Does coaching really make a difference? If you are asking that question, you are not alone.
As of 2020, coaching was a $2.85Bn global industry and its popularity has continued to increase. Western Europe, at 32.2% of revenue, is one of the largest markets, and the UK is one of the strongest markets within the region (1).
Average business coaching prices will generally vary between £219 and £303 per hour, rising to £500-£1475 for executive coaching sessions (1). The executive sessions tend to be longer and usually include an initial consultation. Aspire MCL also allows regular clients to contact the coach in between meetings for ad hoc advice and support.
But is it money well spent?
Here are some key outcomes (2 – unless annotated otherwise):
The average ROI for Fortune 500 companies that invested in executive coaching was nearly 600%.
More generally, 19% achieved an ROI of 50x the investment, and 28% saw an ROI of 10-49x the investment (3).
80% of coaches reported increased self-confidence (with associated ‘knock-on’ benefits both personally and for the organisation).
96% of coachees say they would repeat the process (3).
75% said that the value of executive and leadership coaching is “considerably greater” or “far greater” than the money and time invested (4).
Coaching clients reported improved relationships (73%), communication skills (72%), interpersonal skills (71%), work performance (70%), work/life balance (67%), and wellness (63%) thanks to coaching.
92% of small business owners agreed that mentoring has a direct impact on their growth.
Note: the terms ‘coaching’ and ‘mentoring’ are often used interchangeably, and there are different definitions. Aspire MCL sees mentoring as more guidance-oriented, whereas coaching elicits options and answers from the coachee. In reality, virtually all our clients opt for a combination of the 2 and we find this the most practical, cost-effective and successful approach.
How does coaching yield these business results? The Institute of Coaching identified 7 benefits for the individual (2):
Establish and take action towards achieving goals.
Become more self-reliant.
Gain more job and life satisfaction.
Contribute more effectively to the team and the organization.
Take greater responsibility and accountability for actions and commitments.
Work more easily and productively with others (boss, direct reports, peers).
Communicate more effectively.
The same organisation also noted that 80% of coaches grew in self-confidence and that a coaching programme demonstrated an organisational commitment to HR development (increasingly mentioned as a key factor in recruitment and retention discussion).
What is Covered?
Coaching can obviously cover a wide range of topics.
Aspire MCL has found that some of the more common areas of development are around developing competencies in leadership, board/team dynamics, conflict management, making change work, self-confidence, agility and resilience, and managing time, energy and work-life commitments.
Why Should I Choose Aspire MCL?
Aspire MCL’s coach, Ian Kirkby, is well-qualified and has in-depth experience in coaching, mentoring, training and facilitating at all levels across diverse sectors and cultures.
Check out his LinkedIn profile and view testimonials from satisfied clients here: Testimonials | Aspire Management Consultancy Ltd | England (aspiremcl.co.uk)
In addition to 'pure' coaching and mentoring, Aspire MCL's accredited use of psychometric and behavioural profile tools significantly increases coachee performance and saves time.
As noted above, Aspire MCL provides ad hoc advice between coaching sessions for regular clients.
If you want to know how Aspire MCL can help you and your organisation unleash your potential for success, contact us at iank@aspiremcl.co.uk or call 01522 700465 / 020 3904 7501 for a no-obligation discussion.
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Aspire MCL: developing leaders – building teams – transforming businesses