Why Use A Coach?
May 27, 2009
Business coaching is an emerging profession. If you haven’t heard about coaching, you will. Fortune 500 corporations have used coaches for many years. Small and medium sized businesses are now discovering the value of coaching.
In its early days, coaches were most often given remedial assignments. They were called in to address a specific performance problem, perhaps to turn around a valued employee who was going through a rough patch. Today, coaching is also a proactive tool for grooming future leaders, developing existing leaders, enhancing personal and team performance and improving the work-life balance.
An independent study of the benefits of coaching was conducted in 2008/09 by Price Waterhouse Coopers LLP for the International Coaching Federation, the leading professional coach association. Coaching clients were surveyed and they indicated that the primary positive impacts of coaching included improved self-confidence (80%), improved relationships (73%), improved communication skills (72%), improved work performance (70%) and improved work-life balance (67%).
The same study presented the financial benefits of coaching as determined by clients. The study states “The median company return is 700% indicating that typically a company can expect a return of 7 times the initial investment.”
A coaching program typically involves initial research and development of a customized program followed by a weekly telephone session of up to an hour where issues are discussed, progress is reviewed and short term goals are set. In-person sessions are available but most clients prefer the telephone. The duration of the coaching program is usually 3 to 6 months though some coaching relationships can last indefinitely.
There are many different approaches to coaching. My personal preference (and training) is behavioural coaching. The behavioural coach focuses on finding a solution rather than a cause for negative behaviours. The cause of behaviours is best left to professional therapists. Coaches are not therapists.
The cost of coaching varies widely depending on the nature of the assignment and the experience of the coach. You can expect fees of $500 to $1000 per month.
Doug Edgar is president of Compass Strategies, an executive coaching and business advisory firm. He can be reached at doug@compass-strategies.ca or www.compass-strategies.ca.
