The science is in. Coaching makes for a happier, more productive employee. But it also makes for a more successful company. Perhaps that is why more and more companies are looking to provide coaching to employees as a benefit.
In today’s experience economy, employees are expecting more and more from their employers—in terms of technology, culture, advancement opportunities, and of course perks. It’s no longer enough for HR systems to just manage employee transactions; they need to go well beyond treating employees as simply assets. That’s why SAP SuccessFactors is focused on human experience management, or HXM, and putting the employee at the center, and coaching is a great example of that.
Sure, great office space, unlimited vacation, flexible working time and pet insurance might lure a lot of millennials. But leadership coaching is becoming one of the strongest attractors available. Once you, as a manager or an employee, know your company is truly invested in your personal development, you are less likely to leave for the first apparently attractive opportunity.
Research has found that investing in coaching pays off. Multiple studies have shown that companies that use business coaching have seen a median return of 5-7 times their initial investment. Harvard Business Review even tied coaching to stock performance. In a 2004 article, the authors created three hypothetical stock portfolios comprised only of companies that spend aggressively on employee development. You can guess the outcome. Those companies who spent aggressively on employee development outperformed the S&P 500 by 17-35%.
Clearly, coaching does more than just lower turnover. It also motivates employees to do better work.
Coaching for Everyone
But what if you can’t afford a $200/hr coach for each employee?
Luckily there are great options out there. SAP App Center partner Cultivate, for example, is an AI-powered digital coach that helps large enterprises provide leadership development at scale and integrates directly with the SAP SuccessFactors HXM suite. Like looking in the mirror, Cultivate helps you understand what it’s like to work with you, and how you are doing with each member of your team, on signals like:
- Communication frequency
- Positivity: Negativity ratio
- Soliciting opinions
- Giving opinions
- Emailing after-hours
- Giving recognition
Cultivate dashboard giving a holistic view of a leader’s behavior
Wouldn’t you like to know if there are differences in how you communicate with your various team members across these dimensions? Cultivate does all this in a tool that easily hooks up to your calendar, email and chat accounts, and then provides you weekly nudges and recommendations. Nobody else sees your reports or your content.
Tools like Cultivate are inexpensive ways to blend conflicting work styles into a smooth corporate culture, or to help new managers learn and grow.
After all, no one gets up in the morning trying to do their worst; it just happens. Sometimes we could all use a private tool to help us communicate more effectively and become better leaders.
Tap in the HXM Digital Summit to learn more about SAP SuccessFactors Human Experience Management Suite (HXM). Learn more about Cultivate and other innovative apps that complement SAP SuccessFactors HXM Suite on SAP App Center.