Coaching and mentoring are often overlooked because of the costs and time associated with rolling it out, making them seem out of reach for the majority of organisations.
But given that 80% of people who receive coaching say their confidence increased, over 70% benefit from improved work performance, relationships, and more effective communication skills, and 86% of companies report that they recouped their investment and more (source: ICF 2009), can you afford not to invest in it?
Here are 3 great reasons why it’s a good idea to invest in coaching and mentoring for your staff.
1. In-house coaching reduces the need for external training
The key difference between coaching and training is that employees who are coached are encouraged to think independently, rather than employees who are trained and are often ‘spoon-fed’ the solutions to their challenges. The skills learned can be transferred and applied to any project, team or conversation.
There are two main types of coaches and mentors, those that are developed internally and others that are hired from external companies. Often the use of external services can be very costly and time-consuming, whereas using your own interested staff is a cheaper option. Internal coaches can transfer their skills and knowledge to other colleagues that are interested in becoming a coach or mentor. Financially it’s more beneficial for companies to train their own staff to become coaches and mentors than it is to outsource coaches.
2. It’s a more effective way to learn
Evidence shows that the majority of information displayed in training presentations is forgotten the following day. Whereas, coaching and mentoring sessions have been proven to more effectively deliver the information in a way that enables staff to remember and apply a larger percentage of the content.
Two decades of research by Joyce and Showers has shown that improving performance requires a number of key components. When combined effectively; theory, modeling, practice, and coaching can lead to a 95% chance of skill transfer and behaviour change in the training room.
Unfortunately, it isn’t free, at least not at first. Establishing programmes and developing internal coaches will cost time and money to achieve. However, workplace learning promotes coaching at the point of need and is significantly better for embedding learning. More effective learning means time-to-competency is reduced and employee engagement is increased. This suggests that the investment is in the wider organisation too, justifying costs and how, in reality, it’s great value for money.
3. It’s a more effective way to learn
In-house coaches will already know and understand the culture, history, and politics of the organisation. They are more readily available and existing long-term relationships can provide many benefits for individuals. Organisations who embed a coaching culture generally have a higher skilled workforce and once in-house teams are established, the costs are likely to fall sharply. As more leaders experience the benefits of effective coaching and mentoring, the recognition of its business value and therefore the preparedness to invest can only increase.
For more information on creating meaningful coaching and mentoring relationships, download our guide.