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The
Benefits of Business Coaching
By
Jeffrey E. Auerbach, Ph.D.
Business
coaching is an expanding industry – 58% of organizations say they have
increased their use of coaching in the past year. In
the United Kingdom, four years ago just four percent of small businesses used
coaches, and now 20% of small business enterprises are using coaching as part of
their growth strategy. In another
international study, 79% of medium and large businesses in the United Kingdom
reported using coaching. In the US,
in a sample of 101 companies using coaching, 58% of the companies were small or
medium sized, government agencies and non-profits (Auerbach, 2005).
Coaching
utilization is increasing because it is a cost effective means of achieving
phenomenal results for teams and businesses.
Organizations are asking can we afford not to use coaches? -
An increase in productivity (by 53%) The
same survey reported that the individuals who received coaching saw improvement
in: (Source:
Manchester Review, 2001, Vol. 6, 1; and Executive Coaching - With Returns
A CFO Could Love, Fortune Magazine February 19, 2001) Some
leaders try to save money by limiting their expenditures on training because
they don’t feel training generates immediate bottom line results.
However, coaching can turn an investment in training into dramatic
positive results. Here are two
studies that support this statement: The
Xerox Corporation found that the impact of using follow-up coaching after formal
training gave a massive 87% increase in the effectiveness of training when
compared to training alone. • Coaching provides for an individual “thought partner” to help the executive or manager confidentially think through important decisions in an enhanced manner. The
investment for business coaching can pay off many times over –- increasing
your bottom line, helping you work with renewed passion, getting more done in
the same time period by working smarter, and reclaiming your life by adding more
work-life balance. What will be
your next step to start working with a coach or bringing coaching to your
organization? Auerbach, J. E. (2005). Seeing the Light: What Organizations Need to Know About Executive Coaching. Executive College Press: Pismo Beach, CA. Fisher, A. "Executive Coaching - With Returns A CFO Could Love". Fortune Magazine, February 19, 2001 Jeffrey E. Auerbach, Ph.D., is President of College of Executive Coaching and author of the best-selling book, Personal and Executive Coaching. |
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