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the other ROI – reward of investment in workplace coaching.

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the other ROI – reward of investment in workplace coaching
 

When looking to determine whether an investment in workplace coaching was a success or “worth it,” this is a case where qualitative measures will be a more reliable, and attainable, indicator.

Workplace coaching is an investment in employees. So, it stands to reason that its impact on employees will be the ultimate litmus test. In this regard, organizations will not necessarily want to gauge return on their coaching investment, but rather the reward the investment brings to the workforce and, as an extension, the company as a whole. 

What does this reward look like? Our Worklife Coaching Report 2022 sheds some light.

when it comes to workforce benefits, coaching is a triple benefit

They say things happen in threes. This holds true for what we uncovered in our recent report. 

For organizations that have already provided workplace coaching for their employees, both sides recognize the positive outcomes that can be achieved—three, to be exact.

Employees who have participated in a coaching program highlight three significant benefits related to expanding and developing competency:

  1. Building confidence
  2. Growing their potential to be a good manager or leader
  3. Improving communications within their team

Businesses that already have a coaching program in place likewise note three important benefits: 

  1. increasing engagement
  2. building confidence
  3. promoting talent mobility

When looking at the rewards of investment, employee confidence, connection, and drive are all positively impacted. And, all ultimately help contribute to job satisfaction, productivity, and efficiency. A happier and more effective workforce helps boost morale, drive innovation, bolster client and customer confidence and, in the end, directly impacts growth and profitability. 

By achieving positive qualitative metrics as a result of workplace coaching initiatives, by default organizations set themselves up to realize positive quantitative metrics down the line.

haven’t invested in coaching? don’t worry—the three Rs can help

While the qualitative measures of success related to a workplace coaching investment are there, the power of three can just as easily serve as a barrier for organizations that haven’t embraced coaching programs. These organizations cite three main reasons they don’t have a coaching program:

  1. They can’t define what they need in terms of learning and development
  2. They think their employees can’t see the benefits of coaching
  3. They have no bandwidth to lead or manage a coaching program

The good news is, these are not insurmountable obstacles. In fact, these aren’t obstacles at all. They are opportunities to more closely engage with a workforce to uncover roadblocks preventing workers from achieving their best and reaching their goals. 

rethink

An inability to define development needs is a sign that employee learning and development has not been a priority. But recognizing this is a positive, because it means  there’s nowhere to go but up. Start by asking employees how they feel—what they’d like to learn more about, what development opportunities they’d like to pursue—then research workplace coaching programs to see which would be the best fit to meet your workforce’s needs.

reconnect

You may think employees don’t see coaching as beneficial. But if you haven’t asked them how they feel, you may be making a false assumption. Our research shows that 88 percent of workers would be interested in learning and development opportunities if their employer offered it. So, take this chance to reconnect with your workforce on a more meaningful level—ask them what their thoughts and feelings are about coaching programs and other learning opportunities to gauge whether workplace coaching might actually be something workers have wanted all along.

reach out for help

Many organizations today are understaffed and overwhelmed. Workplace coaching might seem like an investment for which time and internal resources cannot be spared. Companies can take the pressure off themselves by working with a third-party provider, one that specializes in workplace coaching and can provide both expert coaches and management assistance to ensure employees can make the best out of the opportunity—all without straining company staff.

the numbers are in your favor

Employee sentiment and reaction will be the most immediate gauges of workplace coaching success. But if you’re someone who prefers hard numbers, consider this: in a recent Randstad RiseSmart career coaching program with a Fortune 100 company, our results showed:

  • 100% of employees felt more satisfied and committed
  • 96% said they were more likely to stay at their company for two years or more
  • 45% increase in employees’ satisfaction with professional growth opportunities

And, according to our research, coaching-centric organizations simply do better than all others:

  • 77% are employers of choice (vs. 49%)
  • 70% internal hiring rate (vs. 49%)
  • 54% of high-performing organizations have a strong coaching culture (vs. 29%)

Workplace coaching is a win-win. Make the investment, and the rewards will follow. Reach out to us to see how our program can help you realize ROI today.