I get this question about three times each week, and the business owner or CEO usually responds by saying “We have had to cut our budget, and leadership coaching and development were the first things to go.”
Of course, I am going to say this…I am a leadership coach, but here is the reality: With leadership coaching, training and development, your employees will be:
- More productive at work (productive time equals greater revenues)
- Happier at work (when people are happy at work, they show up earlier and call in less often for sick days)
- More committed to your company (it costs thousands of dollars to replace and train new employees)
- Promotable (it is so much more cost effective and easier to be able to promote from within…your employees who are moving up KNOW your company, so their learning curve will be much flatter than a newbie exec)
- More aligned with your company (with leadership coaching, it is much easier to get people on board and aligned with your vision and mission)
Dave and Wendy Ulrich wrote and recently published a must-read book The Why of Work. It is fabulous. Their research found the following about companies who actually invested in the development of their people, including coaching and training:
- Over a 10-year period (1998-2008) “best companies to work for” have a 6.8 percent stock appreciation versus 1.0 percent for the average firm.
- Over a seven-year period, the most admired firms in Fortune’s list of admired companies had doubled the market returns of their competitors
- A one-standard-deviation increase in high performance work practices yields $27,044 increase in sales per employee and $3,814 increase in profit per employee.”
I am not going to tell you the full list of their findings, because this is in their book, and I truly believe that all leaders and leadership coaches should check out their findings. (I am not getting one cent for endorsing this book or anything from the authors…I do not know them…I just respect their work). Just click on the photo to the right and pick up a copy from Amazon.
On page 71, the authors spell out the competencies leaders need to get fully ingrained into their DNA to lead “abundant organizations” (as they call the great companies of the world) and they give examples of best companies who embody these competencies. (Apple for Innovation and Nike for Strategic Clarity as two examples). If you follow these companies on page 71, you will see quickly how much they value their employees and the time and effort they invest in their development. They KNOW their employees are their biggest assets, and of course, if you are smart, you will invest in your top assets.
So, if you really want to know why you should hire a leadership coach, pick up a copy of this book, read it and then take a big step by hiring a leadership coach…I am not saying hire me necessarily…I am suggesting that you hire a leadership coach if you are not currently working with one. When hiring a coach, make sure to interview at least three coaches to find the best fit. Some will be great for you and some just won’t click with you or your company.
As a leadership coach, here are a few of the benefits my clients have received. There are many others, but these are the benefits I usually notice very early on in the coaching sessions:
- Clarity on next steps
- Improvement in strategic thinking
- Coaching skills (to lead in today’s world, you need coaching skills under your belt. When you work with a leadership coach, you will pick up the skills just by being coached)
- Improved ability to influence and inspire others
- Ability to listen more deeply
- Improved questioning skills (Asking the right questions with an appreciative approach is critical to being able to lead today)
- More time to attack critical projects
- Improved organization and productivity
- Stronger team relationships
- Better use of skills and talents of employees
- Greater flexibility to adapt to change
If you are someone who is interested in leadership coaching, please contact me today for more information.
If you are a leadership or executive coach, please leave comments below about the type of leadership coaching you offer and benefits your clients have received. The more we can educate the public about leadership coaching, the greater chance a company will have of becoming a great/best company to work for..