In the United Kingdom, four years ago just four percent of small businesses used coaches, and now 20% of small business enterprises are using coaching as part of their growth strategy. In another international study, 79% of medium and large businesses in the United Kingdom reported using coaching. In the US, in a sample of 101 companies using coaching, 58% of the companies were small or medium sized, government agencies and non-profits.
Coaching utilization is increasing because it is a cost effective means of achieving phenomenal results for teams and businesses. Organizations are asking can we afford not to use coaches?
There is increasing evidence that coaching is one of the most powerful ways of developing people and adding to bottom line business performance. A study of Fortune 1000 companies using coaching showed these percentages of executives reported the following benefits from the coaching they received:
The same survey reported that the individuals who received coaching saw improvement in:
(Source: Manchester Review, 2001, Vol. 6, 1; and Executive Coaching - With Returns A CFO Could Love, Fortune Magazine February 19, 2001)
Information to help you have a more successful coaching practice.
Some leaders try to save money by limiting their expenditures on training because they don't feel training generates immediate bottom line results. However, coaching can turn an investment in training into dramatic positive results. Here are two studies that support this statement:
The Industrial Society asked companies what were the top three benefits of providing coaching to the workforce. The companies reported direct results from coaching in the following key performance areas (similar findings were reported in 2005 from the 2005 State of the Coaching Industry Report):
Coaching is increasingly being utilized because:
The investment for business coaching can pay off many times over—increasing your bottom line, helping you work with renewed passion, getting more done in the same time period by working smarter, and reclaiming your life by adding more work-life balance. What will be your next step to start working with a coach or bringing coaching to your organization?
Auerbach, J. E. (2005). Seeing the Light: What Organizations Need to Know About Executive Coaching. Executive College Press: Pismo Beach, CA.
Fisher, A. "Executive Coaching - With Returns A CFO Could Love". Fortune Magazine, February 19, 2001
Jeffrey E. Auerbach, Ph.D., is President of College of Executive Coaching and author of the best-selling book, Personal and Executive Coaching.