Every business around the world, every CEO and every human resource leader is scratching their head contemplating how they can attract, engage, develop and retain their employees.
The global pandemic has turned business operations, and many businesses, on their heads, and we have spent the last two years pivoting and finding new ways to deliver our products and services to customers.
The numbers are in and when it comes to improving employees’ satisfaction and productivity, coaching works. The issue is that, until now, executive coaching has not been accessible.
Return on investment statistics consistently show six times or 529% return on coaching dollars invested and an average of an 86% boost in productivity. One study even found that 19% of respondents had a return 50 times greater than their executive coaching investment.
Additionally, a study published in the International Journal of Evidence Based Coaching and Mentoring states that executive coaching can help women in particular to improve their work satisfaction, wellbeing and performance.
One question often asked is, ‘What is the difference between coaching and mentoring?’ There are various definitions of both practices, but our simple definitions at Peeplcoach are as follows.
‘Coaching is delivered by a qualified executive coach who asks powerful, insightful and challenging questions with the goal of creating insight and awareness, allowing the coachee to find their own solutions. A mentor is an experienced person in their field who shares their experience, skills, networks, advice and opinions to allow their mentees to learn from their previous experience and fast-track success.’
In reality there is often a blurring of the lines. At Peeplcoach our programs are based on coaching philosophies but our coaches may, from time to time, share their business and leadership experiences and insight to support coachees to achieve their goals.
Why does coaching work?
- Coaches, specifically qualified and experienced executive coaches, provide a safe space where employees and leaders alike can share their concerns, fears, options and recommendations without the fear of judgement or recrimination.
- The support a coach provides is individualised and specific to the coachee’s situation. Coachees are able to work through real-life, often ‘just in time’ problems to develop specific solutions.
- Coaching sessions focus on solving specific problems; sometimes this focus alone results in the identification of better solutions.
- The best coaches are often those without direct industry experience. Without previous experience or ‘baggage’, these coaches can often ask the ‘dumb’ questions, challenging the assumptions and biases that create blind spots.
Coaching works when …
- the coachee trusts the coach and there is mutual respect and chemistry
- the coachee is open and will do the work
- there is an environment and infrastructure where change is supported and acknowledged
- time is allowed for change to be made – coaching is not a quick fix; it is a long fix.
Coaching delivers …
- greater self-awareness of blind spots
- improved personal accountability and honesty
- greater clarity
- improved communication skills
- increased action.