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    What is the Bottom-Line Value of Coaching and Mentoring in the Business World?

    Published July 10, 2017

    Mentoring and Coaching

    Coaching and Mentoring

    No matter what stage you are in your career, you will benefit from a coach to guide you, listen to you and help you realize your full potential. Renowned leaders of the world, as well as anyone in power, have all had mentors and coaches who’ve stood by them throughout their career.

    Today, an executive coach can earn up to $3500 an hour. So what exactly do they do to merit that type of compensation? Harvard Business Review (HBR) conducted a survey of 140 top-notch coaches including five experts to take out key findings. The experts had conflicting views about where the field is headed, but one thing is for certain – coaching works. What began as a practice to rectify toxic behavior at the top about a decade ago, is now being embraced and implemented by organizations at all levels to develop the capabilities of high-potential performers.

    Read on to find out all about coaching and mentoring in the business world and the efficacy of coaching as a tool for professional development.

    The Coaching Industry at Present

    When asked to explain the growth prospects, coaches believe the industry has a long way to go as it grows from strength to strength. However, when it comes to evaluating the effectiveness of coaching and mentoring, there is has been no mechanism set in place to monitor the effectiveness of coaching engagement. However, a new tool has emerged for coaches called the:
    StakeHolder Instant Feedback Tool (SHIFT)

    What do the Numbers Say?

    Here is a snapshot of the valuable insights derived from the HBR survey.

    Gone are the days when coaches were hired to usher toxic leaders out the door.

    • 48% are engaged to develop high potentials or facilitate transition.
    • 26% acts as a sounding board and give advice pertaining to different problems being faced by the individual at work.
    • 12% are hired to keep a check on the warning signs and address derailing behavior.

    What to Look for in a Coach

    • 2% respondents felt certification is very necessary when hiring a coach 28.5% didn’t feel so strongly about it.
    • 2% respondents believe psychological training is important when engaging a coach while 45.9% feel a coach can do wonders even if they’re not trained in psychology.

    The Cost of Engaging a Coach

    The fees coaches’ charge can be slightly on the steeper side. The median hourly cost of coaching according to the survey works out to be about $500 an hour. However, many beginning coaches can be much less costly. The best way to hire a coach is based on your goals and objectives and pay them on outcomes, rather than hours. This is known as project-based pricing.

    How Long Does it Take?

    The typical duration of coaching normally lies between 6 to 12 months, depending on the issues being faced by the individual. It is important to note here that many coaches also help executives deal with their personal issues as well that may inhibit their performance at work.

    Want to know more about using Coaching and Mentoring in your workplace? We would be excited to give you our best ideas. Please Click here to connect with one of Magna Leadership’s advisors.

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