Is the Cost of Coaching Really Worth It?

If your organization is full of high-performers, concerns of delivery or engagement rarely cross your mind. But in cases like these, it’s paramount to consider the measures your employees are taking in order to sustain that high performance and how you can help support them.

In many instances, high performance comes with a price if not properly supported. For example, consistent high performance may lead to decreased engagement and burnout. It might even cause an increase in turnover, which isn’t a cheap loss. In fact, according to a recent study, the average cost it takes to replace an employee can range anywhere from one to two times that employee’s annual salary. That's why it’s crucial to have a structured system of support, like leadership coaching, in place. 

Coaching in the workplace has proven to be an incredibly effective and rewarding investment if you’re looking to sustain high performance. In addition, coaching in the workplace has been shown to boost employee engagement, decrease turnover, and contribute to the improvement of a company’s culture. So if you’re wondering whether the cost of coaching is actually worth it, you can rest assured that it is.

Common concerns about investing in coaching for employees

With any investment, fears and concerns around what you see in return might arise. And although those concerns might be valid, employee development continues to prove its’ worth. 

Lack of budget

You might be seeking options to avoid losing money from turnover or lack of engagement, so a large investment might seem counterintuitive – but it is in fact the opposite. The Workplace Resource Foundation found that employee engagement programs can increase profits by $2,400 per employee per year  - enough to justify any investment. 

Time constraints

The last thing you want to do is shift your employees’ focus away from their responsibilities, but in the case of Valor Performance Coaching, it only takes an average of 30 minutes per week for an employee to contribute to their success and high performance. 

Fear of change

Change can be uncomfortable, but it’s important to understand that growth is a direct result of change. It ignites innovation and creativity which will contribute to new skills and talents among your leaders. 

The benefits of coaching for employees

The benefits of coaching have a lasting impact on an employee’s professional development. In addition, they also improve a leader’s ability to balance between work and life, their skills, and their ability to solve problems.

Increased job satisfaction and retention

Leadership coaching encourages employees to view adversity as an opportunity to grow; embracing challenges and not allowing themselves to dwell over mistakes made. All small adjustments that make a major difference in the way they view their role within your organization.

Enhanced leadership and management skills

Valor Performance coaches are tenured experts across a variety of skill sets and backgrounds. Leaders are paired with a coach based on relevancy to their current roles. With an unbiased resource that has lived through similar experiences to those that your employees might be facing, they have an expert outlook on how to handle challenging situations and come out stronger. 

Increased adaptability and flexibility

Coaching in the workplace equips an employee with a way to maintain mental agility –  to balance high-stress environments and to rest when appropriate, leading to a lower rate of burnout and higher effectiveness in productivity. 

The benefits of workplace coaching for organizations

Because coaching is so effective in improving an employee’s performance, it’s not surprising that the benefits of coaching are astronomical for organizations. 

Enhanced communication and collaboration

With an outside perspective, coaches can challenge a leader to see scenarios from a different light, helping them see beyond their biases to become better teammates, better communicators, and better collaborators. 

Better retention and reduced turnover

By investing in a manager’s leadership development, leaders learn ways to proactively address problems and effectively manage their team members – positively impacting the entire team. 

Enhanced culture and values

With enhanced collaboration and improved communication, your leaders will thrive and so will your company’s culture.

Measuring the effectiveness of workplace coaching

With any investment, it’s important to measure the results, so you can understand what worked for you and what didn't. Measuring the effectiveness of coaching can be done in several ways such as through surveys, performance metrics, and case studies. Measuring the effectiveness of coaching can also provide insight into what your employees appreciate, how they prefer to learn, and their strengths and weaknesses. 

Tips for maximizing the ROI of leadership coaching

Once you have made the decision to move forward with leadership coaching, the key to implementing it successfully is to do what you can to make the most out of it and to encourage your employees to do the same. 

Engage employees in the coaching process

Understand what your employees are looking for from a development aspect. Encourage them to invest in the program as well and show them the benefits they will gain from this experience. 

Provide ongoing support and follow-up

Conduct routine check-ins with your employees to see how they are receiving the program and how it is impacting their day-to-day processes. 

Integrate coaching into the overall organizational strategy

By integrating coaching into your organizational strategy, you will be able to maintain a growth mindset and keep positivity, performance, and encouragement present.

Leadership thrives on learning. But providing your leaders with the tools they need to reach their full potential demands a delicate approach. Valor Performance coaching applies a customized model for each individual within every organization while measuring scalable progress. Explore Valor Performance coaching and Schedule a demo today.