Then there is the financial case to be made. Ironically, one prominent financial services firm didn’t know how much it was spending on coaching until an HR staffer was asked to investigate. “My back-of-the-napkin calculations showed that we were spending millions of dollars on external coaches,” she said. “Rates were all over the board – from $100 an hour to $75K for a 6-month engagement. HR had zero knowledge about who these coaches were, what they were working on, or what we were paying them.
I made the case that we could do it for half that amount.” She estimates that aligning external coaching rates and assigning coach-trained HR staff to coach lower-level employees saved the firm $600K during the first year of the program.
Following are three examples of coaching champions successfully linking coaching to key strategic goals.
Acquiring, developing, and retaining talent are the trifecta of corporate HR concerns. In the span of one lifetime, we’ve gone from our grandparents’ tradition of working for one sole employer until retirement, to today’s young workers changing companies every few years. According to Deloitte’s 2015 Global Human Capital Trends report, millennials consider a loyal employee to be someone who stays with the organization for seven months.
Changing demographics and business environments are creating leadership shortages in key economic sectors. DDI identifies health care, manufacturing, and STEM (science, technology, engineering, mathematics) as critical areas where organizations need to accelerate leadership development and attract talent from nontraditional sources.Download Article 500 Club