Organizations are often frustrated because managers weren't putting into action the skills they'd been taught in extensive leadership training courses the company put them through.
The above are just some of the findings in a major study of business coaching published by the American Management Association in conjunction with the Institute for Corporate Productivity, an HR industry researcher.
For the study, the AMA and i4CP surveyed CEOs, HR managers and other corporate executives at 1,030 United States and international companies across multiple industries. Approximately 41 percent of the participants had 1,000 or more employees and about 42 percent reported annual revenue of $500 million or more.
Among other major findings:
- Business coaching is more popular than ever, boosted by companies struggling to develop a new generation of leaders to replace retiring baby boomers.
- Of U.S. companies surveyed, 52 percent said they had business coaching programs in place and another 37 percent said they would be implementing coaching programs in the future.
- Companies use coaches to work with executives, high-potential employees, problem managers and expatriates headed to overseas assignments.
- Companies that use formal metrics to measure performance of coaching programs are most likely to report that those endeavors are successful.
Another factor motivating companies to use business coaches is that it works. According to the AMA survey, companies that use business coaching report performing well on such measures as revenue growth, market share, profitability and customer satisfaction. According to the survey, individuals who had received coaching were more likely to set work-related goals and believed subordinates trusted their leadership abilities.
The bottom line - executive coaching is all about making poor managers better, okay managers good, and good ones great.
Why Create a Culture of Coaching?
A "culture of coaching" means your executives, managers, and front-line staff brings out the best in each other, constantly improves results, and builds an unstoppable team which works toward the goals of the organization. Ultimately a culture of coaching encourages and enables all employees to not only delight their internal and external customers, but to implement ideas which will increase revenues and profits and increase the value of the organization.
Here are five reasons why you get an edge with a culture of coaching:
- Improve accountability and results. Coaches create significant, measurable improvements in performance. They do this by agreeing on specific performance metrics, tracking results, and having appropriate conversations to keep people accountable.
- Develop leaders who continue to improve the organization. Coaching builds organizational capacity by developing leaders. With coaching, people gain insights into their own strengths and capabilities, embrace the vision and potential of their organization, and take responsibility for moving the organization forward.
- Improve communication up, down, and across the organization. Coaches train people to have open, honest conversations about how to make things better without getting defensive, protecting turf, or blaming others. Coaching ensure that everyone is aligned and working towards the same strategic priorities.
- Give employees the skills they need to perform. Coaching builds expertise in key areas required for high performance; specifically by learning how to: communicate powerfully, engage employees, manage up, build relationships, influence without formal power,develop one's career, manage change, build teams, set strategic direction, focus one's time on key priorities, and develop others.
- Become a magnet for top talent. The best talent insists upon opportunities which advance their skills and career. When you have a culture of coaching, you tell prospective and current employees that you care about their ongoing development. You also create an environment that reduces turnover among your best-performing employees.