The business case
Building a powerful business case for coaching is all about setting the idea of a program firmly within a strategic context, linking it to the organization’s objectives, demonstrating the commercial impact and proving a return on investment.
Each business case will be different, but if you can address these areas you will be breaking down many of the traditional challenges which arise when discussing or requesting budget for a new coaching program.
Above all, coaching should be positioned and implemented as a key cog in a much larger wheel; as part of an integrated and comprehensive people strategy, linked to the strategic objectives of the business and incorporating all employees regardless of gender, race, ethnicity, ability, or orientation.
Our clients today, which include some of the world’s most successful multinational organizations, are gaining clear competitive advantage and seeing the positive impact coaching women, working managers and the wider organizational system can have on the performance of their organization. It’s delivering a clear commercial benefit. Examples include:
- EY: 17.5% increase in retention following parental leave saving $21 million in attrition costs in the first year.
- Lloyds Banking Group: 80% of coaching cohorts took on new roles, increased responsibility or gained promotions within 1 year.
- Unilever: has over 2,700 active users in 90 countries of our online solution, addressing their global need.
- Citi: 13% increase in retention across maternity period equating to a $2.6 million cost saving for the business.
Return on Investment & Expectation
It is surprising to know that less than 15% of organizations measure the return on investment from their coaching programs. Some businesses don’t see the need to measure the commercial benefit and are satisfied with only seeing individual changes in behavior and performance. However, many organizations do, but find it hard and almost don’t know where to start.
Talking Talent is passionate about measuring both the commercial impact of our coaching, as well as the ‘softer’ benefits which we class as reactions, learnings and behaviors. It’s what we deem return on investment and return on expectations.
At the start of every coaching intervention, we sit down with our clients to understand what success looks like, how we are going to measure that success and any information we are going to need to collect. It’s very much a consultative process as no coaching intervention is ever the same, and organizations have different commercial drivers.
So what do we mean by the ‘softer benefits’ and commercial impact?
Where possible, Talking Talent converts program benefits into a monetary value in order to calculate the commercial impact. This is always agreed with our clients upfront when determining what success looks like. In some cases organizations have their own data calculations. Examples of this data include: the cost of a new hire, including all lost opportunity and training costs; employee lost time; converting output to contribution; historical cost and performance data; and benchmarking and external reports.
Where a monetary value is not possible, because the process can be too subjective, Talking Talent will highlight numbers and % point increases. We will also express where the value derived is greater than the value spent, as expressed by the coachee and line management, while also reporting back on organizational noise.
The ability to evidence the impact of an organizations’ investment in coaching goes a long way. It will also prove extremely valuable when presenting the business case for additional programs.
What sets us apart
- We support clients across five continents.
- We work across 20 major industries.
- Of our top 50 clients, 70% have worked with us for at least five years.
- We have helped our clients win over 15 nationally recognized employer and business awards.
- Our approach is systemic - a total 360° approach looking at the full organizational system.
- We save over $130M a year across our clients in retention alone
The only way to make a difference on tough gender and commercial targets is to build more inclusive environments where everyone is engaged and encouraged to thrive. Talking Talent enables leaders, individuals and organizations achieve this through the delivery of deeply experienced and informed coaching programs and consultancy that create brilliance in diversity and ignite profound company-wide behavioral change.