Coaching as a Retention Tool

In this current economic climate, many companies began their cost reductions by cutting back on training and/or coaching. But this can be "cutting off one's nose to spite one's face." Has the need for encouraging career self-management and employee initiative suddenly evaporated with the dot-com mania? Or in contrast, is the need for these key attributes now increased so that competitive advantage can be created in the newly evolving market?

A vice president from Charles Schwab and Company recently addressed a coaching conference to discuss the company's commitment to coaching. When asked whether they were going to cut back on the executive "perk" by which each leader has his/her own coach due to the downturn in the economy, he indicated that they would not consider such a move. It is having the coaching available that equips the leaders to deal with a changing marketplace, and the commitment remains despite the economy.

Ken Blanchard, in a recent dialogue with his coach, Shirley Anderson, said this:

"The biggest problem in human resources development is retention. And the key reason - there is no one to share who they are; there is no ally or friend to pursue an agenda with. With coaching, people think twice about leaving, because they don't want to lose their coach."