Coaching is one of the most popular ways to fast-track careers-in fact, professional coaching became a 2.4-billion-dollar industry in 20201 and is still on the rise. Coaching requires some time and financial investment, so while it may be en vogue, you may wonder if it’s really right for you. If you’re feeling stuck in your career in any way, leadership coaching may be the tool you’ve been waiting for. Many know that leadership coaching can improve your communication and management skills, so let’s explore five, not-so-obvious reasons why you can benefit from leadership coaching in today’s world, especially if you want to be more valued for what you contribute professionally and personally.
1. Remote Work May Be Holding You Back
COVID-19 and technology have changed the way we work, and it may come at a cost. If you’re one of the many professionals who has adopted a remote or hybrid work approach permanently, it may be more difficult to be seen and it may be more difficult to get promoted. While working from home has many personal benefits, a recent study of 5,000 employees revealed that 45% of remote workers felt they had fewer promotional opportunities than their in-person counterparts2. To compound the problem, market conditions are still highly competitive. 85% of jobs are still filled by in-person networking, and 70% of jobs are not publicly published.3
You may feel like your career is at a standstill, but you don’t want to lose the perks of fewer commutes and more time with your family. This is where a coach comes in. A coach can help you stand out to your managers and meet your career goals by helping you elevate your leadership skills, develop your personal leadership brand, and discuss strategies to help you access the new opportunities you desire. A coach will give you the support you need to maintain the lifestyle you want while also helping you stay on your leaders’ radar.
2. Those Self-Help Books Don’t Really Work
The DIY approach to leadership training is appealing and inexpensive, yet research has shown that the majority of self-help readers don’t really apply what they learn. One reason is that self-help readers don’t have the structure or accountability to apply what they have learned over time;4,5 and further, books may have wonderful, broad ideas but aren’t nuanced enough to help you solve your challenges in your situation. Self-help books can certainly provide baseline information that a coach can help you implement; however, without personalized support, you might find yourself defaulting back to your typical management approach, poor habits, and mental roadblocks.
3. Coaching Often Pays for Itself- and Fast
From our experience, more than 90% of our clients get a promotion within six to twelve months of their coaching experience. Many employees remain stagnant in their careers because they underestimate how getting promoted just one step above their current position can be a game-changer for them and their families. For example, the default cost-of-living increases many companies provide its salaried employees can amount to impressive additional income year-over-year. Here is an example from the IT market.6
Promotional Gains From Annual Cost-of-Living Increase (CLI)
|Starting Salary *||Year 1||Year 10||Annual CLI After 5 years||Annual CLI After 10 Years||10 Year Cum CLI|
|IT Team Lead||$114,670||$120,403||$186,785||$31,681||$72,115||$368,000|
While money certainly isn’t everything, coaching can help you receive the value that you truly deserve for your contributions, and that can translate into opportunities for your quality of life- now and in the future.
4. Coaching Improves Your Personal Life
The benefits of coaching aren’t limited to how well you impress your manager-we’ve seen how coaching is designed to transform the way a person shows up for everyone. Coaching empowers you to improve your soft skills, better manage stressful work-family spillover, and help you realize the impact that you are. Effective coaching will affect the way you interact with family, friends and neighbors-and you may be surprised by how positively they start to respond toward you.
5. Coaching Improves Your Mental Health
While coaches aren’t always mental health professionals, one recent study from the Journal of Medical Internet Research suggests that employees who participate in coaching can see rapid improvements in mental health. Within three months of one program, coached participants improved in “prospection ability, self-awareness, self-efficacy, social connection, emotional regulation, and a reduction in stress.”7 Coaching gives you the support to practice mindfulness, to gain clarity, to be listened to, and to reinforce your purpose and passions- so these results aren’t surprising. With all of the complexity that modern employees deal with, a coach may give you the support you need to not just survive, but thrive.
All in all, coaching is a powerful tool that can help you increase your leadership skills while holistically enhancing your life. For leaders and aspiring leaders, it is a highly recommended tool to help you transcend market conditions, achieve personal and career goals, and gain personal support. If you are interested in a quality coaching program, reach out to Peridot Circle Consulting here.
1. Statista. . https://www.statista.com/statistics/793147/consulting-market-size-united-states/#:~:text=In%202020%2C%20the%20consulting%20market,of%2064.4%20billion%20U.S.%20dollars.
2. Beamery. Survey of 5,000 workers, August 19-September 2021: https://beamery.com/resources/news/beamery-talent-index-usa
3. HubSpot https://www.apollotechnical.com/networking-statistics/
4. Forbes https://www.forbes.com/sites/jeroenkraaijenbrink/2019/07/05/why-self-help-books-dont-work-and-how-to-nevertheless-benefit-from-them/?sh=55ee27505f91;
5. Do self-help books help? Journal of Happiness Studies, 9 (341-360). https://www.researchgate.net/publication/23545632_Do_self-help_books_help
6. Salary.com. https://www.salary.com/research/salary
7. Time to Change for Mental Health and Well-being via Virtual Professional Coaching: Longitudinal Observational Study
J Med Internet Res 2021;23(7):e27774