If you are considering hiring a coach to help you improve your life, you should find this post encouraging. Based on the research, coaching is definitely a worthwhile investment. Study outcomes consistently indicate that there is substantial measurable value in working with a coach.
“Whatever area in your life you want to change – your relationship, your health, your career, or your business – coaching is one of the most powerful tools you can have. It’s an investment in yourself, and it can yield some of the highest returns.”
Professional coaching brings many wonderful benefits:
- Fresh perspectives on personal changes
- Enhanced decision-making skills
- Greater interpersonal effectiveness
- Increased confidence
- Improvement in productivity
- Satisfaction with life and work
- The attainment of relevant goals
Here’s the definition of coaching according to the International Coach Federation:
Professional Coaching is an ongoing professional relationship that helps people produce results in their lives, careers, businesses or organizations. Through the process of coaching, clients deepen their learning, improve their performance, and enhance their quality of life. In each meeting, the client chooses the focus of conversation, while the coach listens and contributes observations and questions. This interaction creates clarity and moves the client into action.
Coaching accelerates the client’s progress by providing greater focus and awareness of choice. Coaching concentrates on where clients are now and what they are willing to do to get where they want to be in the future, recognizing that results are a matter of the client’s intentions, choices, and actions, supported by the coach’s efforts and application of the coaching process. (Source: www.coachfederation.org)
Return on Investment Study on Coaching
Manchester, a global purveyor of executive-coaching services, conducted an ROI study on coaching. Here’s what the poll revealed:
- Respondents were executives from FORTUNE 1,000 companies who had participated in executive coaching for 6 – 12 months.
- About 60% of the executives aged 40 to 49.
- Half held positions of vice president or higher, and a third earned $200,000 or more per year.
- Asked for a conservative estimate of the monetary payoff from their coaching, these managers described an average return of more than $100,000, or about six times what the coaching had cost their companies.
Executive Coaching–With Returns a CFO Could Love
–Fisher, Anne. Executive Coaching–With Returns a CFO Could Love. Fortune Magazine, 2/19/01. (Article Link)
Coaching Can Make a Difference in Career Success
Cathi Turner cites a study by the International Personnel Management Association, which explored executive learning and showed that when executive training was paired with coaching, productivity increased by 88 percent as contrasted with a 22 percent increase through executive training alone.
Coaching is an Especially Effective Learning Process
The World Bank Institute conducted a study in 2002 on the WB Individual Coaching Program for Managers. Findings indicated that coaching appeared to be an especially effective learning process. The most effective aspects of coaching cited were:
- Tailoring the coaching to the participants’ needs
- Focusing the coaching on job needs
- Providing a safe, confidential atmosphere
- Providing time to reflect and consider an issue
- Focusing on behavior change
- Providing an objective and honest assessment of the participants’ performance
Coaching Produced a 529% Return on Investment
A Fortune 500 firm and a coaching services company, recently engaged MetrixGlobal
LLC to determine the business benefits and return on investment for an executive
coaching program. The briefing states that the bottom line is “Coaching produced a 529% return on investment and significant intangible benefits to the business.”
Also, the study provided powerful new insights into how to maximize the business impact from executive coaching.
Coaching Has a Lasting Impact on an Organization’s Financial Bottom Line
“Coaching has a lasting impact on the individuals who participate in it, on the larger organization of which they are a part and on the organization’s financial bottom line.” –McGovern, Joy et al Study
According to a study of senior-level executives at Fortune 1000 companies who received developmental coaching, the average return from the programs was nearly 5.7 times the initial investment. –The Manchester Review, Volume 6, Number 1, Joy McGovern, et.al., 2001 – (Source)
So, if you’re wondering why so many people from housewives to executives are using coaching as a way to improve their lives and reach their goals, it’s because COACHING WORKS!
Would you like to discover how working with a coach can work for you?
Schedule a 15-minute Q&A call with me.
Hello, I’m Patti Fagan. Women’s financial empowerment is my passion! I am an award-winning money coach and Ramsey Solutions Master Financial Coach, dedicated to helping women transform their money relationship so they can experience financial peace of mind, and enjoy life knowing they’ll always have the money they need to take care of themselves and their loved ones.