The coaching profession is a high-growth industry in the United States. The industry is now a $3 billion industry and increasing by more than 30 % annually. According to the US Bureau of Labor Statistics, the area of human development, including coaching, is expected to grow heavily through 2016.
Along with the sheer growth in the numbers of coaches, professional organizations like the International Coach Federation (ICF) (www.coachfederation.org) are helping raise the standards of professional coaching by overseeing the practice, accreditation for coach training schools, and providing an industry-wide system for professional credentials.
Are you looking to improve the performance of your team by adding coaching to your leadership skills?
Does the idea of becoming a professional life coach resonate within you?
Do you want to make an investment into your aptitude that will lead you out of your cubicle?
You want to know that investing in yourself in terms of time, resources, and money will produce worthwhile benefits. You want a significant return on investment. Coaching may be a smart option for you.
When done right, coaching works.
Coaching is the only cost-effective way to reinforce new behaviors and skills until a learner is through the dangerous results dip. Once through the dip, when the new skills bring results, they will become self-reinforcing.
The Bottom Line: Coaching produced a 529% return on investment and significant intangible benefits to the business. Including the financial benefits from employee retention boosted the overall ROI to 788%. The study provided powerful new insights into how to maximize the business impact from executive coaching.
Manchester's coaching programs delivered an average return on investment of 5.7 times the initial investment in a typical executive coaching assignment—or a return of more than $100,000—according to executives who estimated the monetary value of the results achieved through coaching.
Among the benefits to companies that provided coaching to executives were improvements in:
The Xerox Corporation showed that in the absence of follow-up coaching, 87% of the skills change brought about by the training program was lost. However good the skills training is in the classroom, most of its effectiveness is lost without follow-up coaching.