Business and executive coaching is a fast growing industry across North America and Europe. A recent global survey from PricewaterhouseCoopers and the Association Resource center found that the mean ROI for organizations that utilize coaching for staff and executives was at least seven times the initial investment. —
Corporate giants like Google, Goldman Sachs and GE spend more then $1 billion annually, and that is just in the U.S., and the industry’s rise is relatively new. Just 20 years ago, coaching was a last-ditch effort for companies experiencing poor sales or productivity performance, a remedial tool that few corporate managers really knew how to utilize.
Today, most corporate and entrepreneurial coaching budgets are earmarked for developing high potential leaders. Many of the world’s top business schools are allocating at least part of their MBA programs budget to teaching one-on-one coaching techniques. The Wharton School in Philadelphia has added a two-year coaching program to its newly overhauled MBA program, aimed at encouraging students to develop skills that are critical to developing exemplary leaders.
The objective of effective coaching is to enable individuals to communicate in a way that makes people not only listen but follow the coach’s example, increasing trust and boosting enthusiasm in a way that improves the team or organization’s effectiveness.
Although business coaching was once earmarked for the most senior executives, it has also become a tool for developing talent in employees to drive results. And even as coaches are becoming integral to corporate development, an equally fast-growing number of entrepreneurs and freelancers are employing coaches to boost their own credentials and adopt coaching skills themselves to use in leading their own teams and advance their brands.
“The business coaching trend began in the 1970s, but it’s become essential in today’s corporate world,” says Los Angeles leadership coach Ted McGrath, who has been coaching entrepreneurs and sales professionals for 10 years. “I encourage anyone who works for a company that does not enlist a coach to engage one independently if they want to gain a competitive advantage.”
McGrath, who also coaches professional speakers, says he begins by teaching his clients how to uncover their life story, find their real message, and create a business blueprint so they can get paid to share their message with the world.
“Coaching provides individuals with a brand of knowledge and wisdom that levels the playing field and then accelerates career success,” he says.
Just as successful athletes benefit from the art of coaching through enhanced performance levels they may have never have reached on their own, career-minded professionals can also benefit from business coaching.
When it comes to building a personal brand, a coach can be a powerful resource in helping clients learn to get out of their own way, increase engagement at work, take action, stand out and achieve goals.
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