It’s every leader’s dream to take their company to the next level, but it’s critical that those leaders are prepared if you start to experience explosive growth. This what exactly what the team at SaaS software company Medidata found out when their growth started to go through the roof.
The company had been growing 20 percent annually and it was vital that leadership continued to keep up. Being in the medical research industry, executives and managers needed to be able to adapt to changes in the market quickly. Unfortunately, most had little experience working in that environment, and it was holding them back from reaching their goal of $1 billion in revenue.
That’s when they decided to expand their leadership coaching program by using the C4X platform. It has allowed them to provide 150 employees at different levels with the coaching they needed to keep the company on its success trajectory.
If that’s not a good enough reason to offer leadership coaching to all of your employees, here are seven more:
1. They’re already leading
According to a 2015 Saba survey, 68 percent of employees already see themselves as leaders, regardless of their role. That’s because, on any given day, there will be a situation where an individual contributor needs leadership skills.
Consider a new hire in your office turning to a veteran employee for help on their first day. How that senior employee handles the situation can affect the new hire’s entire tenure with the organization. If the employee has received leadership coaching, you can be confident they will provide the right type of guidance.
2. Employees want it
While not all employees desire a corner office, many of them still understand the benefits that come from coaching. In fact, the 2016 Coaching Conundrum Report from BlessingWhite revealed 80 percent of employees want to be coached.
Take that as a sign your employees want to improve their performance. Facilitate their development to show you want them to reach all of career goals, no matter what those objectives might be.
3. Employee engagement will improve
With employee engagement a concern for many organizations, any strategy that can improve it is worth considering. A 2015 Coach Federation study found that companies with strong coaching cultures have engagement levels between 59 and 62 percent. That’s a huge increase from the average engagement rate of 34.2 percent that Gallup reported at the beginning of February.
When employees develop their leadership skills, they are also able to take greater ownership of their work, and have a better understanding of how their actions leads to success. Seeing that connection clearly helps improve their engagement, no matter their role with the company.
4. Reveal employees’ hidden strengths
We all have strengths and weaknesses, but many leaders neglect their hidden strengths. These are skills they haven’t quite mastered but they’re not terrible at either. These skills can be improved with a little bit of extra effort and result in a big payoff for the organization.
In the case of Medidata, the company reported an average increase in value of $432,000 per employee who completed it coaching program because the coaches focused on identifying employees’ hidden strengths, not their obvious talents or weaknesses.
Coaching allowed Medidata employees to grow and develop a more well-rounded skill set. By using what they learned, they increased productively and contributed more to the bottomline.
5. Increase accountability company-wide
Leadership and accountability go hand-in-hand. That’s why, in a 2015 Waggl survey, 73.1 percent of HR pros said “leadership development throughout the field, with a strong emphasis on personal accountability” was a top priority for them.
By developing leaders at all levels of the organization, employees gain a greater sense of responsibility. They have a better understanding of how their successes — or failures — impact the organization. And that gives them ownership over their actions and choices.
With increased accountability, it’s easier for everyone to focus on what they need to do, instead of arguing over who’s responsible for what.
6. Improve employee retention
Finding great talent is difficult, costly, and time-consuming. So when you find a great employee, doing whatever you can to ensure they stay around is of the utmost importance. Leadership coaching can make a huge difference, especially for younger employees.
A 2016 Deloitte survey found that 71 percent of millennials who leave a company within two years say their leadership skills are not being developed. When you look at employees who stay for five or more years, only 54 percent of millennials feel that way.
Providing leadership development shows employees the organization is investing in their future, and they can reach their goals by staying.
7. Make succession planning easy
A 2015 Workplace Trends survey found that 59 percent of companies think succession planning today is hard — mostly due to a lack of prepared leadership candidates. So when a high-ranking employee leaves, it can take time to find a replacement — then even longer to get back to the previous level of productivity.
By being proactive and offering leadership development coaching to all employees, organizations will have the talent they need when the time comes. You might even find some diamond in the rough leaders whose potential you hadn’t recognized before, which transforms a formerly desperate situation into an opportunity for your employees to shine.
Leadership coaching is a powerful tool for organizations. It only makes sense that they use it in as many levels of their organization as possible. Doing so provides multiple benefits and helps companies successfully reach their goals.
Have you invested in leadership coaching?
If you or your company have already gone through leadership coaching, let us know in the comments below or by connecting with GetApp on Twitter.
Milo Sindell is a principal at Skyline Group International, which provides the C4X coaching platform.