While the industry of coaching has been functioning in a state of status quo for decades, the demand has spiked in recent years. It’s important, now more than ever, to have a trusted sounding board to enhance the skills that are forgotten when being so reliant on technology as a means of communication. Soft skills, like hard skills, have to be practiced in order to remain at their peak performance. And like hard skills, soft skills are also just as important when it comes to leading, performing, and showing importance in a company.
The long-term effects of coaching and its ROI vary from person to person. Prior to the intervention of tech in this business, ROI was not calculatable. Now, since a person’s goals and weaknesses are more visible to all parties, one can find the correlation between levels of sales productivity, for example, since the coaching started. Because every person has different strengths and weaknesses, the effects change depending on those factors.
HR professionals should keep in mind that the ROI also depends on each person, as well as their job and title. Most of the effects of coaching, though, don’t simply come from a monetary value, rather, the results are slightly more human-like the industry itself. Retention and enhanced culture are the two biggest factors in terms of the ROI in coaching. Many HR professionals are first hesitant to provide coaching as they fear if they cultivate their employees, they will leave for upward mobility opportunities. But the results have been quite the opposite. In fact, if an employer invests money in its employees, they tend to stay longer in their jobs, as well as do them more effectively.
Feeling like a valued member of a company, and seeing that your HR department sees value in your work creates a culture of loyalty, fostering an environment of constant self-improvement, from the highest levels of a company.
There is high value in both IQ and EQ as HR professionals know already, but because the importance of EQ has not been emphasized until recently, there is a huge deficit in the workplace at all levels. The investment of coaching is not just for the present value of a company, but for the future value of society. The end goal is both the democratization and modernization of an industry that once was only available to the most elite executives of the world.
The taboo around coaching must change in order for the industry to actually gain popularity, and it is up to the HR leaders to prove how valuable coaching is to their employees. The ancient ways of saying that it is utilized as punishment needs to be changed to a means of saying that people really have the potential to one day lead these companies — that their raw talent is so exceptional that companies are willing to invest even more money than their salaries and benefits and provide them with more advanced skills than they had when they started. The future of coaching is bright, but only if the mentality around coaching reflects this. Without that, it will become a means of gossip instead of improvement, and it will also take companies much longer to accomplish the goals they have in place, without someone there to push them beyond their mental limits.