In this competitive business era, the word INVESTMENT has become a relevant and distinguished word. The business dictionary defines investment as the act of putting money or effort into something to make a profit or achieve a result. Investing in the right thing at the right time can bring about rewarding returns.
One of the best investments any organisation can invest in is a great coaching program for their managers and leaders so they in return can professionally coach their direct reports. Many studies have proven that utilising coaching within a leadership role brings about many benefits not only for the leaders but also for the organisation as a whole. Here are some of them:
1) Coaching leadership style
A coaching leadership style brings out the best in people. Employees value the concern that leaders take in their welfare, as well as the assistance they receive to improve their performance which, of course, increases their chance of promotion. Using a coaching style with employees enables them to use their initiative, think ‘outside the box’, and look for new and novel ways of doing things faster and better. When leaders empower their direct reports in these ways, a coaching culture starts to spread throughout the organisation.
2.) Creates engaged employees.
Coaching direct reports is a proven method of increasing performance and retaining talent. When employees are coached, their learning needs are personalised and they feel they are a valued member of the organisation. Managers have taken the time to get to know them as people, not just as employees. Their strengths have been identified, and plans are underway to utilise these strengths. Within the team, managers “mix and match” the various skills possessed by group members to create a dynamism that didn’t exist before. As a result the whole team buzzes as they engage in activities that have meaning and purpose. Team members are enthused and motivated to get to work and give their best all through the day. They are committed to the organisation and want to do their very best to achieve the organisation’s goals and objectives.
3.) Increases your organisation’s revenue
A study conducted in behalf of the International Coach Federation (ICF, 2015) reported that organisations with a strong coaching culture have higher revenue growth; 63% of organisations participating in the survey reported above industry average earnings in the previous year compared with 45% of all other organisations. What this means is that investing in the growth of the organisation’s human capital leads to revenue gains above and beyond the industry average, which gives the firm a substantial competitive advantage from both performance and talent retention perspectives. Taking care of business is now all about taking care of people, because a skilled and talented workforce can increase revenue substantially, and conversely, cost the organisation dearly if they leave.
Benjamin Franklin could not have said it best “An investment in knowledge always pays the best interest”. Investing in a good coaching program for your managers and leaders is the best investment your organisation could ever make.
If you want yourself, your leaders, and your managers to be coached or become a professional coach yourself, you can contact the Australian Institute of Professional Coaches 1 300 309 306 or email us at firstname.lastname@example.org . We look forward to speaking with you soon.