Coaching and mentoring can be effective approaches to developing employees. Both have grown in popularity, with many employers using them to enhance the skills, knowledge and performance of their people around specific skills and goals. A report indicates that entrepreneurs with mentors are 5 times more likely to succeed in new business as compare to those without a mentor. In fact, mentoring has proved so beneficial that 71% of Fortune 500 companies offer mentoring programs to their employees.
What is a business coach?
A business coach is a person that will guide you through the process of running your business, helping you to gain clarity regarding the vision of your business, as well as your short and long term goals. They will usually be an experienced entrepreneur, whether that's in the same field as your business or a different field.
Typically, a business coach is your personal guide or mentor. They help you to get clear on the direction you want to go and support you in achieving your goals. A good coach listens, asks questions and helps provide information about what you need to know. A business coach can also challenge assumptions and support new learning.
How does coaching benefit an organisation?
The benefits of coaching are vast to both the individual being coached and the organisation employing the services.
1. Increased productivity
An individual who receives business coaching can be more productive in their working day. They will have greater clarity of purpose and the tolls to help them achieve their goals more efficiently. This leads to increased productivity for the organisation as a whole.
2. Increased work satisfaction
Coaches will help people in your organisation to identify what it is they find motivating about their role and help them to focus on this during their work day. People who are happier in their roles tend to enjoy greater levels of job satisfaction, which means that they're likely to perform better at work. Coaches can also help to identify any areas of dissatisfaction and work with an individual to find a resolution.
3. Increased employee retention rates
Coaching can help to increase employee retention rates as it provides an opportunity for employees to discuss their career goals and develop a plan to achieve these. It also provides employees with the tools they need to be successful in their roles, which can lead to a sense of fulfilment and job satisfaction.
4. Improved decision making
When an organisation employs the services of a coach, they are investing in their team's ability to make better decisions. Coaches will help individuals to develop analytical skills and provide them with the tools they need to make sound decisions. This leads to a more effective and efficient organisation as a whole.