Dominick Mills » Fortune 500

Benefits of Business Coaching Part 4 : Improve Productivity

Dominick — Mon, 23 Nov 2009 21:23:28 +0000

The following items are tangible business results realized by participating companies! More than half of the businesses providing coaching to within their company reported improvements in productivity, with nearly half reporting improvements in quality and organizational strength. Other tangible business results included improved customer service, reduced complaints, cost reductions, a greater likelihood of retaining individuals who received coaching, better bottom-line profitability and top-line revenue, and reduced turnover. Your browser may not support display of this image.

More than three-quarters of individuals who received coaching reported better relationships with direct reports, and 71% reported better relationships with immediate supervisors. More than 6 in 10 reported improved teamwork, relationships with peers, and job satisfaction. Other intangible business results included reduced conflict, greater organizational commitment, and better relationships with clients.

Benefits of Business Coaching Part 3 : Improve Personal Wealth

Dominick — Mon, 23 Nov 2009 21:22:35 +0000

Elite business people need consider themselves (and business) as a work in progress. Business/Leadership coaching focuses on helping individuals adjust to new realities and not just survive, but thrive. By design, the business/Leadership coaching approach embraces “best business practices” and distinct methodologies that have been proven to work.

Business Coaching improves your personal wealth. Over one-third of the participants earned $200,000 per year or more, with almost 20% earning $250,000 or more. Also 57% of participants were in their thirties. Two-thirds of participants were males. 55% of participants were engaged in change-oriented coaching, with an emphasis on supplementing and refocusing participants’ skills. 29% participated in growth-oriented coaching, with an emphasis on accelerating the learning curve for high-potential or recently promoted managers/executives. 16% combined the two areas of emphasis.

Benefits of Business Coaching Part 2 : Improve Organization

Dominick — Mon, 23 Nov 2009 21:06:25 +0000

The companies that provided coaching programs to their management & leadership team realized improvements in productivity, quality, organizational strength, customer service, and shareholder value. They also received fewer customer complaints, and were more likely to retain individuals who received coaching.

Better relationships : Individuals who received coaching reported experiencing better relationships with their direct reports, immediate supervisors, peers and clients. They also reported better teamwork and job satisfaction, reduced conflict, and renewed organizational commitment.

Coaching pays off : 91% of participants who were coached indicated that the value received from coaching programs was greater than the time and money invested.

High satisfaction : 86% of participants who received coaching were very or extremely satisfied with their coaching experience.

3 out of 4 achieved goals : 73% of participants who received coaching reported that their goals were extremely or very effectively achieved. These goals included interpersonal improvements, better management and leadership skills, business agility, and personal growth.

High recommendation rate : 93% of participants receiving coaching would recommend it to others.

Benefits of Business Coaching Part 1 : Improve Bottom Line

Dominick — Mon, 23 Nov 2009 20:41:34 +0000

In today’s fast-paced, competitive business world, it is no longer enough to be skilled and knowledgeable about your own business and business processes. To distinguish yourself from other successful people, and to maintain your competitive edge, you need to be continuously honing your management and leadership skills.

A detailed study was recently conducted and published detailing the benefits and findings in support of Management & Executive Coaching. Included within this document are “5 main items of ROI” that surfaced through this research.

Benefit #1: Improve the Bottom Line

Of participants who were able to estimate ROI, 70% valued the ROI on coaching at $100K or more, with 28% valuing the coaching ROI between $500K & $1 million.

A Less than $100,000   30%
B $100,000 to $199,000   12%
C $200,000 to $299,000   16%
D $300,000 to $399,000   7%
E $400,000 to $499,000   7%
F $500,000 to $1 million   28%

AMONG THE RESULTS OF THE STUDY:

Six-fold ROI : The coaching process delivered an average return on investment (ROI) of more than $100,000 — or almost six times (5.7) the initial investment in coaching.

Seven out of 10 put ROI at $100,000+ : The ROI of 5.7 is a conservative estimate of the relationship between the monetary value of the results achieved from coaching programs and the costs incurred. Seven out of 10 participants who received coaching and provided an ROI estimate valued the ROI in excess of $100,000 – with almost three in 10 (28%) valuing the ROI between $500,000 and $1 million.

APPENDIX

These 5-items include data on executive/management behavior change, organizational improvements achieved, and the return on investment (ROI) from multiple individualized and comprehensive Business/Leadership coaching programs. The study examined results realized by 100 executives/managers, mostly from Fortune 1000 companies, who participated in coaching programs that typically lasted from six months to one year. Fifty-seven percent of executives/managers who received coaching were ages 40 to 49, and half held positions of vice president or higher, with one-third earning $200,000 or more per year. It is understood that while this study focused on executive/management level participants, this group of participants represented a narrow slice of the coaching population, and that research in general acknowledges the value of coaching across a variety of roles and levels of seniority. The coaching programs that executives/managers participated in were a mix of both change-oriented coaching (aimed at changing certain behaviors or skills), such as our Executive/Management & Team Coaching programs, and growth-oriented coaching (aimed at personal goals & sharpening personal performance), such as Personal Coaching.

Dominick F. Mills

Next Step Business Coaching
Telephone: (800) 887-1086 (national)
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DominickFMills@ActionCOACH.com