Coaching
Coaching
You’re Odds On Favorite To Win With Coaching!
Whether you’re scaling the corporate ladder or growing your own business, the highest levels of success are reserved for the few, not the many. So anything you can do to increase the odds in your favor can’t be ignored.
While credible research and reliable data on coaching is still an evolving science, the PWC study breaks down results two ways:
#1. Monetary benefit or Return on Investment (ROI)
However, not all coaching is designed to yield ROI, and many results are qualitative rather than quantitative.
One Senior Vice President I worked with reports a “breakthrough which opened a door for her and her husband to gain greater clarity on what they wanted out of his business venture, and independently from their own careers, and as a result, they’re more aligned, and more energized, with a clearer sense of direction”.
How do you measure the effect that has had on her work performance, feelings of well-being, and happiness? And what price can you put on that?
# 2. Return on Expectations (ROE)
As in the example above, much of what coaching gives you is beyond what can be traced directly to dollars in the bank.
Let’s say your motivation for working with a coach is to become a better business manager, or to improve your work performance, or to gain better work/life balance, then these are your expectations, and the returns are the results you achieve.
In the study*, participants were asked to weight the impact of coaching on expectations like these, on a scale of -3 to +3. Zero indicated no change, and +3 maximum improvement. The results were averaged to produce the Return on Expectations Index (ROE).
Let’s take the expectation of improved self-esteem or self-confidence as an example: 80% of respondents reported a positive change, and the average ROE was 2. This means 4 out of 5 people in the study gained a significant improvement!
Through maximizing your potential you will unlock hidden sources of productivity and reduce stress
By becoming even a fractionally better business manager, a fractionally better time manager, and even a little more effective with your team, these improvements compound to make you a dramatically better performer!
%
Improved Business Management
(1.2 ROE)
%
Improved Time Management
(1.0 ROE)
%
Improved Team Effectiveness
(1.0 ROE)
%
Improved Work Performance
(1.4 ROE)
And if your communications skills improved multiplied by improvements in your relationships, just what impact would that have on your self esteem and self confidence?
%
Improved Communication Skills
(1.4 ROE)
%
Improved Relationships
(1.5 ROE)
%
Improved Self-Confidence
(2.0 ROE)
Plus with all of this and more going for you, how do you think that might affect your work/life balance, well-being and happiness?
%
Improved Work Life Balance
(1.3 ROE)
And about the dollars in the bank (ROI)…
Where individual coaching clients in the study were able to track monetary benefit, they achieved an average of 344%, or 3.44 times return on investment. That’s a pretty safe bet, though now let’s look at returns in the business environment, where it’s perhaps easier to track.
Dynamic business organizations select for hi-potential (HiPo) employees, because they are 400% more productive than an average employee. And savvy leaders invest in coaching their HiPos to ensure they get that return.
According to the study, a typical company can expect a 7 times or 700% return on investment from coaching. In fact 28% of companies achieved a 10 to 49 times return, and 19% at least 50 times, or 5000% ROI!
Whether you work in a business or own the business, coaching is your competitive advantage.
Business isn’t fair it’s competitive. Whether you’re employed by a business or are the owner of the business should make no difference towards your attitude. You’re working to win in work, and win in life—however that looks to you personally.
Athletes often win or lose based on fractions of a second, and great coaching ensures they deliver the goods, when the chips are down. Business, leadership, and executive coaching is no different. It helps you maximize your potential, which ensures you have access to greater personal resources than you otherwise would have, when it matters. It’s also your “unfair” advantage over those who’ve not worked on themselves!
This truth is often more obvious to entrepreneurs than employees. Successful entrepreneurs are acutely aware of the statistics on business failure, and are willing to invest in themselves so that they and their businesses thrive. Smart employees, or intrapreneurs as they’ve come to be known, have the same mindset too, and are willing to invest in themselves for higher growth and returns.
When almost 100% of people in the study report their coaching experience on a scale between satisfied and very satisfied, and 96% say they would repeat the experience, why not you?
%
Satisfied > Very Satisfied
%
Would Repeat
When is now the right time for you to maximize your potential and growth?
Sure, you can wait for your company to recognize your potential, and for it to start investing in coaching you to achieve its business objectives. Or we put you, your life, and your objectives front and center.
I invite you to step up, make a decision, and choose to partner with me to make you better in business, a better executive, and a better leader.
* ICF Global Coaching Client Study, June 2009, commissioned by the International Coaching Federation (ICF), and conducted by PricewaterhouseCoopers.
Be who you were meant to be
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