The Benefits of Coaching in an Organization and the Workplace
The number one benefit to companies is the effect coaching has on their bottom line. When employees receive coaching, they are more likely to remain in the company. This means turnover reduces. By 2020, companies can expect to pay R680 billion in turnover costs (Work Institute, 2018).
Employees leave companies for a variety of reasons. The report cites the top three as, career development, work-life balance, and manager behavior.
Another thing to consider are the costs of hiring a new employee.
Retaining good employees and helping them to become great employees starts with the onboarding process. This should include three elements:
- Learning what makes the company unique
- Learning how s/he fits into the company’s mission, and
- Instilling the company’s vision, mission, and values into the new hire.
After this, coaching which involves consistent and frequent feedback is crucial. Employees need three things in the workplace: a sense of culture, connection, and contribution (SHRM, 2018). The easiest way to do this is through coaching.
Grant (2005) defines workplace coaching as “on-the-job coaching by line managers and supervisors with the aim of improving productivity and developing individual workers’ skills and their understanding of job requirements.”
A workplace coach understands the unique skills, abilities, weaknesses, and strengths of their team members. They focus on opening up opportunities for team members to develop their strengths.