 500 companies. These blue-chip organisations collectively invest around $2 billion per annum in coaching for their senior executives. Coaching is growing in stature and is becoming increasingly valued as its impact is measured more frequently – and perhaps more accurately.
Forward focus and progression
Leaders are acknowledging that unless they and their businesses are moving forward, they are in fact going backwards. Executives and the organisations they lead exist in a highly competitive world. Unless there is a strong focus on driving performance, survival challenges will likely present in the not so distant future.
Coaching, by its very nature, focuses on future goals and the achievement of these results, consistently moving people and businesses forward. Coaching works to help businesses and people set goals and supports them in achieving them.
As the coaching industry matures, coaching tools are becoming far more plentiful and useful. The 360 degree feedback tool, used as preference by most organisations as a measure of behavioural change, is one example of a powerful coaching tool that works. Tools such as this help executives discover blind spots, unidentified and leveraged strengths. These offer a powerful start for a roadmap to greater leadership ability and accountability.
Time to think
Significantly, coaching works because it offers the time and space to reflect and think. This allows executives to consider what they are doing well and what could be improved. It facilitates a reflection on company strategy, competitor plays and performance delivery outside of the normal Board and EXCO ‘agenda-based’ settings.
One of the greatest reasons why coaching works is that it provides a safe and supportive space. Every person and business goes through times of highs and lows. At times, it is difficult and perhaps even uncomfortable to lean on peers and romantic partners for support and guidance. The coaching space is a highly protected one, providing the freedom to explore, reflect, emote and through this reflection, arrive at the best choice.
There are so many reasons why coaching works. Its tremendous growth serves as an indication that people and businesses making use of coaching are seeing significant returns. If there were not, the industry would have stagnated. If you haven’t yet enjoyed the support and results you and your business can gain from hiring a coach, connect with us here and let’s start your journey.