One of the most common responses I get after meeting with or pitching Employee Engagement Coaching to a business owner or HR Manager is “we would love to do this but we don’t have the budget right now.” In actual fact, you never had the budget or ever will have the budget because it’s not something you have planned for. Coaching allows you to plan, map out how you can find the funding and at the same time, starts demonstrating the benefits of Coaching not just for you but also your workforce.
How much are you currently spending on your workforce?
What if you could budget to spend £x amount on your employees for a guarantee on higher productivity, lower staff turnover and ultimately increase profits? I know that sounds like a lofty sales pitch but if you haven’t been actively Coaching and listening to your staff, Coaching could well be the answer to turn your business around where you can actually achieve the profits you want and build your business to where you had projected it to be today.
I’m going to assume that most of you don’t spend anything above their salary and the odd (usually unrealistic bonus) or, you spend small amounts here and there on ‘superfoods’ and team building days or Christmas parties which technically are just a tick box exercise and your teams don’t actually get anything out of them; therefore YOU don’t benefit from them and you’re in essence just burning your money.
“In a digital world with increasing transparency and the growing influence of Millennials, employees expect a productive, engaging, enjoyable work experience – an integrated focus on the entire employee experience, bringing together all the workplace, HR and management practices that impact people on the job.” – DUP HCM Trends 2017 via WeThrive
Coaching is not a magic fix. You would need to be on board to implement changes in your business culture too and therefore be Coached yourself but in simple terms, if you’re all on the same page, the likelihood of achieving the results you want for your business are much higher.
Take a look at existing extremely successful companies whom already use Coaching as a ‘norm’ in their business practice. They rarely have jobs available and their profits are awe-inspiring. Google, Amazon, Virgin and Apple all use Coaching techniques in their businesses right from the top down to ensure everyone’s values towards the business are aligned and therefore their businesses succeed incredible profits year on year; all whilst keeping their recruitment costs down. Surely you had an end goal regarding your business when you set up? How likely are you to meet your projections? What have and haven’t you tried to generate more revenue and ensure you achieve these goals? Are you being Coached? The most successful leaders in business have Business Coaches. They know it’s necessary to bounce off ideas, make strategies for when times are tough and Coaching helps them see the whole picture not just the narrow revenue perspective. This is not to dismiss the importance of revenue, indeed without it there is no business but it’s to re-focus your attention on how you can both retain what you already have financially and make more. For this, just like in marketing, you have to try different activities to make your business work better and Coaching is one activity that is constantly being proven to be one of the most powerful and successful tools that anyone can implement into their business. The stats speak for themselves:
- In his book The Happiness Advantage, Shawn Achor makes the case that the single greatest advantage in the modern economy is a happy and engaged workforce. He relies on studies that show that happiness is raising sales by 37% and productivity by 31%.
- A Forbes interview with Jessica Pryce-Jones, author of the book Happiness at Work. She highlights that happy employees are 180% more energised, 108% more engaged and 50% more motivated compared with their colleagues.
- Netsurvey revealed that employers with a high engagement rate had 4.7 points out of 5 in the Swedish growth ranking index. The companies who had bored employees scored 1 / 5 in the same ranking.
By mirroring your business with those highly profitable ones like I’ve mentioned previously, you immediately set yourself apart from your competition and are more likely to succeed at your business goals. Surely you want to be less stressed, do less work and reap the fruits of your labour thus far in your career and your business too?
There are countless articles and research available for you to view online to get a deeper understanding of Coaching in the workplace and its benefits which I encourage you to do.
In addition, set up a strategy session with a prospective Coach to see what Coaching might look like. It doesn’t cost you anything and the Coach will even help you map out how you can afford to Coach yourself and your workforce when you don’t have any obvious budget available. Coaching is a tool to invest in your business, just like re-investing profit in normal terms, sometimes you have to take a step back in order to propel yourself forwards. The key difference with Coaching is that you will have tangible results that you can work with and you will be able to clearly see where your business is struggling (it’s more than just revenue streams) and how you can fix it so you do get more revenue streams.
Get in touch with me to set up a strategy session and I’ll happily show you the benefits of Coaching your business. You don’t know yet know how much I charge and my business ethic is to genuinely help people succeed, so I have plans available for all levels of affordability. So long as I can personally make a difference, I am well compensated.
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