They are as diverse as the people that are coached. That being said, a team of executive coaches from Royal Roads Coaching found that coaching “helps individuals learn and “habitualize” skills, approaches, and/or ways of thinking that are specific to their own development opportunities, goals and needs.
As a result of coaching, individuals have:
- Gained a broader perspective or range of options for addressing business issues
- Increased their business contribution by maximizing their strengths and compensating for any gaps in their skills
- Improved the effectiveness and results of their teams
- Gained confidence
- Recognized and moved past obstacles
- Developed their strategic capabilities
- Become more effective leaders by gaining insight and clarity to make more objective, thoughtful and confident decisions
- Clarified their priorities and remained focused on them
- Developed a renewed motivation for accomplishing their objectives
- Realized their opportunities for making a positive business impact”
Anyone considering coaching for their organization will want to consider its’ return on investment (ROI). Below is a short overview of the literature in regards to Coaching ROI.
- Increased Effectiveness 529% ROI (financial benefits from employee retention boosted this to 788% times ROI) – Merrill C. Anderson, Metrix Global, 2001 (http://www.metrixglobal.net/images/pdfs/metrixglobal_coaching_roi_briefing.pdf)
- “Asked for a conservative estimate of the monetary payoff from the coaching they got, these managers described an average return of more than $100,000, or about six times what the coaching had cost…” – Fortune magazine (2/19/ 2001)
- 689% return – INDUSTRIAL AND COMMERCIAL TRAINING VOL. 38 NO. 3 2006, pp. 122-127
Vernita Parker-Wilkins in Industrial and Commercial Training Vol. 38 No. 3 lists the results of research into coaching benefits.
The findings went as follows, senior leaders reported one or more of the eight business areas were impacted by their coaching experience:
- Improved team work was cited by 58 percent of the leaders as having been impacted by through coaching.
- Team member satisfaction was identified by 54 percent of the leaders as being influenced by what they did differently as a result of their coaching experiences
- Increased retention was cited by 31 percent of the leaders as a consequence of their coaching
- Increased productivity was cited by 31 percent of the leaders as a business outcome from their coaching
- Increased quality of consulting was cited by 31 percent of the leaders.
- Accelerated promotions were cited by 19 percent of the leaders.
- Satisfaction was mentioned by 12 percent as a coaching benefit
- Increased diversity (4 percent) rounded out the list of eight benefits.
(Vernita Parker-Wilkins. 2006 Business impact of executive coaching:demonstrating monetary value,. Industrial and Commercial Training Vol. 38 No. 3 Page 125/126)