Anyone who has ever worked in retail will tell you that return on investment is king when it comes to making decisions. If something, no matter how intelligent, doesn’t pay back enough or in the right time frame, you don’t do it – so what is the impact of executive coaching and is it worth it? Let’s take a look.
The return on investment
Let’s dive right in. Executive coaching costs money, so is it worth the money you spend? According to the Institute of Coaching, the answer is a big yes! 86% of companies whose employees receive coaching report that they recoup the money they made, and then some, with the stated benefits ranging from improved self-confidence to better sales skills or better communication skills. Coaching is a force multiplier: It doesn’t just make you better, it helps you make others better too – so the benefit cascades across the business.
As a leader, your work has a massive impact on the rest of the business. Your department, your teams or even your whole company can be greatly affected by your actions, so even a small improvement can make a big difference – so a large improvement can be ground-breaking. Director Tony Gregg has many years of experience at the top level and has seen the benefits with his own eyes, and the trickle-down effect of coaching can translate to tens of thousands of pounds if it helps you make that big sale, sell a beneficial restructure or hire a great employee.
Spreading the love
While you may be the subject of executive coaching, you are by no means the only beneficiary. Everything you learn can be passed on and spread throughout your business in a way that massively increases employee engagement and gets everybody singing from the same hymn sheet. Having a single stated goal and approach is a much more efficient way of doing things, and spreading new approaches to conflict management and team building can add that vital 10 or 20% to productivity, which can translate to hundreds of thousands of pounds over a number of years.
Beyond the office
We’ve covered how coaching can help you be a better leader, but it can also help you be a better person. Self-control, introspection, conflict management and compromise are excellent skills in home and family life too, and can be fantastic for your motivation generally. While this may be a soft skill that doesn’t impact directly on your business, the benefits of shoring up your mental and physical health on your performance are incalculable.