The coaching industry—expected to grow at a compound annual growth rate of 7.6%—will be worth an estimated $27.5 billion by 2026. And while the popularity of coaching continues to grow, so does the evidence supporting its efficacy. For example, Harvard Business Review research concludes that coaching boosts productivity by 44%, while an ICF-commissioned study claims that coaching clients report a median ROI of 788%.
The number of people searching for ‘coach’ on Google has grown by 70% since 2016
But what exactly is coaching? And what makes it so effective?
“Leaders know that in order to achieve their goals, they need someone to help them find clarity and focus,” said Harriet Taylor, senior integration architect at Capgemini, in an email. Taylor, who recently joined the RSPCA as a Branch Trustee, and is a participant of the Women on Boards programme at Capgemini U.K. believes there are three reasons why leaders should consider receiving coaching:
1. You’ll learn how to be more effective in your role
A good coach will help you identify the areas where you need to improve most. They’ll also help you develop strategies for becoming more effective in your role. As a result, you’ll be better able to achieve your goals and help your team or organization succeed. For example, if you’re a project manager, your coach can help you better motivate and manage your project team.
2. You’ll learn how to manage your time and energy better
One of the biggest challenges for leaders is managing their time and energy in a way that’s effective and efficient. A coach can help you prioritize your time and focus your energy on the most critical tasks. As a result, you’ll get more done in less time and have more energy for the things that matter most. For example, if you’re a busy executive, your coach can help you balance your work and personal life better.
3. You’ll learn how to better deal with stress and challenges
Leading can be stressful, and it’s not always easy to deal with challenges. A coach can help you better deal with stress and handle difficult situations. As a result, you’ll be better equipped to cope with whatever challenges come your way. For example, if you’re dealing with a difficult situation at work, your coach can help you develop a plan for dealing with it productively and positively.
The linkage between coaching and leadership
As more organizations invest in coaching, the demand for qualified coaches is expected to increase—an excellent opportunity for those interested in becoming a coach. However, the sector lacks regulation, according to critics. “Coaching encourages team members to not only take on more responsibility and ownership for their tasks but also to be more proactive and work on new initiatives,” said one in an email, consequently believing that coaching should be regulated in a similar way to other professions, such as law and medicine. But while regulation may be on the horizon, it is not yet a reality—some believe this presents a market opportunity.
Liam Collins co-founded an interactive online training platform and community for coaches and aspiring coaches. “There is huge opportunity within the coaching industry. It’s the second-fastest growing industry in the world,” Collins said in an interview. But, he added, “traditional coaching training is theory-based and unstimulating, leading to poor coaching ability. The coaching industry is also unregulated, chaotic and unsafe. No one knows who to trust.”
This observation is shared by Gordon McAlpine, a Strathclyde University Business School fellow. McAlpine, a technology entrepreneur turned coach who judges the Great British Entrepreneurship Awards (GBEA), said he was “concerned that in the current unregulated environment, some people will sign up to be a coach without having the first clue about what they’re doing.”
This can make it difficult to know who to trust and what to expect from a coach. That’s why Collins wants to add regulation to the industry, commenting, “we feel our approach through CoachApp will be very beneficial.” The app’s functionality includes a marketplace where clients can safely hire a coach whose skills have been verified—their profile has a verified tick. “I believe this process will make the industry more streamlined and provide comfort to coaches and clients,” said Collins.
The sector will welcome that—currently, only four in 10 coaches (42%) feel that the industry is well-regulated. Just under half of coaches (49%) feel positive when it comes to feeling confident about the future of coaching.
Despite this, the industry’s continued growth suggests that confidence is well-placed—the number of Google searches for ‘coach’ is up 70%. Coaching is no longer regarded as a peripheral activity. Instead, it’s essential to many lives and careers. McAlpine adds, “As mental health issues continue to rise, the demand for coaching increases. Accordingly, we’re witnessing a coaching renaissance—more people value professional development, personal growth and wellbeing balance.” Indeed, sector-wide growth looks set to continue because coaching is the silver bullet for those looking to stay ahead of the curve—the ability to adapt and change quickly is more important than ever.
