Return on Investment
Return on Investment Strand!
The primary objective for a coach is to help an individual become a leader or develop skills and ability to bring the best value possible to the company they work for. Coaching fees depend on various factors such as experience and the level of involvement of the coach.
A coaching contract usually lasts about 6 months, which is the duration necessary to integrate new learning and develop new habits for a permanent change.
If you want to know your ROI, you should consider the role of the individual being coached to determine if the coaching will be beneficial to your organisation.
For instance, a team leader may have a significant impact on the level of satisfaction and motivation of the employees they manage. According to many studies, one of the reasons why people leave an organisation is due to the manager.
If your best employees are leaving, you have to consider the cost of hiring new hires and lost productivity. If you need to replace a key executive due to burnout, you need to contemplate the effect that it will have on your customer service, relationships, events, publications, products, and services.
You can hire a coach as an investment in your future or address a career-limiting problem. Sometimes, a coach is employed to support or improve the performance of employees.
You can also hire a coach when downsising to help the affected employees and ensure that they have the skills and job search materials that will allow them to move forward successfully.
What to Expect from Coaching Strand
Coaching aims to change one’s mindset to help them see new pathways. This can be achieved by connecting with the person to be coached and conducting exercises and assessments.
What you need to keep in mind is that a coach doesn’t solve problems. What this professional does is help a person find new options, gain clarity and make brave new choices to get different results.
A coach can help organisations improve communication, relationships, prioritisation, and leadership. Communication and relationship problems usually occur due to resistance to having difficult discussions related to alignment with company goals, performance and accountability.
A company cannot cultivate leaders and create strategic plans when motivated board members and competent employees think that their abilities are not being optimised. High staff turnover and executive burnout can also happen when the organisation fail to delegate tasks appropriately.
Coaching can equip a person with skills and proper model for success. They can adopt a new coaching approach in their leadership, which may introduce a coaching culture in the company.
Coaching can help the participant change behaviour and develop new habits that will be beneficial to the organisation.
At the end of the coaching period, you should get the participant to assess his level of success against the coaching outcome. Conduct a performance review discussion where the participant and his or her line manager agree on what he or she has attained.
Once you’ve measured the results of coaching, create a report and share it with key stakeholders in the organisation like the person who paid for the coaching. The results will help you measure your return on investment.