New Research from HCI and ICF Explores Best Practices for Building a Successful Coaching Culture
Report Highlights Proven Methods for Delivering the Effective Coaching to Grow Employee Skills, Enhance Their Value and Increase Revenue
NEW YORK (September 22, 2014) – The Human Capital Institute (HCI), the global institution for strategic talent management, today announced the release of its latest research, “Building a Coaching Culture.” Conducted in conjunction with the International Coach Federation (ICF), the leading global organization for professional coaching, the research highlights the steps organizations can take to foster an effective coaching culture that conveys their commitment to employee development, while helping to attract and retain top talent.
As organizations seek to gain competitive advantage, it is often the people they employ who provide the biggest differentiator. To ensure employees at all levels – not just managers or executives – receive the support they need to grow professionally, achieve their goals and increase their value, more organizations recognize the importance of coaching. More than just providing simple skills training, the right approach to building a coaching culture will enable the company to develop its staff and increase employee engagement and retention, while addressing both current and future needs. But determining the methods and resources that will be most impactful is only part of the challenge; organizations must also gain internal buy-in and support for the program.
“The benefits of building a strong coaching culture are clear. Organizations with high-impact coaching programs are more likely to see greater staff engagement and retention, as well as increased revenue,” said 2014 ICF Global Board Chair Damian Goldvarg, Ph.D., MCC. “Much less known, however, are the very components needed for a successful coaching strategy. In addition to finding qualified coaches with the appropriate training, the organization must also overcome internal barriers, communicate goals effectively and measure the impact of coaching to ensure continued investment for the program.”
“Building a Coaching Culture” is based on a survey of more than 500 respondents, interviews with coaching experts and numerous secondary sources. Key findings from the research include:
- Strong coaching cultures are elusive: Although more companies recognize the value of a robust coaching program, a mere 13 percent of responding organizations are classified as having a strong coaching culture.
- Impact on engagement: Overall, 65 percent of employees from companies with strong coaching cultures rated themselves as highly engaged.
- Improved financial performance: More than half of respondents from organizations with strong coaching cultures reported their 2013 revenue to be above average, compared to their peer group.
- Different modalities: There are three main modalities at work in organizations offering coaching: external coach practitioners who are contracted to partner with employees, internal coach practitioners and managers/leaders using coaching skills.
- Biggest challenges: The three main barriers to implementing a successful coaching culture are lack of time, limited ability to measure return on investment and budgetary constraints.
“Coaching is one of the most effective ways for organizations to elevate the performance of the workforce as a whole, retain top-performing employees and present their company as a great place to work,” said Carl Rhodes, HCI’s chief executive officer. “Yet, a strong coaching culture continues to remain out of reach for many companies. Our new research addresses the specific challenges companies face in setting up a coaching plan, explores the necessary components of an effective strategy and provides insight and best practices on how they can start on the right path.”
HCI and ICF will present the results of this research in an upcoming webinar on Wednesday, October 1, 2014 at 3:00 p.m. EDT. Attendees of the webinar will also receive a complimentary copy of “Building a Coaching Culture.” Registration details are available at: http://www.hci.org/lib/building-coaching-culture.
About International Coach Federation
Formed in 1995, the International Coach Federation is the leading global organization for coaches, with more than 21,000 members and 14,000 credentialed coaches in more than 120 countries worldwide. ICF is dedicated to advancing the coaching profession by setting high ethical standards, providing independent certification and building a worldwide network of credentialed coaches. Coaching is a distinct service and differs greatly from therapy, consulting, mentoring or training. ICF defines coaching as partnering with clients in a thought-provoking and creative process that inspires them to maximize their personal and professional potential. For more information, please visit www.coachfederation.org.
About Human Capital Institute (HCI)
HCI is the global association for strategic talent management and new economy leadership, and a clearinghouse for best practices and new ideas. Our network of expert practitioners, Fortune 1000 and Global 2000 corporations, government agencies, global consultants and business schools contribute a stream of constantly evolving information, the best of which is organized, analyzed and shared with members through HCI communities, research, education and events. For more information, please visit www.hci.org.
Company Name: International Coach Federation