Key Insights About Coaching and Mentoring for Business Organizations - byldgroup/BYLD-Group GitHub Wiki
Need for Coaching and Mentoring
In 2019, around 77% of corporations experienced drastic and wide gaps in coaching and mentoring programs. It is not an uncommon notion for employees to seek those companies that offer effective coaching and leadership as an essential part of their employee development programs. Employees are in search of companies who can invest in them, and organizations that pay attention to their employees help drive business growth.
From an employer’s perspective, they would also seek candidates that have high leadership skills and show eagerness in business coaching and mentoring programs to become a driving force for the organization. This constant pull from both ends helps in effective employee upskilling and helps in driving corporate growth.
Coaching and Mentoring for Leadership Development
Around 83% of employers state that it is crucial to develop leaders at all position levels. Although, it is alarming to have only 5% of corporations implement coaching and mentoring at all levels and incorporate improvements in their training programs. The employees of today will become the leaders of tomorrow, and hence they require proper guidance. Several companies have gradually shifted their focus toward employee development and coaching rather than focusing only on senior levels of management. With more and more research about the need for business coaching and mentoring, organizations have now realized its value in shaping the future of the industry!
Why do Millennials Need Business Coaching and Mentoring?
Around 63% of Millennials believe that their mentoring skills are not being developed. In a study, it was duly reported that around 18% of organizations state their coaching and mentoring programs are “very effective” at meeting business goals, but only about 19% of organizations state they are “very effective” at delivering crucial employee coaching and training.
48% of the workforce will be millennials, and the workforce will change drastically as millennials will make up 75% of the workforce as of the year 2020.
Whereas other studies state that 71% of Millennials will leave their job within two to three years if their business coaching and mentoring programs are lacking and are not in sync with their professional growth and development.
If they are trained and coached properly, they will be a perfect fit for managerial or leadership positions. Further, it will help employees remain well trained, share their experience with the organization and envision the goals of the company effectively. Combining their experience with the right coaching and mentoring could help them become the best asset for the company.
Global Business Scenario
84% of companies out there believe there will be a drop in the number of available leaders in the next five years. Further, bloomers will retire early, and the organizational space would have to be filled by millennials who lack the required competence and training to handle senior-level positions. This makes it very taxing for organizations that don’t have the required expertise in offering corporate coaching and mentoring.
71% of organizations do not feel their leaders can lead their organization into the future, which creates the need for specialized business coaching and mentoring.
Not to forget, new recruits are often lacking the required skills, and businesses usually look for in-house talents before investing their money in a random candidate who might leave the organization shortly.
Businesses will resort to remote working, and flexible hours will be the new normal. The corporate training and coaching programs have shown a tremendous change. Leaders in 2020 are looking forward to corporate training to help employees get adjusted to the new normal.
The necessity of digital leadership skills will increase as only 16% of corporations are successful in implementing digital marketing. Social media marketing and digital marketing would continue to make noise for small-scale and large-scale business enterprises.
Conclusion
Coaching and mentoring have a greater impact on an organization’s success than cultural innovation. Businesses can’t overlook this crucial aspect to register stupendous success and growth. It is the need of the hour, and organizations need to adapt themselves to this changing trend to compete with their business rivals.