Executive Coaching is not cheap, and obviously every company that invests in their leaders wants to see a return on investment. Unfortunately, many coaches struggle with measuring the ROI for their services, and there is in fact very little solid research around this subject. Before we can actually discuss ROI, most of my clients need to overcome another challenge first: they struggle with defining exactly what they want to achieve through coaching:
'I want to improve my leadership skills.'
'I want to communicate more effectively.'
'I want to increase my self-awareness.'
These are all great goals, but how will you know if you got there?
If you can't even define your 'Point B' specifically, how can you possibly measure an ROI for the coaching?
Here are a few ideas to help you measure your personal development:
- perform a 360 degree feedback before and after the coaching and see how you have progressed
- have others rate you on a few key leadership competencies regularly (e.g. via a monthly or biweekly mini-survey)
- if everything else fails, you can always do a self-evaluation (e.g. your confidence level when speaking in front of a large audience on a scale from 1-10)
Once you have clarity on your desired outcomes, let's talk ROI!
It seems every coaching client and all of their stakeholders would be interested in measurement, including monetary value and ROI. But you might be surprised to learn that many times, at least one stakeholder of a coaching client is not.