Why Everyone Should Invest In Coaching?
“Everyone needs a coach. It doesn’t matter whether you’re a basketball player, a tennis player, a gymnast, or a bridge player” were the opening word from Bill Gates’ 2013 TED Talk and the same still rings true today.
Some of the most successful people in the world all have coaches – the likes of Oprah Winfrey, Hugh Jackman, Serena Williams, Bill Clinton and Steve Jobs – just to name a few. All of these individuals recognise that once they have seemingly reached the top, there’s still always room for improvement.
It’s this mentality which is the key to success and sets these individuals above the rest. This is where coaches step in and prove their worth, acting as external eyes and ears to provide open, honest feedback and new insights to expose blind spots for further improvement.
Development never stops.
Invest in yourself and your people
So why don’t all companies invest significantly in their people by bringing in expert coaches, or why don’t more of us as individuals get ourselves a life coach?
In the case of most businesses, it’s often a matter of being able to measure the impact – in particular ROI, the holy grail of any learning and development professional. For individuals it’s often considered an unnecessary expense: Why should I invest in a coach? What’s the benefit to me? Is it really worth my time and hard-earned money?
As individuals, we invest heavily into our education to prepare us for the working world and to reach our full potential. In the UK, an undergraduate degree costs approximately $39,150 in tuition fees alone. On top of that students have to pay their rent, food and living expenses. After graduation (and usually a large student debt) we walk into an office, on our first day of life in the ’real working world’ proudly waving our recently completed degree… to soon realise we still have a LOT of learning to do and are far from reaching our full potential.
The same goes for our physical fitness. We often don’t think twice about spending $80 on a personal training session so we can look in the mirror with satisfaction or improve our pace to be able to run 10k in under 45 minutes.
Businesses spend millions of dollars every year on new IT infrastructure, change initiatives and fancy office fit outs – so why not invest to shape and grow their people through coaching?
A closer look at the evidence
A study of a Fortune 500 company found that 77% of respondents indicated coaching had significantly impacted on at least 1 in 9 business measures and that overall productivity and employee satisfactions was impacted positively. This positivity further impacts customer satisfaction, employee engagement and financial performance. The study concluded that Executive Coaching produced a 788% ROI – 529% of this from employee retention alone*.
Another study from the International Coaching Federation (ICF) reported that 86% of organisations observed ROI on their coaching engagement and 96% of those who had a coach would repeat the process again. The results were both tangible (increased productivity, revenue growth, higher employee retention) and intangible (improved communication, stronger peer to peer and stakeholder relationships).
Breaking down the benefits
What if I were to tell you that having a coach would allow you to:
– Focus solely on yourself. As individuals, we rarely stop and take the time to focus on ourselves. What are you doing in life? Where’s your current path taking you? Are you actively in control and driving your life’s direction? Or are you a passenger strapped in and seeing where life will take you?
– Clarify what you want to achieve. A coach allows you the freedom to really consider what you want to achieve in work or life (and you’ll often discover that they overlap). This is important to clarify early on to make sure you are driving towards what you are looking to achieve.
– Maximise your full potential. Through coaching, you will gain a greater understanding of yourself – your strengths and weaknesses – and where to focus to help you achieve your goals and reach your full potential.
– Be the best version of you. This is a journey that will never end. We are constantly evolving throughout life and a coach will keep you focused on being the best version of yourself you can be, both for yourself, and the others in your life
– Achieve your goals. Coaches work closely with you to make sure you are on the right track and taking active steps to achieve your goals in the short and long term, whatever they may be.
Sounds pretty good, don’t you think? So on reflection, ask yourself: What’s stopping you or your business from investing in a coach?
Keen to kick-start your coaching journey?
Getting started might seem a little unclear or challenging, but here’s a few simple questions to guide you into taking the next steps:
– Still don’t know if coaching is right for you or your business? Read this blog on the differences between coaching vs mentoring for further insights on coaching and its additional benefits.
– Unsure how to take the next step? Most coaches offer a free chemistry session to allow you to experience it firsthand and see if you and the coach are the right ‘fit’. Take advantage of these and decide if this is the right coach for you.
– Not sure where to look for a coach? Feel free to reach out to us for more information.
Invest in yourself, your future and your aspirations. Trust me – you won’t regret it.
*Executive Briefing: Case Study on the ROI of Executive Coaching, Merrill C. Anderson, Ph.D., MetrixGlobal, LLC
