Employee retention has never felt more critical than it does today. We are inundated with “great resignation” articles and headlines about the hot job market for employees. A March Pew Research article tells us the nation’s quit rate reached its highest point last November and doesn’t appear to be slowing down. As a Career and Leadership coach, I can say the majority of my clients are considering career shifts – mostly due to feeling under-resourced, overwhelmed, and under-appreciated. Organization stress and pressure are at an all-time high. And every time a talented leader or team member leaves – the effect is dramatic on team morale and performance. Not to mention the productivity loss in dollars and time.
Organizations need to retain their talent. Period. Full stop. They can’t afford to lose their current employees – the ones who know their business/product best, who have established the right relationships in/outside the company, and who have already grown and developed within the company’s culture and structure. So what can companies do to stop the exodus? My suggestion is to invest in your leaders with coaching before you lose them.
An investment, not a cost
I am using the word invest strategically, and here is why. Yes, coaching costs money. But you need to remove the word cost from your thinking and replace it with investment. Coaching is an investment in your leaders, and this is important because the positive impact of coaching your leaders reverberates to the teams they manage. This article in Forbes backs up my thinking by sharing “The leadership team undoubtedly makes or breaks a company’s culture and an employee’s experience. Regardless of how great a manager or one’s team is, leadership sets the tone for the workplace. If leadership is only focused on profit and limits the investment into employees whether that be through benefits, developmental opportunities, or engagement initiatives, it’s felt by all.”
Get ahead of issues
Many organizations make the mistake of only bringing in outside coaches when they are trying to address a problem. Or they are reorganizing and want to get alignment on next steps. These are excellent examples of how coaching has helped organizations. But I want you to consider coaching as a proactive investment instead of a reactive one. Think about other investments you make in life like a new car or a fancy computer. In all of these examples, you are on board with the preventative maintenance it takes to keep these items running smoothly and optimally. You do this via checkups, scheduled/routine updates, and enlisting the support of experts to ensure you are taking care of your investment. Why can’t this same mindset apply to your leaders and teams?
In this blog post, Ama La Vida founder Foram Sheth builds a case for investing in your leaders early before problems exist. She says “…we should support our leaders with the individualized care and support they need to thrive in alignments with your team, culture, and organization.” I echo this wholeheartedly and feel like now is really the time – as the pressures are more intense than ever before.
What exactly is coaching?
Said simply, coaching unlocks a person’s potential to maximize their performance. In practice, that looks like – clients partnering with a professional coach via 1:1 sessions. Coaches use active listening, empowering questions, and other tools to help raise awareness, empower choice and support goal setting and accountability to move things forward.
Tell me more about the ROI?
If you need more reasons to reward them for staying by investing in them, then think about this return. According to the International Coaching Federation (ICF), 86% of organizations saw an ROI on their Coaching engagements, and 96% of those who had an Executive Coach said they would repeat the process again. As a coach, I have witnessed the following tangible impacts for my clients whose companies sponsored their coaching.
- Improved productivity
- Clarity on their opportunities to elevate their leadership skills
- Awareness of their strengths and blindspots
- Opportunities and goals around delegating
- Actionable steps to improve workplace relationships
- Enhanced job satisfaction
- Increased attention on organizational goals and their specific role in moving things forward
- More accountable to self and others
- Improved preparedness for pitches/presentations/meetings
- Effective navigation of increased responsibilities, business challenges and new positions/promotions
And these same clients had a number of intangible benefits that came out of coaching like:
- Feelings of being cared for, supported, heard
- Increased confidence
- More fulfilled, happier
This is a powerful list, and it’s not even inclusive of everything that is possible with coaching. And don’t forget about the exponential gains for the teams these leaders are managing. When the leader improves, the team improves too.
I want to learn more
Leaders require unique and personalized support. One-to-one coaching is a great way to offer this support to your leaders. If you are inspired and want to help your leaders thrive in today’s environment while demonstrating your investment in them, use this form to get in touch with us to learn more.