Professional Coaching Pays
The Harvard Business Review in 2004 stated that executive coaching is a $1B industry. Per the International Coaches Federation, over 14,000 people now belong to the organization, up from only about 2000 in 1999. These numbers may surprise some people, but the benefits cited in a 2005 study performed by the College of Executive Coaching may explain why this industry should continue to grow for a long time:
—Increased Employee Retention
—Improved Leadership Skills
—Improved Interpersonal Skills
—Increased Productivity
—Improved Teamwork
—Improved Morale and Satisfaction
In addition, executive coaches are not extra personnel, adding to the overall corporate headcount. This makes the approaches and solutions they offer very cost effective. Per a 2001 Manchester Consulting Study, executives ranked the coaching they used as bringing a 570% ROI, when the coaching was from six to 12 months in duration.
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