Executive coaching, along with the field of life coaching, is exploding. More and more people are seeking coach training due to the rise in demand for services.
Should your business use executive coaching services? Here are three reasons it might be a good idea, according to Mike Bundrant, co-founder and lead trainer at the iNLP Center coach training program.
- Coaching doesn’t carry a stigma.
Before the rise of executive coaching, businesses had limited options and many of them employed mental health counselors to consult with employees who needed support.
The problem with this approach is that mental health counseling carries a stigma with it, right or wrong. Many employees who needed support elected to decline it due to fear of being perceived as mentally ill. Executive coaching carries no such stigma.
- Return on investment.
More sophisticated executive coaching services track their results. The increased productivity and morale that comes from being coached on a regular basis has a direct impact on the bottom line.
In fact, some businesses will not cut back on internal coaching services when cash is tight because of the pivotal role coaching plays. They refuse to cut profitable programs and executive coaching is often seen in this light.
- Employee retention.
A happy, productive employee is a long-term employee in most cases. Given the disruption and expense of high turnover, businesses can achieve greater stability and profitability when their employees want to stick around.
Executive coaching proactively keeps employees happy because the support system is built into the company culture. Additionally, a solid executive coach will help employees and teams foresee problems and prevent many of them from occurring.
What makes a good executive coach?
Communication skills are the hallmark of an effective executive coach. According to Bundrant of the iNLP Center, coaches trained in Neuro-Linguistic Programming (NLP) are especially prepared to impart world-class communication skills.
What is NLP? It’s a set of communication skills that focuses on how to understand non-verbal communication and use it to influence others for good. Coaches training in NLP bring advantages to business because of their high rapport skills and keen understanding of non-verbal cues.
The future of coaching in business.
With more and more businesses turning to executive coaching, the options for integrating these services are expanding. Some business contract with a single coach to selectively serve key members of an organization.
Other businesses hire teams of coaches who submit detailed proposals with action plans, reporting structures, and formulas for calculating return on investment.
It’s even becoming more common to see businesses hiring permanent internal coaches, or teams of internal coaches. These serve as an in-house executive resource that management and staff can turn to at any time.
Is coaching right for your business?
Only you can decide. Bringing on an executive coach is probably worth exploring if you haven’t already. And it’s more convenient that ever. Many coaches work online via Skype or various meeting room platforms, making the service as simple as logging into a private meeting room.