As the world becomes more complex, many managers and leaders are turning to certified coaches to help them make decisions and take effective action.
How big is the market for coaching?
The coaching industry is a fast-growing market with increased engagements from developing countries.
Globally, it is estimated that there were approximately 71,000 coach practitioners in 2019, an increase of 33% on the 2015 estimate. Growth was especially strong in the emerging regions of Latin America and the Caribbean (+174%) and Eastern Europe (+40%).
The estimated global revenue from coaching in 2019 was $2.849 billion U.S. dollars, representing a 21% increase over the 2015 estimate (ICF, 2020).
Who are coaching clients?
The overall mix of clients served by coach practitioners has remained broadly unchanged since 2015.
A little over one in two coach practitioners said their clients are primarily managers (27%) or executives (25%); the combined total of 52% is identical to the position in 2015.
Similarly, the proportion coaching personal clients remained unchanged at 19% (ICF, 2020).
The typical coaching client is between 35 and 44 years old (37%). A little under one in three clients (30%) are in the 45–54 age range. Around one in four (24%) are under 35 years old.
How long are coaching engagements?
Among coach practitioners with a business speciality, 40% of engagements are typically for seven or more months, compared with 28% for coach practitioners with a non-business speciality.
Almost three in four managers/leaders (74%) said they plan to enrol in additional coach-specific training in the next 12 months (ICF, 2020).
Why do people invest in coaching?
The International Coach Federation (ICF) found that: “Professional coaching brings many wonderful benefits:
- fresh perspectives on personal challenges,
- enhanced decision-making skills,
- greater interpersonal effectiveness,
- and increased confidence.
Those who undertake coaching also can expect:
- appreciable improvement in productivity,
- satisfaction with life and work,
- and the attainment of relevant goals.”
Their research showed:
Increased Productivity – Professional coaching maximises potential and, therefore, unlocks latent sources of productivity:
- 70% improved work performance
- 61% improved business management
- 57% improved time management
- 51% improved team effectiveness
Positive People – Building the self-confidence of employees to face challenges is critical in meeting organisational demands:
- 80% improved self-confidence
- 73% improved relationships
- 72% improved communication skills
- 67% improved life/work balance
Return on Investment – Coaching generates learning and clarity for forward action with a commitment to measurable outcomes.
The vast majority of companies (86%) say they at least made their investment back.
Satisfied Clients – Virtually all companies and individuals who hire a coach are satisfied:
- 99% somewhat or very satisfied
- 98% would repeat the experience
This article is an extract from our On-Demand Introduction to Coaching course with John McFadyen.