With nearly $2 billion in annual revenues and almost 50,000 coaches worldwide, the business of coaching is well and alive, according to a 2012 Global Coaching Study by the International Coaching Federation. But it is not without its critics. Coaching is an unregulated industry and the supply of coaches come from all walks of life, but they are typically drawn from the ranks of senior executives, HR leaders, and professionals trained in psychology or counselling. Remarkably, 46% of organizations polled in the above study do not even bother to track results, and claims of success are mostly anecdotal or a result of many other factors of which coaching is but one part.
1. Coaching as a development strategy
With such a spotty track record, it is all the more remarkable that coaching in organizations continues to grow. So what is going on? There are three main areas where coaching continues to be of value in organizations: