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MNC Consulting Group Newsletter
February 2013
The Efficient Organization

 

CoachDo You Need a Coach?

 

In a 2001 study, Manchester Inc. surveyed executives that received coaching. The respondents were from large (mostly Fortune 1000) companies who received "change oriented" coaching aimed at improving certain behaviors or skills or "growth oriented" coaching designed to sharpen overall job performance. The programs lasted from six months to a year. About 60% of the executives were ages 40-49 and half held positions of vice president or higher. A third earned $200,000 or more per year.

 

As a result of coaching, the study found the following improved for these executives:

 

  • 77% working relationships with direct reports
  • 71% working relationships with immediate supervisors
  • 67% teamwork
  • 63% working relationships with peers
  • 61% job satisfaction
  • 52% conflict reduction
  • 44% organizational commitment
  • 37% working relationships with clients

 

If the above statistics don't whet your desire for a coach, here are some sobering numbers to consider. An American Management Study found that 44% of people lose one hour or more per day and 37% lose 15-30 minutes per day in productivity due to stress. If you look around your workplace, this means that stress is affecting more than 80% of your colleagues.

 

In addition to this staggering number, the Conference Board of Canada reports that 83% of employers are experiencing skill shortages at all levels and 65% expect the problem to get worse.

 

Today's executives work hard. In an article in BC Business Magazine's outlook for 2013 (http://www.bcbusiness.ca/your-business/2013-bcbusiness-outlook), they report that 40% of British Columbia's professionals work more than 50 hours per week and 36% work between 40 and 50 hours per week.

 

The McKinsey Quarterly estimates that 60% work more than 50 hours a week and 10% work more than 80 hours a week. In addition to this, women typically come home to do a "second shift," yet 92% of them still manage to complete household tasks in addition to their office work.

 

The above statistics should raise an alarm with everyone. Stress, with its associated side effects, is killing us. But the good news is that through coaching, everyone can experience lower stress levels. Even if you're a high performing executive, a coach can add value.

 

Those who use coaches experience a marked improvement in many aspects of their work performance and personal relationships. To improve your work and your life, all you need to do is ask.

Pursuit of Profit
 Culture       
The Coaching Culture

 

"In a Coaching Culture, all members of the culture fearlessly engage in candid, respectful coaching conversations, unrestricted by reporting relationships, about how they can improve their working relationships and individual and collective work performance. All have learned to value and effectively use feedback as a powerful learning tool to produce personal and professional development, high-trust working relationships, continually-improving job performance, and ever-increasing customer satisfaction."

- Thomas Crane, University of British Columbia

 

Personal life improvements are experienced directly by those who receive coaching. But there is tremendous value and return on investment to organizations, also. Here are some examples:

 

  • In one study conducted by MetrixGlobal LLC, companies including Booz Allen Hamilton received an average return of $7.90 for every $1 invested in executive coaching.
  • A recent study of executive coaching in a Fortune 500 firm by MetrixGlobal reported a 529% return on investment and significant intangible benefits to the business.
  • A survey by Manchester Inc. of 100 executives found that coaching provided an average return on investment of almost six times the cost of the coaching.
  • An internal report of the Personnel Management Association showed that when training is combined with coaching, individuals increase their productivity by an average of 86% compared to 22% with training alone.
  • A Hay Group study of Fortune 500 companies found that 21% to 40% use executive coaching; Coaching was used as standard leadership development for elite executives and talented up-and-comers.
  • The same study found that executives and the companies they work for received an average rate of return (ROI) of 5.7 times the initial investment or a return of more than $100,000.

(Statistics source: http://exec.actioncoach.com/industry-statistics.php)

 

The Manchester Inc. study also reported that organizations that provide coaching to their staff enjoyed the following benefits:

 

  • 53% increase in productivity
  • 48% increase in quality
  • 48% increase in organizational strength
  • 39% improvement in customer service
  • 34% reduction in customer complaints
  • 32% increase in retention of executives that receive coaching
  • 23% reduction in costs
  • 22% increase in bottom-line profitability

 

When staff are happy and not experiencing undue stress, organizations reap the rewards. This is seen in improved productivity, efficiency, quality, organizational strength, decreased turnover, and other related benefits. Turn your organization into a coaching culture for greater rewards.

 

In My Humble Opinion (IMHO)

 

Do you ever notice that the more stress you're under, the unhappier you become? On top of this, if you worry about why you're stressed or why you're unhappy, that only adds to your stress and to your unhappiness. Your stress triggers a Catch-22. If you're not happy at work, either fix your work or get out and find another job. The same applies on the home front. Sometimes you need to walk away for your good health. Life is too short to be burdened by stressIMHO.

 

"Advice is what we ask for when we already know the answer, but wish we didn't."

Erica Jong

About MNC Consulting Group
Our goal is to help you to dramatically increase efficiencies that immediately boost your profit margins.

 

ISSN 1925-8941   

Extreme Profits is a monthly electronic newsletter discussing how leaders can be more efficient and areas where organizations can save more money. 

 

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mary@mncconsultinggroup.com | MNC Consulting Group | 5536A Hamsterly Road | Victoria, B.C., Canada  V8Y 1S5 | 250-658-4873

   

In This Issue
Do You Need a Coach?
The Coaching Culture
In My Humble Opinion (IMHO)

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