The title of the article caught my eye. ” Measuring The Value And Impact of Executive Coaching”. An issue that concerns every executive coach. What is the gain to their clients? More specifically, what is their return on investment (ROI)? A survey by the Human Capital Institute and DBM, a global career management and coaching firm estimated that as many as 60 percent of American companies use the services of executive coaches and, according to a 2007 study of 472 company representatives from a cross-section of industries, most (78 percent) consider coaching an effective way to develop leaders.
“That’s the $64,000 question and one that decision-makers are grappling with,” says Derek Steinbrenner of Boston-based Cambria Consulting Inc who is conducting a series of studies to measure the impact of coaching and its value to organizations. His colleague in the studies is Barry Schlosser of Strategic Executive Advisors, LLC in MA and CT.
They are working with several companies using executive coaches, including Wachovia, Credit Suisse, Deloitte, Citi, Assurant and Booz Allen Hamilton, and have learned that “coaching does have a real business impact.” Of course, as they point out, executive coaching has come a long way from the time it was meant as a remedial training for underperformers.
Steinbrenner and Schlosser said all key stakeholders in the coaching engagement (coach, manager and coachee) attributed value to the coaching experience. Managers, though, were less consistently enthusiastic about the benefits of coaching.
“They’re looking for credible evidence to show top management that coaching is a worthwhile expenditure and not a waste of time,” Steinbrenner said.
It would be interesting to hear their findings to be presented at the fourth annual Leading Edge Consortium on “Executive Coaching for Effective Performance” October 17-18 in Cincinnati. This consortium, sponsored by the Society for Industrial and Organizational Psychology (SIOP), brings together leading-edge scientists and practitioners to focus on the psychology, impact and best practices in executive coaching.
Read the article in the “ReliablePlant” .
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This is Post No: 285 of the “A Step A Day” series : To provide perspective and provoke thought to facilitate self-development across a wide spectrum of issues- big and small- crucial for executive success.