Benefits of Coaching
The positive personal improvements and changes which result from coaching are of enormous benefits to the organization. These benefits are realized in the following areas:
- More effective leaders
- Greater individual and team performance
- Enhanced internal/external cross-functional business relationships
- More collaborative planning and stategy execution
- Improved communication effectiveness
- Enhanced efficiency gained through best practice sharing which translates into financial benefits
- Increased employee engagement
- Improved productivity leading to enhanced profitablity
Additionally, recent studies have demonstrated that employee retention is higher when coaching is utilized as a development tool. In the knowledge economy, employee retention plays a critical role in an organization's effectiveness. In fact, coaching for retention reduces the replacement costs, which are estimated at two to three times the annual salary of the employee.
Coaching also maximizes your organization's training dollars by reinforcing concepts taught in more traditional training. In fact, according to a survey cited in a 2002 Public Personnel Management Magazine, employees who participated in training programs had a 22% increase in productivity. When training was combined with coaching, that figure jumped to 88%!