Companies of all sizes and stages are embracing coaching as a way to develop their teams. Some large organizations have invested in hiring their own internal coaches, and there are even startups that retain a part-time coach who’s accessible to all employees. While there’s no one “right” coaching solution, I’m a fan of the move toward the democratization of coaching. That is, making coaching available to more employees vs. reserving it only for a few folks at the top.
Common Types of Coaching
You’re probably familiar with executive coaching (also known as performance, business, or leadership coaching) where a founder, CEO, or member of the C-suite engages a coach for 6-12 months, or even on an ongoing basis.
Over the past decade, companies have recognized the value of coaching beyond the executive team. Today, there are companies that offer coaching to people in transition including new managers, first-time leaders, and those deemed as high potential. You may even have received coaching as part of an internal development program.
What Is Coaching as a Benefit?
Coaching as a benefit demonstrates that employers are embracing a whole new philosophy when it comes to employee growth and development. As Sarah Gallo stated in Training Industry, “Organizations benefit from improved performance, retention, and engagement, and employees receive the support they need to reach their goals.” That surely sounds like a win/win. After all, if coaching makes not only the individual but the organization more effective, isn’t it worth the investment?
Who Gets Coaching, and How Much?
While some companies can afford unlimited coaching for everyone, most will have to put in some structure and boundaries. There are different ways to do this depending on your budget and goals.
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- Set criteria. Use criteria like performance, tenure, or potential to nominate the first group of employees to receive coaching. Choose a number and time period that makes sense given the size of your organization and how many people you want to receive coaching this year. For instance, in a forty-person company, you could coach ten employees each quarter.
- Cascade by level. If your organization has never tried coaching before, it may make sense to start at the top. Begin with your senior leadership team, then managers, and after that your individual contributors. Leaders will buy in as they experience the results firsthand.
- Offer a subsidy. There are companies ranging from Google to a handful of startups that offer an annual sum that employees can use for personal and professional development. In some cases, funds are set aside specifically so employees can hire a coach. These typically range anywhere from $2,000 – $4,000 annually.
Still on the fence? There’s plenty of evidence on the ROI of coaching, if you need it.
Interested in coaching for yourself, your executives, or your team? We’d love to hear from you. Contact us at info@reverbpeople.com.
