Coaching, on the Company
In today's fast-paced work environment, continuous learning is crucial for career advancement. One underutilized resource for professional growth is Learning & Development (L&D) funds. These funds can be a powerful tool for upskilling talent and empowering employees to excel in their roles.
For many companies, coaching falls within the L&D budget. Given the benefits for both you and your company, applying L&D funds to your coaching costs make sense. Read on for a breakdown of this fast-growing resource and how you can apply it to your own engagement.
What are L&D Funds?
Learning & Development funds are allocated by organizations to support employee learning and growth. These budgets can cover various growth initiatives, including upskilling on new technologies, social learning, attending conferences, and career development. There's a global increase in L&D funds among organizations, signaling the impact of this resource for employee and employer.
Benefits of Using L&D Funds for Coaching
If you’re considering hiring a coach, talk to your manager about using company budget to cover or subsidize the cost. These funds are specifically created to bolster employees’ growth and success.
When talking to your manager, it can help to explain the benefits of coaching as it directly relates to your role. Your professional development is also a return on investment for the company. Goals like effective communication, managing a team, prioritizing initiatives, and executive presence all lead to higher employee engagement and retention, a win for both parties.
Beyond that, there are a number of studies that support the benefits of coaching for employees and organization. Here are some, courtesy of the International Coaching Federation:
80% of people who receive coaching report increased self-confidence.
Over 70% benefit from improved work performance, relationships, and more effective communication skills.
86% of companies report that they recouped their investment in coaching and more.
(Source: ICF Global Coaching Client Study, 2009)
Steps to Access L&D Funds
Assess Your Needs: Identify specific areas where coaching can help you grow.
Research: Look into different coaching options and prepare a case for how coaching can benefit both you and the company.
Discuss with Management: Talk to your manager or HR about using L&D funds for coaching. Highlight the benefits and share relevant statistics.
Get Approval: Follow your company's process to get approval for using the funds.
Common Limitations and Considerations
L&D Funds generally won’t cover coaching for finding new job opportunities, and if your company offers internal coaching, they may request you use those resources instead. Each company has a different budget to work with, and it likely varies by role level. Talk to your manager or HR team to find out what resources are available to you, and don't be afraid to advocate for an investment in yourself - it's worth it.
Curious to learn how coaching can accelerate your growth?
If you're interested in learning how coaching can support your professional goals, book a free consultation call with me to share your story and what an engagement could look like for you.
