Making the Business Case for Coaching in 2022 and Beyond

In today’s dynamic work environment, leaders can’t be expected to have all the answers. The days when a manager’s job revolved around telling employees what to do and then assessing their performance are long gone for most companies. Instead, leaders are called upon to guide their teams and organizations through rapidly changing situations, evolving technologies, and unprecedented challenges. They can’t have all the answers because nobody does.

So, how can companies set today’s leaders up for success – and prepare future leaders to step up in the years ahead? Incorporating a coaching program into existing development and performance management programs can be extremely impactful for both companies and their employees. However, the program can’t be executive coaching in the traditional sense. It’s time to rethink coaching, including who it’s for, how it’s delivered, and how much it costs. And it’s time to make a business case for coaching as a core part of how companies operate and succeed.

Here are three steps to help companies reap the benefits of coaching – and the business impact they can expect.

1. Meld personal and corporate growth objectives.

Coaching is often handled on an individual basis, plugged into a leader’s development plan to address a gap or provided at a certain stage of a career. While coaching will always be personalized, its application doesn’t need to be ad-hoc. When coaching is embedded within a company’s culture, it can bring together personal and company objectives to achieve far more than enhancing individual performance.

The business impact: Integrating coaching into the overall business strategy enables companies to propel leadership development that’s directly aligned with business objectives. At the same time, employees gain the tools and support they need to build skills and advance their careers.

A recent study about the efficacy of leadership coaching showed positive impacts to open-mindedness, leadership self-efficacy, emotional intelligence, positive leadership behaviors, and leadership effectiveness among coaching participants. These outcomes have a direct impact on the recruitment, retention, productivity, and innovation rates that drive the company’s business objectives.

2. Expand the reach – and effect – of coaching.

Rethinking the scope of coaching is often shut down by budget concerns. However, coaching programs don’t have to be costly. At Coaching Works NYC, our focus is on providing coaching solutions that are scalable without requiring companies to overhaul leadership training or performance management programs. The result are cost-effective coaching options that can be easily added to produce tangible and sustainable results for both employees and employers.

For example, our Leader 360 program is designed to help companies address their leadership gap by identifying the core competencies needed and nurturing future leaders through a unique blend of 360 feedback, individualized coaching, training, and performance management. Most importantly, we enable companies to take a practical approach that expands the program’s reach and achieves the business results they seek without the traditional price tag associated with 360 feedback and coaching.

The business impact: When coaching is more widely available, businesses impact more than their leadership pipeline and overall performance. They also see positive results related to Diversity, Equity, and Inclusion (DEI) initiatives. Research shows that coaching participants adopt wider perspectives, gain increased awareness of how their behaviors impact others, and build increased trust within their teams. Overall, participation in coaching programs correlates to enhanced emotional intelligence, or an individual’s ability to recognize and regulate emotions in themselves and others. For businesses, improved emotional intelligence links to better teamwork, job performance, and transformational leadership.

3. Ditch one-size-fits-all approaches.

Today’s rapidly evolving work environment is affecting every employee. But the effects are highly personalized. Whether it’s navigating a transition to hybrid work or a full-time return to the office, struggling to balance work and life amid caregiving challenges, or adapting to new career expectations, there are a lot of variables at play. Add in ongoing pandemic restrictions and DEI concerns and it’s clear that one-size-fits-all coaching solutions won’t be enough. Instead, companies should seek scalable options that integrate tailored coaching opportunities throughout existing programs.

The business impact: Today, organizations achieve success as a result of the collective efforts on the part of a diverse team, rather than a single leader. Through dialogue and discussion, coaching has been proven to increase open mindedness, defined as a willingness to listen to and consider different perspectives. Research shows that the heightened self-awareness created through coaching helps managers and leaders to challenge their assumptions, address biases, and make lasting behavior changes. Increased open mindedness helps companies build a workplace culture that values diversity, innovation, and teamwork.

Coaching Works NYC helps companies deliver coaching to more employees – in a scalable, cost-efficient, and sustainable way. Through a range of services, including Succession Management, Leader 360, and Coaching @ Scale programs, Coaching Works NYC can help you implement practical coaching solutions that support your business objectives and budget. Contact me to learn more.