There is no doubt that coaching is an effective tool for business leaders, and as the industry of business coaching continues to grow, so does the research on its effectiveness.
With more and more companies seeing the benefits of coaching, it’s become clear that coaching is here to stay. But what does the research say? Is business coaching really as effective as people claim it to be?
In this insightful article, we’ll share 14 business coaching statistics that prove its power, so you can see for yourself how coaching can benefit your organisation. We hope that you find this information useful!
Executive Coaching Industry
An executive coach can be a mix of professional life coaching, sales coaching, and business coaching that helps business executives improve their performance in the workplace. This coaching can be extremely beneficial to employees, employers and businesses alike for a number of reasons:
The Institute of Coaching research tells us that over 70% of individuals who receive coaching benefit from improved work performance, relationships, and more effective communication skills.
Executive coaches can work with both individuals and groups, and use a variety of techniques to help their clients improve self-awareness, set goals, overcome obstacles and achieve success.
Executive coaches can also improve business measures, one case study reports, with 77% of respondents at a Fortune 500 company indicating that coaching had a significant impact on at least one of nine business measures.
UK Business Coaches
It can be beneficial to hire coaches that are local to you, at least by country. So let’s take a look at some of the latest details of the UK business coaching industry.
According to one report, Western Europe accounts for 32.2% of revenue. This is quite high, making it one of the largest markets for business coaching in the world.
The UK is one of the strongest markets within Western Europe, and it is estimated that there are over 370,000 coaching professionals registered on LinkedIn in the UK – only 1.5 % out of the 24.46 million full-time working population.
In the UK, business coaching is a booming industry, with the average cost of an executive coach varying from as low as £500 to £1475 per two-hour session. The mean average was £1110.
For this cost, coaching engagements usually include an initial consultation, goal-setting, action planning and regular progress review meetings. At this price point, business coaching is an affordable way to improve your performance in the workplace, with the potential to see a significant return on investment.
Management & Leadership Coaching
Coaching services can also be a great option for management, as 80% of people who receive coaching report increased self-confidence. Increased confidence within your leadership team can boost employee satisfaction, as well as company productivity.
Furthermore, research suggests that management and leadership coaching can have a significant impact on business outcomes, such as staff turnover.
With reports that 54% of immediate staff retention is associated with the employee’s belief that their company contributes to their development, investing in coaching for your leadership and management team can create a domino effect of positivity throughout your organisation.
Growth Idea’s Business Growth Programme was recently named one of the world’s best management development courses, thanks in large part to the effectiveness of our coaching services. Contact us today to find out how we can help you.
Business Coaching Spend
As of 2020, coaching was a $2.85 billion global industry. This continues to rise, with expected growth as demand continues to surge.
When it comes to coaching salaries, one survey of international coach salaries found that life coaches make on average $190 (£149) per hour, while business coaches and executive coaches make $279 (£219) and $386 (£303). This shows us just how valuable businesses believe coaching to be.
And is it worth the cost? Well, research tells us that hired coaches are profoundly beneficial in the eyes of the clients that hire them, with 99% reporting that they were “satisfied or very satisfied”.
With such a high satisfaction rate, it’s no wonder that business coaching is an industry on the rise – the benefits are endless. And if it’s the financial success you’re after, know that 92% of small business owners agree mentors have a direct impact on their growth and the chances for their businesses to survive. (Kabbage)
Business Coaching ROI
A strong return on investment is vital for any business decision, and coaching is no different. So what does the research tell us?
Many coaching clients report success from their results! In fact, according to research by ICF, 86% of companies report that they recouped their initial investment on coaching and more.
According to other research, one Fortune 500 Company saw a 788% return on investment from executive coaching. This is backed up by a further study on Fortune 500 Companies, which tells us that company investment in Executive Coaching realized an average ROI of almost six times the cost of the coaching.
With coaching offering such a strong ROI, business coaching can be one of the best investments your company makes. Business coaching is an industry on the rise, with expected growth in the coming years.
If you’re thinking of hiring a business coach, be sure to do your research to find the perfect fit for you and your company!
Looking For an Expert Business Coach To Develop Your Business?
This is just a small sampling of the available research on business coaching. As you can see, there is a lot of data out there that proves how impactful and beneficial coaching can be for businesses and their employees. If you’re thinking about hiring a coach, keep this data in mind – it just might be the key to your success!
If you’re looking for an expert business coach to help you develop your business, Growth Idea can help. Our team of experienced coaches has helped businesses of all sizes achieve their goals, and we can do the same for you. We also help specialist trade contracting & subcontracting businesses in construction.
Whether you’re interested in our High-Performance Business Growth Programme, or our Business Growth Consultants, we can help you take your business to the next level.
Book a Free Business Strategy Review today to see how we can help you grow your business.
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