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In recent years, business coaching & mentoring has seen a huge increase in popularity. Whether for senior leadership or for wider teams, business owners alike recognise the value in supporting their teams through learning, development and wellbeing schemes.
What is workplace (or business) coaching & mentoring? It is the process whereby business experts partner with a company in order to offer support and guidance, with the aim of improving the workforce’s performance, knowledge and skills.
Despite the increase in popularity, there can still be a lot of confusion and mystery surrounding workplace coaching and mentoring, which subsequently leaves room for myths.
Thankfully, we’ve compiled the top 4 myths surrounding business coaching & mentoring, and have debunked them for you, so you can hop straight into your coaching & mentoring journey! Let’s go…
Myth 1 – Workplace Coaching & Mentoring only impacts those directly involved
“I don’t want to invest in something that only benefits a small number of people.”
At the top of our list today is the myth that only those directly involved with coaching & mentoring sessions will see the benefit, leaving the rest of your workforce lagging behind.
Often, before jumping in headfirst, companies will test the waters on a specific department. What often is found, is that the ongoing sessions have a ripple effect on all departments, by improving the overall environment and culture of a business.
Once your teams undergo coaching & mentoring, the positive impact of the sessions influences the wider workforce. The teams that undergo coaching & mentoring often go on to share their new skills and knowledge with the wider company, ultimately creating a stronger, coaching culture in the business.
In addition to positively impacting the overall culture of your business, studies have found that 70% of small businesses with a coach & mentor survive the first 5 years, compared to less than 35% in organisations without support from a business coach & mentor.
Investing in your teams can be the factor that takes your business further. Regardless of which employees take part, L&D schemes positively impact the whole organisation.
Myth 2 – Your teams will improve & move on
“If I invest in coaching & mentoring for my teams, won’t they just reap the rewards and then move on?”
An interesting question to pose, that thankfully data has debunked. Studies have shown that offering L&D opportunities actually improves employee retention. Training Magazine report that retention rates for businesses who have received coaching & mentoring are 50% higher than firms that did not.
Data shows that coaching & mentoring positively impacts retention rates, as employees often rank personal development opportunities highly when considering their job satisfaction. Forbes state that employee retention requires employees to feel that they are invested in, and one of the main ways of doing this is through L&D schemes.
As well as improving employee retention, coaching & mentoring schemes help to make happier teams, which in turn increases productivity, reduces absenteeism and improves company culture.
There’s no need to worry about your top talent moving on. Coaching & mentoring can help improve job satisfaction, subsequently boosting retention rates, with your employees staying on to grow and flourish with the business.
Myth 3 – Only struggling businesses need Coaching & Mentoring
“My business is on track to meet targets, why would we need any support?”
A woeful myth that ultimately leaves many firms missing out, is the statement that only struggling businesses need coaching & mentoring. The truth is – all businesses can be positively impacted, regardless of how successful they are. Consider the fact that an astonishing 71% of Fortune 500 companies utilise business coaching & mentoring schemes, showing that some of the largest and most profitable companies in the world know the value.
So why can all businesses benefit? Workplace coaching & mentoring brings an external influence and invaluable expertise to the table, which can shed new light on operations.
Workplace coaching & mentoring can help you go beyond what is expected, whilst enhancing multiple facets of the business. With 97% of those employees involved in business mentoring or coaching stating the value, it helps to create happier staff, it increases creativity levels, boosts employee confidence and aids mental health. All of these are factors that can only benefit companies at all levels – no matter how successful.
A business coach & mentor can provide fresh new ideas, helping to take your business one step further. Rather than hitting those targets, a business mentor or coach can help you well surpass them.
Myth 4 – Coaching & Mentoring sessions need to be face to face
“We have multiple offices in different regions, which would make coaching & mentoring difficult for us.”
In the past, workplace mentoring & coaching would have been a service unequivocally carried out in person. As with most areas of life in recent years, the new face of coaching & mentoring is now predominantly digital. HR Magazine found that 72% of all companies currently undertaking business coaching & mentoring planned to do it virtually, rather than face to face.
One of the positives of business coaching & mentoring is that it is a flexible process, tailored to suit each company’s needs. Some businesses prefer face to face, and some prefer digital sessions, whatever works best for you and your teams can be implemented, without impacting the quality.
Whatever your preference, if this myth has been one of the factors holding you back, consider how many elements to how we work have changed in recent years. Virtual coaching & mentoring is just another product of our everchanging work habits.
Wiseup Workplace Coaching & Mentoring
If you’re satisfied the above myths have been debunked and are ready to dive into your own business coaching & mentoring scheme, consider getting a free consultation with our team.
Wiseup is a specialist coaching & mentoring network of over 100 handpicked experts. Our coaches & mentors come from a diverse range of industries and backgrounds, featuring professional coaches, experienced business leaders and well-being practitioners.
With so many options to consider, taking the plunge towards working with a business coach & mentor can seem highly daunting. Having delivered many unique support programmes, we understand some of the key challenges you may be considering:
Talk to our friendly team to discuss your unique requirements in more detail here.