With 2023 just around the corner, many HR leaders are carefully making investment choices in learning and development and building budgets for next year. We are entering another year where we need to consider many different factors to support and grow our people. And we need to find solutions that support the growing demands on HR too.
Budgeting for a coaching program is one of the most effective ways to take work-load off HR while supporting your leaders and growing your people for stronger well-being and performance.
Why Focus on a Coaching Program This Year?
These times demand a focus on people now. Investing in our strong performers is key because talent is both limited and critical to our success. It’s strong people that make us successful.
Coaching is an opportunity to provide personalized support for your leaders. The customized approach means leaders get exactly what they need. The on-going nature of coaching means that leaders get support over the year as new situations and demands arise. It gives them focus, structure and support over time. It can support success in role. It can support resilience and well-being. And coaching can also target development areas to ready leaders for new levels of leadership. And it’s got a 7X return.
Here are 3 big reasons to invest in coaching in your 2023 budget:
1. Retain Your Talent
Covid-19 taught us that change can’t always be anticipated, yet when it happens, we have to be ready to excel through difficulties. Who could have guessed that so many leaders would be leaving their jobs at once? Coaching is an effective way to retain your leaders. That’s why budgeting coaching into your budget now is important.
You want to be ready and support your leaders now, when they need it, as they move through obstacles. It keeps them strong and effective. You don’t want to be caught without budget when the need exists to support them.
And growth and development is critical right now. Leaders want it. And organizations need it to ready their leaders for new levels of leadership. It’s a consistent priority for both leaders and HR. Taking this opportunity to invest in a coaching program will increase retention. People want to stay when they’re valued and given growth and development opportunities.
2. Support Your Tired Leaders Beyond HR
During these tough times, your people need support more than ever. With many leaders reporting short-staffing and extra hours on the clock, months of heavy workload, and uncertain times, they are getting burnt out. One of the best ways to support them through these challenging times is providing them a coach. Coaching allows leaders to table challenges they are facing and get support to increase their well-being and performance.
Coaching lightens the load for HR as they are a mechanism for leaders to get support. And, HR can be integrated into the coaching too. We recommend that the coaching vendor and HR manager meet before launching the program to align on overall strategy and objectives to guide the program. At Epiphany, we also offer mid-progress check in sessions with the coach, leader, manager, and HR to monitor progress and review objectives for the remaining sessions.
3. Tapping Energy for Achieving Goals
Timing couldn’t be better with the start of the new year just around the corner. This is the time of year when leaders naturally take stock of the past year and plan for the next one. They have a lot of energy around their goals and achievements at the start of the year.
It’s a great time to harness their energy and commitment. Starting their coaching program in January taps into their desire to make their goals a priority and make progress in their leadership. Coaching gives them the on-going focus and support to accelerate their growth.
Is Executive Coaching the Right Fit?
Executive coaching programs use a custom approach when it comes to leadership development, because each individual has different strengths and responses to workplace stimuli. As your company works to create the budget for this year make sure to consider the various departments and what each would benefit from. Success is not only measured by profit, but also the mental health of your people. People get the results.
Reach out to create your own flexible solution within your budget and promote success for your people today.