Coaching…What is it worth?
2020 has been one of the most unpredictable years in history. We have either been isolated and closed off from our friends and family or found ourselves living with a partner/family and spending the most time ever, living under one roof with no break. It has been a tough year for many of us with a significant impact on our well-being.
We must remember that our mental health is just as important our physical health. While we start to think about those new year resolutions such as joining a gym, exercising more, we must be careful not to forget how to look after ourselves and ensure we get the rest we need. We need to fit our own oxygen mask before being able to help someone else. How can we support partners, family or teams if we’re run down and not performing at our own personal best? Business owners and leaders aren’t super-human. The challenge we have is that organisations see coaching as a luxury NOT a necessity and yet over the last year I have seen first hand, just how misguided that is. I have had clients tell me that my new programme Bounce Forward was “life changing” and how it has prevented them from going on sick leave or reducing their hours. True indicators that businesses flourish where they are supported and that they suffer where coaching support is limited.
Do you know what real impact mental health has on your business?
Mental ill health is responsible for £45 billion with half of that amount being due to presenteeism, whereby the employee is present but not productive.*
While you may not have a huge turnover, the cost of mental health at work has a massive impact on the productivity of your team.
“We think that great performance = success = personal happiness.
But we are wrong. When we are personally happy, we perform better and THAT leads to success.”
According to the International Coaching Federation (ICF)**, 86% of organisations saw an ROI on their Coaching engagements, and 96% of those who had an Executive Coach said they would repeat the process again. This also includes tangible as well as intangible factors. Tangible factors were areas such as:
- Increased productivity
- Higher levels of employee performance
- Reduced costs
- Growth in sales and revenue
- Higher employee retention
- Higher employee engagement
Then some examples of Intangible factors were:
- Increased confidence
- Improved communication
- Stronger employee and peer-to-peer
- Key stakeholder relationships.
A luxury is defined as being a state of great comfort or elegance, especially when involving expense. However, a necessity is defined as being a state or fact of being required. The core question appears to be a value question. Will you be getting value for this expense? What we need to remember is that “Self-care is not a luxury; Self-care is a necessity.”
Some leaders feel that having a coach must mean they are lacking in their ability and performance. Athletes take on a coach to help guide and motivate them. Coaches don’t fix us. Coaches help and support us through socratic questioning to become better and greater leaders.
As Bill Gates believes, “Everyone needs a coach.” Take a look for yourself.
You don’t just have to take my word for it. The ICF conducted a survey and found the below results:
We all need help, support or guidance at some point in our life, whether we think we do or not. This is one way to bring someone into a space that you can trust. Coaches help their clients improve lives, relationships and business performance. They make a real and measurable difference in people’s lives. Analysis from Deloitte in 2020 built upon the Stephenson Farmer Review in 2017 and showed
“For every £1 spent by employers on mental health interventions they get £5 back in reduced absence, presenteeism and staff turnover.” *
It is frustrating when us coaches are considered a luxury item when we have so much evidence from clients and research to the contrary. I am really grateful to my coach as she encourages me out of my comfort zone and that is always where the magic happens!
Schedule in a discovery call with me and we can see how beneficial coaching could be for you/your team.
* Deloitte – January 2020