Unpacking the 2023 report on the Transformative Power of Coaching: A Personal Take

I've been diving into the latest insights from the 2023 report on "Defining New Coaching Cultures" by the Human Capital Institute (HCI) and the International Coaching Federation (ICF), and there's some compelling stuff I'm seeing! (link to the purchasable report at the end)

Organizational Inroads & Budgets

Despite the shake-ups from the COVID-19 pandemic, coaching has emerged stronger and sharper. Leaders are increasingly leaning on coaching to boost leadership skills and employee well-being. The report suggests that 85% of organizations are actively using managerial coaching techniques, and it’s clear that coaching is a priority that’s here to stay– in fact, it's paving the way for future work cultures.

More companies are setting aside budgets specifically for coaching, which is a major win in my book! The report shows that 33% of organizations now earmark specific budgets for coaching endeavors—up from 25% in the previous survey. However, access remains uneven, favoring senior staff over other organization layers. This is something we need to work on. Everyone deserves a shot at growth. It's not just about conserving costs—it's about opening doors to continuous learning and development without limits.

This year’s report also highlights an enriching diversity in coaching practices. A notable 64% of organizations now incorporate external coaching practitioners, and more than half utilize internal coaches.

Virtual Platforms in The Coaching Toolkit

Some post-COVID trends have affected even the coaching business, making coaching even more accessible. Audio-video platforms have taken the lead as the preferred method for coaching. A staggering 98% of remote or virtual employees and 80-90% of office-based and hybrid workforce are tapping into these platforms for their coaching needs. The report makes it clear—these platforms aren't going anywhere. Their effectiveness and convenience have cemented their place in the coaching toolkit.

Main Areas of Coaching

Lets come back to coaching, in and outside organizations. While the main areas of coaching within organizations are focused on leadership development and team performance, employee engagement and personal growth coaching/life coaching is taking center stage. Lets look at the numbers. Leadership coaching is offered by 78% of organizations, closely followed by performance coaching at 45% and team coaching at 37%. These numbers highlight a clear focus on cultivating strong leadership and team dynamics. Additionally, 72% of organizations report a positive impact on employee engagement through coaching, and a healthy 49% emphasize well-being initiatives, while 54% incorporate Diversity, Equity, and Inclusion (DEI) into their coaching programs.

Personal Growth and the Gen Z Mindset

While that is all well and good for the bottom line of organizations, the question in MY mind is - where does personal growth take a stand?

Personal growth through life coaching is seeing significant opportunity growth. While specific numbers weren't provided in the report, it's clear that the demand for life coaching/personal growth coaching is rising as individuals increasingly seek personal development alongside professional growth. This upsurge in interest aligns closely with the overall trend of using audio-video platforms, which have an adoption rate of up to 98% among remote workers.

A noteworthy trend influencing the rise of life coaching is the mindset of Generation Z. With 37% of millennials and 29% of Gen Z actively seeking coaching, their inclination towards personal growth and a holistic approach to career development is shaping the coaching landscape. This generation values authenticity, continuous learning, and well-being, driving the demand for personalized coaching solutions that address both professional and personal aspirations.

Let’s Chat! If you're curious about integrating coaching into your team or exploring it for your own development, let's talk. And as promised, the link to the actual survey for purchase is here. Stay curious, stay engaged!