Coaching: The key to leveraging performance and retaining the best talent.
FACT: 85% of people who leave their jobs leave because of perceived “unkindness” in the workplace.
It’s a Gift
Harvard Business Review article, Eight Ways to Build Collaborative Teams, authors, Gratton and Ericksonpoint out the best practice that stood out in a study of 100 of the most collaborative companies in the world – leaders coaching employees. A company where leaders took the time to coach and mentor their employees was identified as a “Gift” culture. The study found that this went far in building employee loyalty and motivation – which in turn led to more collaborative behaviors. The country western song is true after all, “Love is spelled T-I-M-E”.
But I Don’t Have Time
Leaders have known, for many years that they must invest in their people by personally spending time training, coaching and mentoring. Yet research shows that few leaders do it. The big reason given: “no time.” The truth is the pace of work is steadily increasing each year and leaders today are under enormous pressures. Yet, when you look at the cost of not spending the time, you risk:
- Losing your best employees to your competitors
- Not having the benefit of the full talents of your people
- Low engagement and morale levels
- Mediocre performance
- Poor business results
The Business Case for Coaching/Mentoring
Now let’s look at the upside – you will notice that these benefits will give you back the time you initially lost. And the return on investment grows.
- Ability to delegate more (easier when you have more competent employees)
- High retention rates of your best employees
- Healthy morale and engagement levels
- Increase in bottom line performance
Plus…YOU look good when your people are happy and productive!
Three Steps for Coaching Employees
- Do a SWOT analysis with each direct report. (Strengths, Weaknesses, Opportunities, Threats). Mutually decide what 1-2 areas of growth is most important over the next year.
- Create a “Development Plan” – Discuss resources available to achieve targeted growth, such as books, classes, a stretch project, or a mentor.
- Have monthly “one to one” sessions to check in on how your employee is doing in their development plan. 30-45 minutes sessions can be done over lunch in an informal environment. Ask your employee to come to each session prepared to share how their growth plan is going, and where they need support. Take advantage of that teachable moment to give feedback on what you are observing.
1 – HR Study conducted by SHRM.(Society of Human Resource Management)
2 – The impact of Organizational Climate on employee motivation first tested and measured by Harvard professor Litwin and Stringer in the 1960’s. In the 1970’s, Harvard professor David McClelland expands Litwin and Stringer’s research; identifies Leadership Styles; quantifies impact of different styles on Organizational Climate and Employee Motivation (the “Three Circle Model”) Dr. Daniel Goleman, student of McClelland and author of Emotional Intelligence, brings “Three Circle Model” national prominence with book, Primal Leadership.