Berlin, Bradenburg – 3 Jul, 2020 – We are living through tough times. Job losses are rampant, economies are asking for ventilators, acritical support structure like the healthcare system is praying for a miracle.
As grim as the reality sounds, the truth is that coaches are now more relevant than ever.
COVID-19 is not a new disease. Yet it has united humankind like no other recent event. Everywhere we look, the disease has claimed lives and crippled livelihoods. The world today lives in fear, uncertainty but hope.
The world will wake up to new opportunities on the other side of this COVID-19 pandemic.
Coaching 101: Rise of Robots
A key example is the automation industry. Last year, Oxford Economics forecasted that robots would take 20 million manufacturing jobs by 2030. A global pandemic has taught us that widespread use of robots and drones is the need of the hour. It is no longer a distant possibility. The fear of infections through human contact is greater than the fear of losing jobs to automation. A small state of India, called Kerala, which had the best recovery rate in the country, showed how robots help.
The IT sector was another industry that was impacted. Keeping over 7 billion people connected, especially when everyone is screaming social distancing, has made us all realize the power of 3G, 4G and 5G. It is also now clear what the sector needs to work on. IT companies asked staff to up skill themselves to meet foreseeable challenges. Economic Times listed unexpected number of openings by top companies.
Healthcare, pharmaceuticals, grocery and warehouses need more workers with new skill-sets. The surge for trained IT support personnel in these sectors is clear. The Financial Express listed the sectors that need more employees or an upgrade in skills.
Coaching 101: Mind Influences Matter
Why does motivation matter?
According to Gallup’s State of the Global Workplace, only 15% employees are engaged in the workplace. Another research by Harvard Business Review found that working from home was less motivating for employees.
This recent article claims that:
- Only 10% employees feel engaged at work in Western Europe, slipping to 8% in the U.K.
- Disengaged employees cost U.S. organizations up to $550 billion each year
- Gallup’s meta-analysis indicated 21% higher profitability levels for businesses with the highest employee engagement scores. They also had scored 17% higher productivity levels
- 91% surveyed employees said their leaders lack communication skills
- 1 in 3 employees not trust their employers
These data are available here.
All these related statistics show a larger problem with company cultures. But the $2.9 million daily cost for U.S. employers looking for replacement workers can be saved. The hardest hit are the small and medium businesses who account for a large part of employers in many countries.
The industries that witness the highest turnover rates in the U.S. are:
- Finance and insurance
- Healthcare and social help
Coaching for Mental Wellness
There is an added worry for businesses that had ignored mental health and wellness of employees. Depression, substance abuse and violence are on the rise. This is due to social isolation, existing health issues and job fears.
A recent KFF poll revealed that 45% of adults in the U.S. reported that the pandemic has affected their mental health. In India, a recent survey by the Indian Psychiatry Society shows a 20% rise in mental illness issues.
The need for an immediate boost to incentivize employees and deal with their concerns is obvious. The onus for this rests on smart and agile employers/managers. They are the ones who see the era post COVID-19 as an opportunity for charting out a new work culture.
Is the Coaching Sector Future Ready?
The best solution so far is to hire external trained coaches to focus on building team spirit, facilitate retention and boost innovation and morale within the company.
Coaches work hard to create an environment where employees feel motivated and engaged. Ongoing employee development even at a time like this ensures that the employee feels looked after for the long haul. This is bound to allay fears of job loss and drive efficiency and commitment towards employers.
What would be the cost to company at this stage?
At the current annual cost of $98,208 or £30,476 for hiring executive coaches, this may well be a lifeboat for businesses to cope with the current crisis. Business coaches would cost approximately $73805.
Would these prices drop further given we are in the middle of a global recession?
The best advice would be to look for trained coaches who are flexible, online and committed to their clients. Quality over price is the way to go, since coaching is still an unregulated industry.
Coaching: Return on Investment
Do coaches have a significant impact on company baselines?
Coaches come equipped to help with crises in business set-ups or in personal lives. Motivation and commitment towards the employer impacts productivity. These are in fact more effective than a fear of job loss or redundancy. And this is where coaches can help.
This news report from the 2017 ICF Global Consumer Awareness Study, which was also conducted by PwC Research, shows that coaches create happier customers too! The research stated:
- 89% people in India are aware of life coaching
- 59% have partnered with a life coach at some time
- 97% expressed satisfaction with the experience
This is also the reason that great achievers like Steve Jobs, Bill Gates, Oprah Winfrey Denver Broncos star linebacker Von Miller, Leonardo Di Caprio and Serena Williams have hired coaches.
To find help with your coaching career, check out the blog, which has several tips on questions to ask your client, coaching trends and ways to market your coaching practice in the digital era.
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