There are few career choices today, which can be said to be totally recession proof. Coaching is one such option. In fact recent reports suggest that coaching is the second fastest growing industry in the world, next only to the IT industry. And considering that coaching in a formal manner is a fairly recent concept, this speaks volumes about the positive benefits and advantages that coaching actually offers.
Business Coaching and Life Coaching
There are two fields of coaching both of which are doing extremely well – business coaching and life coaching. The principle behind the two is the same and where they differ is perhaps the application. Business coaching, also called executive coaching refers specifically to coaching strategies designed to improve workplace productivity and motivation levels. Life coaching is a broader subject area and encompasses identification of personal goals and objectives, enhancing quality of personal relationships and of course professional development, all of which factors are important for a well balanced and fulfilling life.
Factors Contributing to the Growth of this Industry
The following factors may be considered directly responsible for the blistering pace of growth in the coaching industry, making it the second fastest growing industry in the world.
- The Visible Positive Benefits
The obvious reason for growth is naturally the positive benefits businesses and individuals are experiencing as a result of coaching. Business coaching is helping businesses stay ahead of competition by boosting performance. Coaching enables each employee to realize his/ her maximum potential and thus is responsible for creating motivated employees who are willing to put in their best efforts to achieve organizational goals. It creates an environment of mutual trust and open communication within the organization that has a direct positive effect on productivity.
- Coaching Helps Combat Tough Times
Business owners are increasingly finding that coaching strategies are particularly significant in recessionary times to help them gain a better perspective and perhaps realign business objectives and goals in line with the altered market conditions. Coaching helps improve an individual’s (and by extension the business) flexibility and adaptability, which is an important factor to ensure survival in tough times.
- Coaching Provides both Qualitative and Quantitative Results
Businesses find that their ROI with coaching can be as high as 10:1. With respect to qualitative benefits, employee turnover is lowered significantly and there is increased productivity and efficiency across the organization.
- The Balance Between Supply and Demand
Balance between supply and demand is essential for the growth of any industry. In other words, if the demand for coaches were not met suitably with supply, it would not have resulted in growth for this industry. There are several avenues by which individuals can obtain training as coaches after which they can offer their services to business and individuals. There are virtually no barriers for entry into this industry. All that is needed is a suitable temperament and a genuine passion for this line of work. On completion of the certification course, there is no dearth of employment opportunities and coaches can set up their own businesses too.
The times being tough and with businesses relying more on their coaches, perhaps, the day is not far when coaching will be the fastest growing industry in the world.