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Organizations and Employees prioritize degree/skill-based hiring, which can be a misleading indicator of success in the future. Studies have shown that 80% of employee success is driven by EQ, compared to 20% for IQ. As quoted by industry leaders – hire those with the right attitude and not necessarily skills.
Having an all-star team does not translate to success if there is a lack of support and collaboration among them.
While the organization’s senior management is mandated to support leaders, executives, and employees in building a thriving workplace, it can be challenging.
To resolve this dilemma and make it seamless for senior executives to acquire skills in coaching and managing their teams better and enhance their personal development, hiring a coach provides the perfect answer. Unbiased & skilled, an executive coach brings a fresh perspective to the table, making coaching more acceptable to the coachee.
Types of Coaching and How You Can Integrate It into The Organisation
A recent survey from International Coaching showed that individuals/organizations that undertook Coaching saw a median Return on Investment of 3.4x their initial investment, with one in five reporting a staggering 50x Return on Investment.
Furthermore, the same survey found that 95% of those participants who hired a coach rated them as ‘good’ or ‘excellent.’ Thereby validating that coaching is a valuable investment to unlock growth and productivity in an organization.
However, given the options and n number of coaching options available in the market, it can be daunting for a young organization to understand which coaching is the best fit for their organization.
Let’s simplify the maze.
For Executives/Business Leaders
One-On-One Coaching – One-on-one Coaching is a form of personalized, professional guidance. It involves working with a coach in a private setting, one that allows for the opportunity to discuss your goals and challenges in a confidential, supportive environment. Whether you’re looking to make a career change, improve your relationships, or achieve better health and wellness, working with a coach one-on-one can provide the support and accountability you need to make lasting changes. One-on-One coaching is best suited for executives, founders, and leaders with direct reports. A program tailored to the coachee’s needs comprises a mix of in-person, over-the-phone, and online meetings.
Group Coaching – A form of coaching that finds the best use in upskilling a group of employees. In addition to helping employees grow professionally to help achieve their goals, group coaching can help create a sense of community and connection amongst the participants. Group coaching covers various topics, such as leadership development, communication skills and problem-solving.
Peer-to-Peer Coaching – Peer-to-peer (P2P) Coaching is a form of coaching that occurs between two individuals who are peers rather than between a coach and a client. P2P coaching is often informal and occurs in a workplace where two employees work together to help each other improve their skills and achieve their goals. A perfect tool for organisations to build a coaching culture.
P2P coaching is a powerful tool for personal and professional development. It also builds trust and camaraderie among employees as they share knowledge and expertise in a supportive and non-threatening atmosphere. The result is improved teamwork and collaboration within the organisation since it is perceived to promote sharing of ideas and open communication.
P2P coaching can occur through formal ‘buddy’ or ‘mentorship’ programs, where organisations pair up employees for specific goals or projects. It can also occur in more informal ways when employees seek feedback and support from their colleagues on an as-needed basis. A recent study by the Association for Talent Development found that firms with peer-to-peer coaching programs/mentorship programs reported a 74% increase in employee satisfaction, as opposed to those that did not. Do we still need to underline the importance of P2P coaching?
Subject Matter Skills – Employee Coaching can help employees learn specific knowledge in a particular domain. These skills are often related to an employee’s core profession, usually including technical skills such as programming, accounting or marketing, or in some cases, industry-specific knowledge such as understanding a particular market or regulatory environment. For instance, a software developer working with a coach can focus on improving their programming skills to write more efficient & effective code, which could increase the team’s success. Subject matter skills are essential to keep an employee relevant, advance their career, and experience increased job satisfaction resulting in heightened productivity & problem-solving skills.
Learning and Development – Learning and Development (L&D) refer to the various initiatives designed to help employees acquire new skills and knowledge. L&D can take many forms, including workshops, training programs, seminars, online courses, and coaching. L&D covers a wide range of topics, including leadership development, technical and communication skills, goal and vision alignment and a focus on customer service. L&DS programs, if executed right, help improve focus, productivity and employee engagement in the organisation, reducing turnover and fostering a culture of continuous improvement.
Cross-Functional Training – Cross-functional training is an approach to training that helps employees develop a broader understanding of the roles and responsibilities within the company by getting a better grasp on how their work affects others. This method can be particularly beneficial for organisations with a matrix structure, where individuals may work on projects or initiatives involving people from different functional areas.
Executive and Employee Coaching is crucial for growing organisations. It helps reduce attrition while improving productivity, engagement, and collaboration resulting in reduced costs and higher sales/profits.
One needs to remember that one size does not fit all. Similarly, it is imperative to get the right coaching fit for the best results, which will vary from employee and the desired outcome.
Defining the goal would be a good starting point to arrive at the coaching requirements, for instance, improving the skills and capabilities of employees, developing the executives’ leadership potential, or building more robust, cohesive teams.
Ethique Advisory offers our business coaching services for all requirements of an organization. If you are challenged to find the right fit, our experts can guide and help you draft your coaching and training programs.