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THE VALUE OF COACHING
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How valuable do the world’s top performers in sports and the world of entertainment consider coaching: So valuable that every top performer has a coach. Whether it is Tiger Woods, number one golfer in the world, or Luciano Pavaratti, the outstanding operatic tenor, or Julia Roberts, the academy award winning actress, each has a coach. Luciano Pavarotti was born with a wonderful voice, but he also has four coaches (one for music, one for voice, one for acting, and one for language). When Julia Roberts won her Academy Award for best actress in Erin Brockovich, after two previous nominations where she did not win, she attributed her win to Steven Soderbergh, her director (coach). Julia said, “I have an Academy Award now, and nobody else has brought that out. It’s indescribable.” Steven Soderbergh certainly can’t play the parts that Julia Roberts can play, but he can help her play those parts to the best of her ability. That speaks volumes about the value of coaching.
Successful business people also consider coaching to be a valuable practice for them and their employees. Bill Gates, CEO of Microsoft and one of the richest men in the world uses Warren Buffet as a coach. Larry Bossidy, Chairman and former CEO of Honeywell International, used Ram Charan as a coach. Bob Nardelli, CEO Home Depot said in an article in the 07/01/02 issue of Fortune Magazine, "I absolutely believe that people, unless coached, never reach their maximum capabilities". And John Russell, Managing Director, Harley-Davidson Europe Ltd said: “I never cease to be amazed at the power of the coaching process to draw out the skills or talent that was previously hidden within an individual, and which invariably finds a way to solve a problem previously thought unsolvable." Why doesn’t each of these top performers merely attend training instead of turning to coaching to insure that they stay top performers? Because training, without appropriate coaching follow up, is notoriously ineffective! Xerox Corporation carried out several studies, one of which showed that without follow-up coaching, 87 percent of the skills change brought about by the program was lost. That means that for every pound invested in training, the return was thirteen pence! Or, another way to say it is that for every dollar invested in training, eighty-seven cents was lost! Yet, study after study shows coaching to have a significant return on investment. One such study, conducted by Michigan-based Triad Performance Technologies, Inc. studied and evaluated the effects of a coaching intervention on a group of regional and district sales managers within a large telecom organization. The third party research study cites a 10:1 return on investment in less than one year. Or, as Fortune Magazine in its 02/19/01 edition wrote: “Asked for a conservative estimate of the monetary payoff from the coaching they got, these managers described an average return of more than $100,000, or about six times what the coaching had cost their companies.” Whereas training without coaching follow up shows a significant loss on ROI, coaching shows a significant return. That’s value. |
