There are many important benefits to an executive employee-coaching program. Although it can sometimes be difficult to convince company CEOs’ and Chairmen of the need for formal ‘people investment’, it is a necessity that most businesses today cannot live without. When trying to persuade your company’s CEO or Chairman, tell them:
1. The most noticeable advantage to an executive employee coaching program is the impact such a program has on the bottom line. Coaching programs deliver improvements in employee performances, which then create a better performing business and improved profits. A recent study has proven that, where training programs were effectively utilized, employee productivity actually increased by 230%.
2. Most corporate CEOs’ do not want to spend more money on training newly recruited staff. Therefore, the concept that executive employee coaching programs actually increase staff retention will make them quite happy! Instead of paying recruiting fees, re-investing in training new employees, and dealing with the loss of management time, it is far better to invest in the development of a company’s employees. In exchange, CEO’s usually witness a return on their investment many times over. Executive employee coaching programs have reduced staff turnover by as much as 70% and led to a return on investment of as much as 7,000% in some corporate businesses.
3. Executive employee coaching programs that meet the needs of both the staff and the employer actually increase the quality and productivity of a business’s services by promoting accuracy and efficiency with good work, safety practices and great customer service training. If you find that you are still trying to convince the ‘big bosses’ of the benefits of such a program, you could remind them of how the business has actually suffered from a lack of improved skills and then try calculating the true cost of those incidents. One unhappy customer due to inadequate customer service skills could equal out to over a 100 customers in the end!
4. The benefits of executive employee coaching in one department will eventually flow through to all the departments within a corporate business, thereby increasing a business’s profit margin! Some coaching programs will also reduce company’s costs by decreasing the amount of wasted time and materials, maintenance costs of machinery and equipment, workplace accidents, leading to lower insurance premiums, and recruitment costs through the internal promotion of skilled staff.
Utilizing the services of an executive business coach, who specializes in corporate coaching, can help your company remain competitive in today’s fierce business world.
Such a coach will be able to meet with a company’s advisory board and suggest a plan to increase the leadership development of the company’s top Executives. An experienced coach will also be able to coach employees on how to manage the implementation of various business strategies, improvements to procedures and customer service policies.
Since businesses must repeatedly change their policies and procedures to stay competitive in a global market, and, as economies become more and more service-orientated, the development of people is providing successful businesses with continuing sustainable success. Retaining the services of a corporate coach to design and put into operation, an executive employee-coaching program within a business will improve that rate of success dramatically. Corporate coaching will also enhance staff morale and job satisfaction, time management, customer satisfaction as well as inter-staff communication and leadership.
Simply put, implementing an executive employee coaching program that is designed by a corporate coach will benefit any business by saving time and money and increasing profits over time.
© Dr. Earl R. Smith II