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From NetSpeed Leader Volume 29, November 2006
One of the greatest contributions a manager can make is that of a coach or mentor. In fact, a recent Manchester Inc. study indicated that companies that implement coaching and mentoring programs improve their bottom line profitability by as much as 22%. A manager with effective coaching skills is indeed a valuable company asset.
The advantage of using a coaching model is three-fold: 1) it involves the employee in his or her development, thus increasing loyalty and motivation; 2) it eases the pressure on managers to “fix” the problem, and instead shifts the responsibility to the employee in partnership with the supervisor; and 3) it increases efficiency, contributing to the overall effectiveness of the organization.
So, coaching is about more than improved performance. Effective coaching builds relationships across the corporate environment. For example, in a culture that values youth and innovation, we may forget that with age and experience comes much of the practical knowledge required to navigate complex business challenges. At the same time, many people in leadership positions who are older than about 50 haven’t been trained, formally or informally, to lead in the current high technology, information-oriented business climate. An effective intergenerational business development strategy can include coaching and mentoring as a way to bridge these gaps, recognizing the value that both groups bring to overall business success and capitalizing on the skills and abilities of each.
Some further numbers from the Manchester study:
Fifty-three percent of executives reported improved productivity as the result of a relationship with a coach. Other company benefits included retention of executive staff (32%) and cost reductions (23%). The impact of individual benefits was even more compelling: 63% reported improved working relationships with peers, 71% reported improved working relationships with immediate supervisors, and a whopping 77% reported improved working relationships with direct reports. Given these numbers, it’s not surprising that well over half (61%) of respondents reported increased job satisfaction.
Clearly, a little coaching goes a long way. And employers are getting the message. In a recent survey of more than 300 companies, 59% currently offer coaching or mentoring to their managers and executives and another 20% plan to offer coaching within the next year.
Whether the need is to sharpen the skills of top performers, to support the success of new managers, or to correct performance problems, coaching and mentoring programs are valuable employee development and retention tools. The skill of a good mentor is recognizing daily opportunities for coaching, customizing his/her coaching approach, and being able to bring out talent in everyone. NetSpeed Leadership has two coaching modules, Coaching to Redirect and Coaching Smart People, that support managers and supervisors in developing these skills. Check them out, and bring the power of effective coaching to your company’s bottom line.
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