Businesses plan to invest more in coaching
Change is most desired in areas such as digital transformation, flexible and hybrid work, and culture change, according to a study by global digital coaching platform CoachHub.
The CoachHub Global Survey: Business Trends in Coaching 2023 survey also revealed that 47% of companies use reskilling and upskilling as a strategy for supporting these changes. This is followed by restructuring the workforce at 37%, increasing talent mobility and internal hiring at 36%, and focusing on engagement and retention at 35%.
Tim MacCartney, Senior Vice President APAC at CoachHub, said, “Events over the past few years have irrevocably changed ‘business as usual’ in nearly every sector of the global economy, including Asia. Industries are rapidly transforming as economic pressures are mounting, economic uncertainty is growing with inflation and so are the challenges of attracting and retaining talent in this diverse region.
“Businesses are increasingly keeping an open mind to identify out-of-the-box solutions to address these challenges and zooming into transformative, personalised learning and development (L&D) opportunities.”
To achieve these priorities, businesses leverage coaching as a key strategy. Particularly, nine out of 10 businesses responded that they plan to increase their investment in coaching over the next 12 months. This increase in investment could provide an opportunity to democratise coaching to various levels. Furthermore, businesses anticipate coaching helping with professional development (46%), performance improvements (45%), and learning new skills (42%) in 2023 and beyond.
Professor Jonathan Passmore, Senior Vice President (Coaching) at CoachHub, added, “It has never been a better time to democratise access to coaching, ensuring that coaching is for everyone, regardless of seniority or job title.”