In the highly competitive business environment of today, it is critical not only to hire the right talent, but to retain them. According to studies, the cost of replacing lost talent equates to at least 3-15% of the annual salary of that person. This forms the backdrop of the growing emphasis on executive coaching.
Role of Executive Coaching in Retention
Executive coaching helps to recognize high performing individuals who are key to the organization’s success. Executive coaching helps a leader to identify the different expectations of their various team members and create an environment conducive to the team’s progress. Individual growth and employee satisfaction have a direct impact on retention. Leadership training also increases the commitment level of the leader.
A study conducted by the Center for Creative Leadership in the US cited that “Formal developmental relationships – such as coaching – are the most effective ways to enhance growth and change in managers. 77% of the respondents from U.S. companies cited “improved retention and overall performance” with a formal coaching program.”
Leadership training is one such critical technique that, if employed wisely, can provide manifold returns. Your Ultimate Success, Inc. has provided assistance to leaders in managing change, forming effective communication channels and establishing a robust leadership pipeline, thereby significantly reducing the attrition rate.
