As the marketplace becomes increasingly competitive, organizations have come to recognize coaching, as a valued tool that helps key people in the organization be the best they can be. The coach and the coachee work together with urgency and creative energy to find and utilize the best solutions to reach high-impact goals.
Below is an overview of the three types of coaching:
Leadership/behavioral coaching is coaching on a leader’s behaviors or style. The coach works with the coachee to understand and optimize his or her effectiveness in key relationships. There are two types of leadership/behavioral coaching: correctional and performance development. Correctional coaching focuses on improving current behaviors that have negative results. Performance development coaching is used in advance or just after a change in a person’s circumstance to develop a needed skill or capability.
Strategy coaching is organizationally focused. The coach facilitates a leadership team’s discovery of its emerging competitive landscape in order to compete effectively. Strategy coaching includes scientific analysis, development and installation of strategy and implementation of organizational change.
Career/life coaching is more personal and may or may not involve the organization. Coaching issues could include dealing with a crisis, transition, achieving their dreams or building better relationships, to name a few.
$1 billion dollars is spent annually on coaching in the U.S.
Coaches charge $100 to $1,000 per hour.
In a 2004 study, executive coaching for managers at the firm of Booz Allen Hamilton returned $7.90 for every dollar the firm spent on coaching. The firm discovered that team chemistry, the quality of its consulting services and retention rates improved and noticeably added to profits.
If you believe there is value in training, then you should believe there is even more value in
one-on-one training, or coaching.