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  COACHING FOR IMPROVED ACHIEVEMENT

BUSINESS COACHING

STATISTICAL ANALYSIS & VALIDATION:
To Support the Benefits of Making Coaching Available to Employees

Clients who work with an experienced, professional Life or Business Coach report many benefits.  A study conducted by the International Coach Federation reported the following on why people work with coaches and what some of the benefits were:

Role of the Coach

By far, most coaching clients pay their coach to be a sounding board - to really listen to them and give honest feedback. Clients, who could select as many choices as were applicable, characterized the role of their coach as the following:

  • Sounding board: 84.8%
  • Motivator: 78.1%
  • Friend: 56.7%
  • Mentor: 50.5%
  • Business consultant: 46.7%
  • Teacher: 41.0%
  • Taskmaster: 30.5%
  • Spiritual guide: 29.5%
  • Other: 13.3%

Coaching Issues

Most clients turn to their coach for help on time management as well as career guidance and business advice. To a lesser but still significant extent, they seek coaching on relationships, family, wellness and spirituality. Clients, who could select as many choices as were applicable, said they work with their coach on the following issues:

  • Time management: 80.5%
  • Career: 74.3%
  • Business: 73.8%
  • Relationships/Family: 58.6%
  • Physical/Wellness: 51.9%
  • Spiritual: 51.0%
  • Personal: 45.2%
  • Goal-setting: 39.5%
  • Financial: 38.1%
  • Creativity: 11.0%
  • Other: 01.4%

Results of Working With a Coach

The outcomes that clients most often attribute to their coaching are a higher level of self-awareness and self-confidence, a more balanced life, smarter goal-setting and lower stress levels. Clients reported experiencing the following outcomes as a result of working with a coach:

  • Self-awareness: 67.6%
  • Setting better goals: 62.4%
  • More balanced life: 60.5%
  • Lower stress levels: 57.1%
  • Self-discovery: 52.9%
  • Self-confidence: 52.4%
  • Improvement in quality of life: 43.3%
  • Enhanced communication skills: 39.5%
  • Project completion: 35.7%
  • Health or fitness improvement: 33.8%
  • Better relationship w/ boss, co-workers: 33.3%
  • Better family relationship(s): 33.3%
  • Increased energy: 31.9%
  • More fun: 31.9%
  • More income: 25.7%
  • Stopped a bad habit: 25.7%
  • Change in career: 24.3%
  • More free time: 22.9%
  • Increased profitability of business: 17.1%
  • Other: 15.3%
  • Started new business: 12.9%
  • Empowered employees: 11.0%
  • Business turn around: 09.0%
  • Change in residential location: 05.7%

Value of The Coaching Investment

A landslide 98.5% of coaching clients said their investment in a coach was well worth the money. * 70% of clients said their investment in a coach was very valuable

  • 28.5% said their investment was valuable.
  • 1.5% said their investment in a coach had not been valuable.

Impact On Business

In business applications, the following benefits were recorded in a study conducted by Manchester Inc.

 

Over 500% ROI

In another study conducted by MetrixGlobal, LLC, the Return on Investment of coaching was calculated to exceed 500%.  
A summary of that study can be seen below.

Case Study on the Return on Investment of Executive Coaching

Prepared by:
Merrill C. Anderson, Ph.D.
MetrixGlobal, LLC
November 2, 2001

This executive briefing was excerpted from the final report of the study conducted at a Fortune 500 firm and is intended for the private use of **MetrixGlobal clients and professional associates. 

The Bottom Line:  Coaching produced a 529% return on investment and significant intangible benefits to the business.  Including the financial benefits from employee retention boosted the overall ROI to 788%.  The study provided powerful new insights into how to maximize the business impact from executive coaching.

Introduction

A Fortune 500 firm launched an innovative leadership development effort that was expected to accelerate the development of next generation leaders The participants in this effort were drawn mostly from the ranks of middle managers and from many different business units and functional areas. Leadership development activities included group mentoring, individual assessments and development planning, a leadership workshop and work on strategic business projects. 

Coaching was considered to be a key enabler for this approach to leadership development because the participants could work privately and individually with his or her coach to develop specific leadership competencies The client organization engaged the Pyramid Resource Group to provide coaching to the leadership development participants. While participants spoke very highly of their experience with coaching it was decided to conduct a formal assessment of the effectiveness and business impact of coaching It is intended that the results from this study be used to determine:

1.      How did coaching add value to the business and what was the return on investment?

2.      How could coaching be best leveraged in the future, especially if coaching was to be expanded to other business regions?

Data Collection Procedures

It was decided that the best way to isolate and capture the effects of coaching on the business was through a questionnaire. This questionnaire had two parts.  Part one was completed electronically via email and examined clients initial reaction to coaching, what they learned, how they applied what they learned and captured their initial assessment of business impact. Part two was conducted over the telephone with each respondent and probed more deeply into business impact and the financial return on investment.

The target population for the survey was 43 leadership development participants. These participants were drawn from two regions: Eastern United States (37) and Mexico (6). These participants represented a cross section of the business and included those in sales, operations, technology, finance and marketing. All had been identified as potential leaders and executives.   Thirty (30) of 43 leadership development participants returned their surveys for a 70% response rate. 

Results

Coaching was a very effective developmental tool for the leadership development participants, producing financial and intangible benefits for the business.   Coaching sessions were rich learning environments that enabled the learning to be applied to a variety of business situations Decision-making, team performance and the motivation of others were enhanced. Many of these business applications contributed annualized financial benefits.  Other applications created significant intangible benefits. Overall, the participants appreciated their coaching experiences and would highly recommend coaching to others.

Three-quarters (77%) of the 30 respondents indicated that coaching had significant or very significant impact on at least one of nine business measures.  In-depth discussions were conducted over the telephone with each respondent to further explore the business impact of coaching.  Sixty percent of the respondents were able to identify specific financial benefits that came as a result of their coaching. 

Overall, productivity (60% favorable) and employee satisfaction (53%) were cited as the most significantly impacted by the coaching.  Respondents defined productivity in this context as relating to their personal or to their work group productivity and half (50%) documented annualized financial benefits.  Employee satisfaction was viewed both in terms of the respondents being personally more satisfied as a result of the coaching as well as the being able to increase the employee satisfaction of their team members.  The respondents could not quantify this benefit in financial terms. Employee satisfaction, then, was a significant source of intangible benefits.  Customer satisfaction (53%) was also a significant source of intangible benefits. 

The next most frequently cited as being significantly impacted by coaching were work output (30%) and work quality (40%).  Twenty percent of the respondents identified financial benefits as a result of increased work output. Many respondents reported improvements in work quality, however, they were not able to quantify these improvements in terms of dollar benefits.  Work quality improvements were considered an intangible benefit of the coaching.

Program costs were tabulated for all 43 leadership development participants in determining the return on investment.  Overall, the coaching process produced a 788% return on investment.   Given the client company’s downsizing activities and the general state of the telecommunications industry, the client was reticent to fully factor in the financial benefits from retention.  Excluding the benefits from employee retention, a 529% return on investment was produced.  While those clients who had customer or people responsibilities produced proportionally greater financial benefits, the realization of benefits to the business was fairly widespread throughout the group involved in this study. 

Recommendations were made to maximize the business benefits from executive coaching:   

·         Manage the entire coaching process to ensure consistency and quality.  Though the content of individual coaching sessions should always be confidential, the coaching process itself needs to be managed to ensure that the coaching clients and the coaches are following the appropriate process and leveraging best practices. 

·         Prepare clients in advance for coaching and don't force coaching on anyone. Because coaching remains a relatively new development technique, people may not understand how the coaching process can help them become better business professionals. The sooner they understand the process, the sooner they will see results.  

·         Offer clients the ability to select their coaches.  Chemistry is important to build an effective coaching relationship.   Provide prospective coaching clients with information about the coaches including biographies, education, coaching credentials, functional expertise, industry experience and other background information.  

·         Provide coaching strong organizational support.  Those being coached should receive encouragement and support from their immediate managers.  Also, coaching should be conducted in the context of other developmental efforts such as competency development, assessments, mentoring and leadership workshops. 

·         Ensure coaches are grounded in the company’s business and culture.   Coaches are more effective when they can identify with and talk about the realities of their client's environment. 

·         Allow each coaching relationship to follow its own path.  A major difference between coaching and training is that coaching allows the individual to determine what works best for him or her at a very personal level.  Coaches need wide latitude to work with “the whole person” and help each client be more effective as a person as well as to be more effective as a business leader.  

·         Build performance measurement into the coaching process.  Evaluation of coaching should be designed into the process from the beginning to better set performance expectations and open up new learning opportunities for making coaching more effective while the coaching is being conducted.   For example, coaching can be refocused to deal with issues or to ensure that business priorities will be met.  In this way, the evaluation of coaching becomes more than just a measuring stick – it becomes a structured approach to deepen the business value of coaching. 

SUMMARY OF DATA:

It should now be very clear that Coaching is a viable way to improve your workplace moral, emplyeee prooductivity and add to the bottom line.

There is no greater commodity to any organization than it’s employees. They feel the economic pressures just as the company does, but they also have to deal with the day to day pressures of their personal and family lives, stress of the job itself and so much more.

Happier, more productive employees, with a higher quality of work.
Sure seems like a no brainer! 

Employees who receive coaching are considerably more productive and produce higher quality work than those who do not. You should be providing Coaching, as a service option or benefit you for your people. If for no other reason than to improve your bottom line profits. It’s OK! We are all in business to make more money and if you can achieve that AND make your employees happy, why wouldn’t you do it?

Over the past decade, executive, internal coaching has become standard practice for large organizations. The standard that sets top-performing businesses apart nowadays includes organizations that can quickly turn strategies into action. Coaching has proven to be a powerful tool to do just that and delivering coaching to senior executives has become an increasingly accepted leadership-development tool. 

We are now beginning to see progressive and proactive companies offer coaching across the board to all employees as an employee benefit or utilized to improve performance.

Coaching is paving the way for decision makers to create higher levels of organizational effectiveness through dialogue, inquiry and positive interactions, thereby maximizing learning, quality and teamwork. While there are benefits to the external coach approach, a growing number of organizations are hiring or contracting internal coaches. Internal coaching can feed the leadership pipeline, drive change and leadership development, provide better ROI than many other commonly used learning tools, and improve many of the most pressing management and human resource issues.

While there are benefits to the internal coach (someone you hire and employ), the majority of smaller organizations cannot afford to employ someone solely to fill this role and anyone with a duel position within the organization could not be viewed as a confidante, thus creating a barrier that would hamper the coaching process..

But, coaching is not only for executives and upper management. Employees are ALL valuable assets that affect profitability. It is imparative that your entire organization runs smoothly and effectively. Access Coaching will work with your entire management team and new hires, to increase retention rates, reduce overall costs and to facilitate happier, more productive employees.

In these tough economic times, every organization and company must carefully weigh the dollars being spent and the areas in which spending will take place. Access Coaching can make your company more profitable, with very little, or even no investment

A growing number of organizations are outsourcing and bringing in a coach on a regular basis. Coaching can be a regularly scheduled in-house event, on demand or access can be made available via phone consultations. 

WHAT ARE YOU WAITING FOR? 

Contact us right away and we'll provide your organization with a detailed proposal that will have your employees excited and the bottom line improving.