Last spring, I had the pleasure of working with a class of university students on their final marketing project before graduation. In exchange, I gave them a workshop on how to deal with fear and how it could wreak havoc in your life – or not. Fear is a strong, but controllable, emotion.
The project included a market analysis of the coaching world, when and why companies hire coaches, and what type of success a coach can bring to individuals and organizations. I am expanding on the research this fall by surveying and interviewing coaches to understand their offers and expose their work in our world. I have a hunch you’ll be hearing a whole lot of amazing awesomeness happening!
I want to show the wide variety of our work and demonstrate how people use coaches because I think sometimes it’s hard to describe. But truly, if you want operate at your full potential a coach will get you there! If you’ve ever talked to someone who’s had a coach, or if you’ve had one yourself, you know how beneficial it can be.
It was such a pleasure to watch the students, our future leaders, professionally present their project. I have their report and findings, and would be happy to discuss sources, citations, and any of the information noted below.
I hope the information guides you if you wonder about working with a coach, or if you’re a coach who wants to feel great about the work we are doing in the business world! Future findings will include more than business coaching, but here are some findings so far:
- 75% of US companies have some sort of formal coaching program.
- 66% of companies use a mix of internal and external coaches.
- There’s a reported 700% return on investment in the areas of employee retention, high-quality teamwork, and customer satisfaction when a coach is involved.
- Company coaching engagements last between 5 to 12 months.
- Proactively hiring a coach consistently results in better employee performance than waiting until employee concerns begin.
- Companies surveyed reveal 5 areas of success in business coaching:
- leadership development
- managing people
- goal setting and prioritization
- employee engagement and team productivity
- Executive coaching makes up approximately 27% of the coaching market.
- The top 5 benefits of Executive Coaching include:
- confidential discussion of goals
- accountability to goals
- expanded thinking
- just-in-time learning and objective feedback
- The business coaching market in the US is comprised of almost 19,000 small companies.
- Harvard, Penn State, Yale and Cal Berkley universities have added a life-coaching curriculum to their offer.
- 30 US universities have added coaching courses into their curriculum.
If you are interested in learning more or participating in the next segment this fall, contact me! Have a wonderful week!