Great managers deliver great performance – 25% to 200% better according to research – as well as higher engagement and retention and better hiring. It’s little surprise that US companies spend almost $20 billion a year on leadership and management development. But most doesn’t work very well – only one-half or less of managers are good or great, a number that hasn’t changed much over time. The problem isn’t that leadership development is bad, it’s just incomplete, focusing mainly on learning about what good leadership is. Missing are the critical elements of deep practice, feedback, support and guidance to overcome challenging personal behaviors – the aspects that turn knowledge into skill and address each leader’s critical shortcomings. Imagine taking a class on aeronautics and hopping in the pilot’s seat of a 747. That’s what our leadership development programs do to our leaders.
Fortunately, research tells how to develop better leaders – it’s not scrapping current leadership development but rather adding on. World class leadership development programs like at Google, Facebook, CapitalOne and Salesforce add coaching on top of training to fill the gaps.
That might seem unrealistic – coaching has traditionally been limited to the top of the company because it’s expensive and time-consuming to manage, often $5,000 a month or more per employee. Most companies would love to have coaches for all managers, but it’s just not feasible at those prices.
Careerwave’s is democratizing coaching with a service that’s expressly designed for junior and mid-level leaders and efficient and scalable enough to provide a coach to all leaders. Careerwave’s coaching technology and innovative pricing and marketplace provide coaching that’s both more efficient and more effective than traditional coaching.
The market for coaches is very inefficient – it’s hard for companies to find good coaches, and it’s very expensive for coaches to find clients. We make that connection easier for everyone – and eliminate the coaches’ cost for client development, making it cheaper for coaches to work with you. Our marketplace of coaches compete to participate in your program, and we take advantage to deliver you lower rates, often half of the hourly cost you’d pay to work with them directly.
You name your price and we work with our coaching marketplace to deliver the team you need. Traditional coaching companies slot coaches into fee tiers and pay the coach a fixed rate. But the rate coaches charge isn’t fixed – like all other businesses, there are opportunities for efficiency. You don’t pay the same rate for a Florida hotel in sweltering July as you do in gorgeous March, why should you pay coaches the same? Like every business, they have busy and slow times, and there are other opportunities as well – a coach who wants to work with companies in a certain sector or location often accepts lower fees. By combining our marketplace with this innovative approach to pricing, we let you take advantage of those opportunities.
Our structured coaching programs focus on improving manager performance as quickly and efficiently as possible and are designed specifically for junior and mid-level managers. By structured programs, we mean programs that set specific deliverables and timelines for coaches, and have specific topics to address for every employee. With 12 or 16 week programs, we don’t have time to get distracted, and our programs make sure that your employees’ time is well spent. Our coaching program manager works with our coaches to make sure they stick to the schedule.
We also work with you to make sure each coach and employee is working on high-impact growth topics. Unlike other coaching programs where the coach and employee decide what they’ll talk about each week, we work with you to select topics for each employee that help them perform better or address issues in your company or culture. Our structured programs ensure that the coaching is rigorously focused on valuable learning areas.
Technology-supported Coaching Platform
Our coaching is provided through our coaching platform. The platform automates many functions for coaches, reducing inefficiency and low-value time that you pay for with traditional coaching – meaning you get more coaching for less time.
The platform also emphasizes many different communication channels, including video conference, email, text, messages and feedback in the platform, etc. Coaches are in touch with your employees much more often than with traditional coaching, and provide feedback and advice on your employees’ real-world problems. Using employees’ day-to-day challenges as the learning laboratory not only delivers better learning by being highly relevant, but it’s much more efficient – employees learn with work they’d be doing anyway.
Many industries have been transformed by technology and new business models, but coaching is only slowly evolving. Careerwave takes advantage of technology and innovative business approaches to let you provide coaching much more broadly than you ever could have before. And that’s important – it’s a cutthroat world, and better managers often mean the difference between great success and failure. We’re here to help you get the most out of your team, and to help your team get the growth that they want.
Todd Murtha is CEO of Careerwave. Todd is a former workplace psychologist and CEO of a 350-person internet company. He is a frequent speaker on leadership, coaching and technology.
Careerwave’s technology-based leadership coaching service is effective and affordable enough to provide a coach to every manager. Whether you need to coach 1 leader or 100, and whether you need a full program or just an addition to your current program, we can build a solution for you. To learn more, contact us at firstname.lastname@example.org, or visit careerwave.me.