Businesses urged to leverage expertise of coaching
BUSINESSES have been advised to leverage the resources and expertise of the coaching industry in Ghana to help them thrive.
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Through initiatives such as executive leadership coaching, team coaching, and fostering a corporate coaching culture, businesses can enhance both individual and organizational performance, leading to increased revenue, employee retention, and customer advocacy.
According to International Coaching Federation (ICF) Global, coaching offers individuals and corporate bodies a potential 70% increase in individual performance with goal attainment, effective communication, and a high sense of life satisfaction and achievements.
Coaching has also contributed to a 50% increase in team performance with enhanced collaboration, performance, and better conversation.
Organisations have also witnessed a 48% overall increase in organisational performance with high revenue drive, employee retention, and customer advocacy.
“Executive-leadership coaching, team and group coaching, building a corporate coaching culture, among others support growth and influence the ROI of Ghana's business ecosystem, private and public,” the President of IFC Ghana, Scofray Nana Yaw Yeboah, said.
ICF Ghana Chapter
He gave the advise at a press launch and media dialogue of the International Coaching Federation (IFC) Ghana Chapter in Accra.
The Chapter serves as a platform for promoting coaching standards, providing education and information to the public, and supporting the credentialing drive.
It has members from neighbouring French-speaking West African nations to ensure holistic growth and development aside from Ghana and Nigeria.
This is to position Ghana to benefit significantly from the growth opportunities offered by the coaching industry.
Global revenue of coaching
As reported by Matrix Global, in 2023, the International Coaching Federation (ICF), the largest among all professional coaching bodies in the world estimated that the global revenue of coaching is $4.564 billion.
Out of this global revenue, corporate bodies are making 788% Return on Investment (ROI) through investment in Executive coaching.
This shows that the 2024 revenue can hit $6 billion with all parameters being equal.
Mr Yeboah said “this is where the ICF Ghana Chapter comes into play to position Ghana on the global coaching map and rake in part of this global revenue.
ICF Ghana Chapter is a catalyst for corporate bodies and the business community in Ghana as the go-to body representing the International Coaching Federation.”
“The ICF Ghana Chapter is positioned to adhere to, promote and advocate for the golden standards of coaching by the mother global organisation.
It is to reinforce public coaching education and information to aid potential clients in recognising when to access the service of a coach and provide a network of well-known coaches in Ghana in good standing,” he said.
Commitment
Mr Yeboah affirmed the Chapter’s commitment to building a community of continuous coaching education and becoming a platform to support the credentialing drive.
“Anyone wishing to branch into professional coaching through competent coaching training institutions across the globe is welcome to the Chapter.
Ghana will benefit significantly from a chapter here on the country's growth and development focus,” he said.