Six Reasons Coaching Helps Retain Top Talent

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Coaching is an important tool to use to retain top talent and continue to increase productivity.

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Six Reasons Coaching Helps Retain Top Talent

  1. 1. Presented by: Tim Hagen, President of Sales Progress (A Training Reinforcement Partner Co.) Six Reasons Coaching Helps Retain Top Talent
  2. 2. Why? Top talent is the most marketable talent you have; therefore, when things get quiet it becomes very loud in your employee's mind. When a competitor calls, they become more open to changing jobs! Why Again? It’s been estimated via many studies that it costs anywhere from 15 % to 45 % just to replace an employee! Results: Maintaining top talent saves money, helps maintain client relationships, build future leaders, etc.
  3. 3. Why … From Forbes Magazine In a study of 1,200 top young managers published in the July-August 2012 Harvard BusinessReview, Monika Hamori and Burak Koyuncu identify a career- development gap between the support top young managers expect to get from their employers and the actual services they receive in the following areas: mentoring, coaching, training, support from direct manager, support from the senior management, working as part of global virtual team, and a job in a new function product division, or market. On a scale of 1-5 (5 being the most important), for instance, young managers assigned a value of 4 to mentoring and coaching, but they valued the service they received from their employers slightly below 3. The expectation gap was even greater in training, where the assigned value was close to 4.5, while the actual value was slightly above 3. That could certainly explain why these young managers were looking for jobs elsewhere. Seventy-five percent sent out resumes or contracted recruiters to move to other companies; and 95 percent engaged in networking activities, and eventually left their companies 28 months after they were hired.
  4. 4. Reason #1: Creates a Culture of Engagement “Successful companies cultivate and retain top talent by building loyalty through engagement that connects employee’s work contributions to concrete business outcomes.” Scott Ahlstrand, Right Management How? Do not ignore your top talent. Schedule regular coaching sessions and continue to provide feedback to them. Results: Maintaining the engagement with your top performers will save money, reduce a leader’s stress and build future leaders.
  5. 5. Reason #2: Builds a Trusting Relationship Coaching builds a trusting relationship which in turn builds a greater leadership brand and true understanding of employees. How? Some suggestions to use to build trust when coaching: 1. Give feedback 2. Listen to employee’s ideas and implement when possible 3. Follow through on promises even if they seem small to you 4. Admit your own mistakes which makes you more approachable 5. Communicate your employee’s improvement to upper –level management Results: Trust is very important in a coaching relationship because it lays the foundation for employee retention.
  6. 6. Reason #3: Inspire and Motivate According to a study done by Teresa Amabile of Harvard Business School, the #1 motivator of employees today is NOT reward and recognition but making PROGRESS. How? Managers need to make the effort to acknowledge progress when an employee is making necessary improvements in performance. Results: When employees feel a “sense of progress” they are more satisfied thus more likely to stay with the company.
  7. 7. Reason #4: Fosters Employee Development Top talent needs to be constantly challenged and stimulated and looks forward to being trained in new areas. How? Continue to train and develop your top performers by providing them with new opportunities that will push them to excel, as well as gain new skills. Results: By keeping your top performers challenged, they will not get bored and look elsewhere for new opportunities .
  8. 8. Reason #5: Helps Make Employees Feel Valued Top performers want to feel like they are an important part of the company and that you value them and their loyalty. How? Involve the employees in creating company goals and keeping them informed of changes or expectations. Use them as “Junior Coaches” as this helps build future leaders and a pseudo succession plan. Results: Employees that feel they are appreciated and valued for their contributions to the company are the ones who go the extra mile and continue to feel like they are an important of the company.
  9. 9. Reason #6: Increases Morale & Productivity Organizations with high morale have a more engaged staff, lower employee turnover and higher productivity. How? Managers need to consistently schedule coaching sessions with their top talent and continue to provide positive feedback, have open communication and keep them motivated. Results: When a company has good morale and a happy staff, it’s easier to recruit and retain top performers.
  10. 10. Join Our Blog http://www.salesprogress.com/coaching-leadership/ Join our radio show every Wednesday at 3:30 CDT and call in with your questions. http://www.blogtalkradio.com/askthecoach2
  11. 11. Contact Us For more information, please visit us at: www.salesprogress.com About Tim Hagen Tim Hagen founded Sales Progress, a Training Reinforcement Partner Company, in 1997. Tim has authored the Sales Progress Coaching Training System™. This system teaches sales and non- sales leaders how to systematically coach their employees to dramatically higher levels of performance! Ask About Our “Sales Progress Coaching Training System” “Where We Build Managers Into Powerful Sales Coaches” Phone: 262-377-5655 Email: tim@salesprogress.com Cell: 262-227-8563 Website: www.salesprogress.com Blog: http://www.salesprogress.com/coaching-leadership/ LinkedIn: http://www.linkedin.com/in/timhagen Connect with Tim:

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