Investment in upskilling and employee development is integral to organizational and employee performance, and coaching and mentoring play an increasingly essential role.
That’s according to a survey of HR professionals conducted in the Bridge-sponsored “Future of Coaching and Mentoring 2024” report. The report shows that coaching and mentoring are strategic business priorities for 65% of respondents and that they plan to increase their investment over the next two years.
We’ve picked out three of the most interesting findings and recommendations from the report. Read on to learn what’s driving the demand for workplace coaching and mentoring, the critical role people managers play in employee upskilling and organizational performance, and how you can tap into this power to set your people up for success.
1) Coaching Is Critical to Performance
For 40% of survey respondents, employee coaching and mentoring isn't merely a nice-to-have, it’s an essential L&D initiative that contributes to business success.
But what's motivating HR teams to prioritize coaching and mentoring programs? Survey responses show a clear set of factors. Specifically, respondents say it’s an investment that supports the organization by:
- Helping employees reach their full potential (55%)
- Preparing people to take on new roles or assignments (47%)
- Upskilling employees (43%)
- Providing career guidance (35%)
These results suggest two things. Firstly, and unsurprisingly, upskilling and employee development are significant priorities that demand attention from organizations. Secondly, coaching and mentoring are increasingly valued and used as long-term talent development initiatives.
Furthermore, people managers are key enablers for these initiatives, and they were the group most commonly cited by HR professionals when asked who provides coaching support within the organization.
ADDITIONAL COACHING STATS | ‘4 Facts and Stats to Help You Make the Case for Managers as Coaches’
2) Coaching and Mentoring Is a Sought-After Skill
Managers are heavily relied on as coaches and mentors, but responses indicate that many need more training and support. Despite 67% of respondents agreeing that managers are strongly encouraged to develop their coaching skills, only 45% agree that they receive adequate training. What's more, 25% of respondents say they lack formal coaching and mentoring programs altogether.
To get the best from your managers, they need opportunities to practice and perfect their skills. When comparing organizations with highly effective coaching initiatives (leaders) versus those with less effective ones (laggards), there are distinct differences in how they approach training and development.
Leaders are more likely to value coaching and mentoring, give managers the time for learning and development, and weave coaching and mentoring practices into the culture. Prioritizing training and development means that these leaders are also more likely to enjoy the benefits of their efforts. For example, survey participants in high-performing organizations say their managers are equipped with essential coaching and mentoring skills.
Namely, managers are more likely to excel in the following areas:
- They’re twice as likely to give useful feedback
- 1.5 times more likely to guide conversations toward successful outcomes
- 1.4 times more likely to build rapport and trust
READ MORE | ‘5 Coaching Skills All Great Managers Need to Know’
3) Performance Is Directly Linked to a Coaching Culture
A successful L&D strategy is about more than just giving your people time to learn. Measuring the business impact of initiatives was equally as important for high-performing survey participants.
However, results suggest that only a fraction of HR teams use learning tech to report on the business impact of coaching and mentoring programs. For example, respondents say they most commonly use learning and development technology to deliver eLearning content, while only a small percentage report using other tech-based capabilities, including monitoring progress (25%) and using AI to automate processes (7%).
Although 40% of respondents report a lack of measurable outcomes as the biggest barrier standing in the way of business success, high-performing HR teams are more likely to say they have a set of defined and measurable outcomes to assess the effectiveness of coaching and mentoring.
Among the metrics that they track and measure are:
- Performance outcomes
- Career advancement
- Engagement levels
- Employee retention rates
The report shows that organizations with successful coaching and mentoring programs see the biggest increase in individual employee development and organizational performance. And investing in the right tech and tools can help you track and measure the impact of your L&D efforts and drive these important business results.
Give Your Coaching and Mentoring Programs a Competitive Edge
Download your copy of the report for in-depth insights and actionable takeaways you can apply to your training and development programs. To learn more about the critical role of technology in driving organizational performance, get in touch or check out a Bridge demo.
