Manchester Incorporated, in 2001, quantified the business impact of Executive Coaching and found that:
The average Return on Investment (ROI) was 5,7 times the cost of coaching
- 93% of Executives who received coaching would recommend it
- 73% of Executives reported that their goals were very effectively achieved
- Jack Welch (former CEO of GE) was asked “does coaching really work?”
He answered: “Generally, yes. It’s value depends on the quality of the coach. Good Executive Coaches can provide a truly important service. They can look you in the eye and tell you what no one else will, especially if you are the boss. At the end of the day, the ultimate value of Executive Coaching, is only as big or small as your ability to receive it.”
- A study commissioned by a Fortune 500 firm found that coaching was a key enabler for leadership development because participants could work privately with their coaches to develop specific leadership competencies. Productivity and employee satisfaction were cited as the most significantly improved factors.
- Many organizations are past the point of wondering whether coaching can really add value to their businesses. Globally, many executives and business owners are embracing executive coaching with proven bottom line results.
- More than half of the Fortune 500 executives use a personal coach to build leadership competencies. In a recent Fortune magazine, coaching was claimed to be the single most planned developmental tool considered by executives for leadership development.
- A Harvard Business review says that companies such as American Express, Hewlett-Packard, Morgan Stanley and Philip Morris offer private coaching as part of leadership development. It goes on to cite HR professionals saying coaching has a real impact on a manager’s performance.
- Contrary to being a sign of weakness, coaching is now perceived as a strength and people are getting help and investing in themselves. Executives need to be the world-class athletes of business.
- The international trend has been for virtually every top executive to have a coach – someone who is objective, who serves as a sounding board, and who is able to ensure that clients are on the right track in terms of what they want to achieve.