When it comes to employee development, the modern organization is turning more and more often to coaching. What was once only considered a privilege for organizational leaders is now proliferating through all levels of companies, and we expect that growth momentum to continue. In fact, our recently published ‘Business Trends in Coaching 2023’ survey of over 800 senior HR leaders revealed that 89% of coach buyers anticipate augmenting their coaching investments over the next 12 months, even with the looming potential of a recession.
With the continued growth of the coaching industry, how can organizations best implement a coaching culture, and what areas of the organization will be most affected? Let’s dig into three forecasted trends to see where coaching will take businesses in 2023 and beyond.
Coaching will Highlight DEIB Efforts Important to Generation Z Workers
As Generation Z enters the workforce, they are bringing their values and expectations along with them. Globalization has led to the modern workplace being the most diverse in history. While at the same time Gen Z are the most inclusive. As a result Diversity, Equity, Inclusion and Belonging (DEIB) efforts in the workplace are paramount. Over three-quarters (77%) of surveyed Generation Z workers reported that working for a company that valued DEIB initiatives was important to them. This new wave of workers wants their values to align with those of their workplace.
One-on-one coaching can help move DEIB efforts forward by empowering employees to think openly and increasing awareness of DEIB topics, which can enhance recruitment and create workplaces where everyone feels empowered to contribute. Coaching can also help support an organization’s values and foster a culture of acceptance and equity for all employees.
Coaching Will Enable Business Agility During Times of Change
Beyond just striving for more equity and inclusion, many businesses are in a stage of significant transformation brought on by new technologies, shifting employee attitudes on work and economic uncertainty. Business leaders are looking for meaningful ways to update the processes and policies accompanying these changes. In fact, 47% of organizations plan to reskill or upskill their people to align with changing objectives. However, when organizational changes multiply, so do uncertainties within the workforce.
As organizations face the challenges of change, they will look to coaching to enable business transformations both large and small within their workforce. A one-on-one coach can help employees identify and remedy skill gaps and promote professional growth while also arming them with the soft skills needed to improve their resiliency during the turmoil of transformation.
Coaching Will Elevate and Emphasize Learning and Development (L&D) Efforts
Professional development opportunities are key to attracting and retaining employees. According to recent LinkedIn research, upskilling opportunities ranked as one of the top five priorities of job seekers. L&D also helps retain your current workforce. Research shows that employees with access to L&D programs have a higher retention rate than those without, reducing the costs associated with turnover. Investing in L&D options helps your employees and your bottom line.
The most forward-thinking organizations will offer options beyond just one-size-fits-all training. Almost half (46%) of surveyed organizations want coaching to be part of their professional development plans. Digital coaching engages employees with personalized programs on a platform accessible from anywhere. Coaching will help individuals work toward their personal goals while ensuring they remain aligned with company objectives. Unlike generic training, coaching helps contextualize skills in a way that enables the coachee to understand the real-world application, making them likelier to meaningfully apply that skill when the time comes.
The Bottom Line
The coaching industry will continue progressing in 2023 and beyond, offering individualized experiences on easily accessible platforms. As the industry grows, it will further encourage DEIB initiatives, provide organizations with the tools needed to remain agile during times of change and take learning and development opportunities to the next level.
Professor Jonathan Passmore is senior vice president of coaching at CoachHub, a professor at Henley Business School, as well as a global thought leader in behavioral change, listed in the Thinkers 50 and Global Gurus lists. He is a chartered psychologist, holds five degrees including an MBA and doctorate in psychology. He is an accredited coach with the ICF and EMCC, as well as holding qualifications in team coach and coach supervision. He is the author of ‘The Coach Buyers Handbook’, published in January 2023.
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