The coaching industry, which is already in a tremendous growth phase, is gathering greater momentum as corporations in the U.S. and around the world continue to restructure how they work.
Recent trends show that digital transformation is happening across all corners of human resources departments – from payroll to benefits programs to learning and development. Automation and AI are nudging these functions closer together so that employees can be managed more holistically, as one function “speaks” to the other. Coaching becomes especially valuable to companies as they connect the dots between the support employees receive (L&D), how it benefits their performance and wellbeing (benefits) as well as saves companies resources through reduced sick leave and churn.
The bedrock of AI-enabled coaching is its ability to quickly and effectively match coaches to individual and corporate client needs. Additionally, the integration of functions like virtual communication, session and budget management make digital coaching extremely attractive. This is especially true at the corporate level where potentially thousands of employees will require training, upskilling or reskilling. Automated coaching platforms, like Viveka, excel in being able to meet and manage the needs of multiple clients at once and allow corporate clients to internally scale their training programs quickly. Research from the International Coaching Federation (ICF) also shows a significant return on investment from executive coaching, where a $1 investment can result in $5-8 return on savings and earnings through increased loyalty, productivity, reduced absenteeism, churn and legal costs. Viveka stands out in the automated coaching landscape because they allow companies to add their own coaches and trainers into the V-Corp ecosystem.
Click here to learn more about V-Corp and request a demo.
Human resources departments are looking to retain and reinvigorate top talent in the midst of “The Great Resignation,” a phenomenon seeing a record number of workers leaving their jobs or changing careers completely. The U.S. Bureau of Labor Statistics reports that as of May 2021, close to 4 million people had quit their jobs while 9-plus million jobs were available. Driven by economic changes spurred by COVID-19, PwC’s 2021 U.S. Pulse Survey says 65% of employees are looking for a new job and 88% of executives are seeing higher turnover.
The specific causes? According to multiple reports, the number one factor is burnout followed closely by a lack of job growth and the desire for more workplace flexibility. There is a greater focus among employees on personal and professional satisfaction, mental health and wellbeing, and greater engagement within a hybrid work environment.
Inevitably, employees and employers are engaged in a dance of shifting priorities and realities post-pandemic. On the flip side, as we’ve reported before, this means new roles, skill sets and even career paths. And that requires, ultimately, new opportunities for training, new metrics for measuring success, and understanding of job performance and effectiveness. To build and optimize a modern workplace amidst the current employee exodus, HR executives have to be prepared to redefine performance, success and the training delivery required for both.
We begin with skills transformation. A 2020 Deloitte report on human capital trends showed that 53% of companies polled saw an upcoming need for their employees to develop completely new skills and capabilities in the next three years. While some of that slack can be picked up by hiring people with those skills already developed, the reality of most workplaces is that recruitment cannot keep up with rapid economic transformation and innovation. To stay current, most companies will have to support their existing workforce to develop those skills themselves. At Workday, this process is referred to internally as “creating talent,” in direct contrast to “acquiring talent.” While this might sound like a quick and easy solution, helping current employees to learn new skills has its own set of challenges. Many employees, especially those who have spent years specializing in one area may not be interested in or will be slow to adopt new ways of approaching their work; others may see opportunities elsewhere to grow, and still others will decide to change career paths completely. Coaching platforms, like Viveka’s, allow employees and leadership alike to acquire expertise across fields – from executive leadership to mindfulness. This is a powerful tool for helping team members grow, professionally and personally, all without having to bring in full-time outside help to develop new skills and methods. By investing in human potential already on the payroll, companies can increase the relevancy, productivity and capability of existing teams that already have an effective operating structure in place.
But coaching requires an understanding of what skills need to be developed, too. Corporate talent and learning analyst Josh Bersin has identified a variety of AI-assisted tools that allow employees to test their current skills and find deficiencies that could become a problem as their workplace changes. One platform even identifies the potential student’s learning styles to best apply specific coaching methods that would best suit their skill development.
All of these tools and investment are effective only if the employee comes away empowered to use their new skills to also help move their teams forward. This process of “restructuring” or “re-architecting” the way people work requires a level of open-mindedness among leadership who may not fully grasp the value of the outcomes and success metrics of their newly-trained staff. Strong and visionary leaders will instead give their teams room to breathe initially as they flex their newfound strengths and produce different sets of results — these may be in the form of targeted, purposeful, but less rapid growth or more efficient, remote work with the support of automation and AI.
In the final analysis, HR executives are having to shift from a recruitment focus alone to a more effective L&D focus. With a properly trained, managed, and monitored internal team, they can more effectively integrate the new skills that will be required moving forward and provide a more welcoming, sustainable environment for new hires. Thus, eventually, stemming “the great resignation.”
Viveka is now actively partnering with HR departments to help them accelerate their L&D activities with V-Corp, our automated ecosystem that allows HR executives to train, manage and track performance in a plug-and-play platform. To learn more, check out our video, our corporate brochure and then request a demo.
Like so many things, we’ve been reminded over the past year how critical digital innovation and automation is to a global economy. We increasingly see its application even in the most unexpected industries, like food and beverage, to the more common ones — such as manufacturing, engineering, and logistics. Whether you’re a shipping company using machine learning to streamline delivery fulfillment or a basketball team developing complex algorithms to evaluate players and prospects, digital transformation is becoming an essential element of change management and organizational success. And, now, the human resources industry is no different — whether it’s recruiting, payroll and benefits, or employee training, automation has quickly become the norm. The question is, how does a people-centered industry automate in a way that empowers employees rather than eliminates them?
First, automation and cloud capabilities allow for effective internal management, organizational development and remote work. Regarding the latter, think Slack, Monday.com, Zoom, Microsoft Teams. This alone is a significant boon for companies looking to improve their productivity. In April 2021, Bloomberg shared a study that predicted work from home would represent 20% of all work days even after the pandemic, leading to a 5% increase in productivity across the US. Platforms like Zoom and other teleconferencing solutions, allow companies to provide employees with personal convenience without compromising professional results.
The phenomenon is now extending hosting entire events and conferences virtually, which greatly expands their potential reach and attendance of speakers, guests, and prospective partners. Conferences in this format need to be designed with an online – and likely global – audience in mind (a relatively complicated but manageable task, as laid out by the Wall Street Journal). Utilizing these features in the workplace – both for corporate exposure and employee professional development – becomes invaluable and, ultimately, allows for greater interaction than before the pandemic.
While some of the recent standout digital productivity solutions are ones that drive a modern, at times virtual, collaborative office, the workforce is now primed for benefiting from automation tools that solve (or streamline) the world’s most complex problems. At the highest level, cognitive automation solutions like IBM’s Watson, accept a wide variety of queries to help solve complex problems that traditional AI and machine learning solutions cannot. So, whether we’re talking about mitigating crime or maximizing water recycling , automation and machine learning is working to aggregate data and information in ways that make the outcomes more effective. This may seem like the first step toward a human-less workforce or society, but the reality is that automation is still supported by people…and employees. In fact, a 2018 report by KPMG estimated that just 5% of the workforce is actually automated. For the most part, a workplace integrating partial automation and machine learning technologies is augmenting the power of employees, not replacing them.
For an HR department, taking advantage of empowering technology is extremely useful if embraced early. The Academy to Innovate HR stresses that tools available today can already improve efficiency, create actionable insights, and greatly reduce errors, among other benefits. Combined, it makes the menial tasks that once took up so much of an HR department’s time not only easier, but more effective – therefore, freeing existing employees to focus on more important strategic decisions. The Society for Human Resources Management states “The understanding and use of the power of automation may prove to be the dividing line between those who advance in the field and those who are marginalized and, eventually, automated out of their HR jobs.”
Integrating automation and other digital solutions into the workplace, and especially in HR departments, can seem intimidating, but smart implementations of these and other available technologies will allow companies to build a happier, more productive, and more sustainable workforce. If used properly, these technologies can increase collaboration, amplify the power of current employees, decrease overall workload within existing teams, all without significantly adversely impacting the foundational operations of a business. The upside? Helping employees develop new skills, creating stronger teams and becoming an employer of choice.
At Viveka, our mission is to help companies transform their workplace by making learning and development for all employees — from executives to entry level — more accessible and easier to manage. Our automated tools and all-in-one platform help HR departments bring talent and technology together for corporate growth. We never lose sight of people – our mission is to harness the power of our 20,000 coaches to positively impact the lives of employees and the overall success of a company. To learn more about our enterprise solution, V-Corp, visit our website or email us directly.
As a result of the last 18 months, employees and companies are changing how they view the workplace and what it means to them. Work-from-home mandates spurred by the pandemic have forced even the most traditional companies to reconsider the role of an office, leadership, how to build teams and manage performance. Like every unintended consequence, there are opportunities and challenges in making this brave new world work as good or even better than before.
In our last webinar, Dr. Gena Yvette Davis, CEO of True Synergy, Inc, and Viveka coach, shared that 52% of U.S. workers want to at least have a hybrid workplace model, if not continue working from home outright. This is part of what she cites as “The Great Resignation,” a movement away from jobs that make employees unhappy to better and more flexible opportunities. As workers look for autonomy over their time, actions and performance, flexibility may be added as compensation to keep talent on board. Providing remote work as an option is now becoming a critical element of HR recruitment and retention efforts.
However, while remote work may be more convenient for employees, it carries potential drawbacks for both companies and workers. Rahul Kulkarni, CEO of The Sukhi Project, sees what is for some a “complete deterioration of work-life balance.” He cites a study from Oracle that finds 85% of time working remotely can lead to mental health issues: “Deadlines that are giving you stress, conversations that are not exactly delightful with your colleagues.”
“That then goes to your partner five feet away from you, to your children, to your pets. Everything around you. As that boundary between your home life and your work life becomes thinner and thinner, employers are looking for the tools to re-imagine what work-life balance looks like in this modern era.”
Not surprisingly, workplace well-being has become the focus of this new work transformation, and it is still (maybe even more so) dependent on healthy relationships developed among coworkers and managers. It also leads directly to increased retention and overall business growth. Kulkarni says that “As HR professionals know, employees who are friends with each other are four times more likely to be engaged, and much more likely to stay at their job. It is one of the biggest indicators of whether or not someone is going to leave: Whether or not they have their work buddy.” A strong hybrid workplace that values employee well-being can enhance the benefits of working from home while also maintaining, or even improving, the productivity of a traditional office by instilling a sense of autonomy, trust, engagement and a new kind of leadership.
New work-from-home models have disrupted many of the mainstays of a traditional work environment, but it has forced all of us to consider how we collaborate rather than just simply transact. If done well and effectively, especially with the guidance of well-trained coaches and new technologies, it can really enhance overall workplace well-being and the productivity of employees.
For those looking to increase workplace well-being and leadership skills in the hybrid workplace, Viveka and The Sukhi Project offer customizable retreats and training programs designed to foster productivity, engagement, and retention through healthy workplaces.
What begins as an interest to help and nurture often leads to a career of leading others towards excellence. The differentiator? A great leader. While there is no perfect leader, the making of a great one includes basic skills and traits that are delicately balanced and perfected over time. The journey usually starts as an expert, then progresses to mentorship and ultimately to coaching, where an individual client or team is guided to grow into the best version of themselves. So, what are the fundamental qualities of each and where do you fit in?
Expertise is the foundational part of the journey. The authority of an expert comes directly from their years of experience in their industry, but it also comes from a lifelong commitment to honing and improving their skills and knowledge. If this trait is properly developed, an expert can show their peers what excellence looks like in their industry and lead by example. With this comes the respect of clients and employees, and ultimately credibility of work and capabilities.
Mentorship builds on an expertise. While a mentor uses their skills to share their expertise, they are also building a longer-term relationship with individuals that is focused on the totality of professional or personal development. A mentor is there to support their mentee’s growth on a broader level, seeing them develop into a full-fledged professional capable of leading themselves.
Mentoring often flows directly into coaching, which involves specific skills to reach specific outcomes. A coaching curriculum is goal-oriented and the results are measurable. A client or employee will generally look for guidance from someone who is certified and trained in their field, and offers skill sets that directly impact the outcome desired. This often means helping clients develop into their own experts.
Great leaders usually possess many of these characteristics and have the ability to positively influence their peers and clients in ways that allow them to excel beyond their existing abilities. This is needed now more than ever as corporations transform, individual purpose and priorities change, and the world goes back to new ways of working.
At Viveka, we support all three elements powered by technology that makes leadership effortless, productive and fun. Our platform provides coaching and training for individuals and enterprise to grow and adapt to emerging environments, such as the hybrid workplace.
We all know by now the effect COVID has had on the world economy, with immediate impacts that will be felt for years to come. Governments, major corporations and especially small businesses significantly slowed operations, if not came to a complete pause.
By CNN’s estimate, the United States economy was operating at just 57.3% of its February 2020 capacity on April 15th. Just over a year later, we’re seeing light at the end of the tunnel with economies getting back to full speed, thanks in large part to widespread vaccinations and also a returning sense of normalcy. As of May 25, 2021, CNN reports that the American economy is operating at 91% of its capacity. Unemployment claims in the U.S., which peaked at 23 million in May 2020, are down to 3.5 million and job postings are up a gargantuan 53% from pre-pandemic levels after being 30% below those levels one year ago. In a collaborative survey between Forbes and Zoom, organizations expected to make the following policy changes:
Along with these types of adjustments and with millions returning to either the same or new positions, come new and revitalized approaches to talent acquisition and employee management. After experiencing significant unemployment or remote work for the first time, both employees and employers have seen that a traditional office is not necessary to be productive or successful. Remote work options have also greatly increased the talent pool that companies can draw from, and allows for more flexible and productive engagement. According to another recent Forbes article, there are eight skills that will be the most valuable as companies adapt in 2021 and beyond: ambiguity, curiosity, openness, entrepreneurship with empathy, resilience, optimism with imagination, rapport, relationships, and action.
The next challenge is in supporting larger corporations to recoup losses and increase productivity as they re-integrate their employees into this increasingly remote infrastructure. It also marks a great opportunity for everyone involved. The U.S. economy has improved significantly in the past few months, and the global market could recover to the best level in decades. Some jobs will continue to thrive and others will become obsolete, giving way to new skills and practices (think AI and machine learning).
That’s where career, human resources and employee performance experts come into the picture. Getting the most out of this impending macro-level recovery and opportunity will be critical for employees and employers, and coaches who can support this process will be invaluable. This is also where V-Corp, Viveka’s all-in-one SaaS corporate learning and development solution is a game-changer. The platform helps facilitate work-life balance, increase talent retention and employee performance by connecting staff to vetted coaching experts from around the world while also tailored to employers’ needs and HR budget. (Check out our platform features, and then request a demo for early access discounts.)
If you’re already a Viveka Preferred member and would like to be featured in one of our upcoming newsletters, tell us how you’re supporting companies in the new normal by emailing us at email@example.com.
Behind every successful leader, there is a force that propels them ahead. 9 out of 10 times, it is an executive coach operating behind the scenes.
An executive coach is someone who specializes in training and developing business leaders. They are ruthlessly result-oriented and make people see what they can ‘become’ rather than what they ‘are’ today. As a coach, you share your success and failure with executives to help them steer tricky situations in their professional lives.
Professionals choose ‘coaching’ as an alternate career for multiple reasons, but the standout reason remains the incredible sense of purpose it gives them. It is an opportunity to sculpt a successful leader to the finest detail.
On that note, here are stellar eight reasons why senior professionals dig the career of an executive coach:
Reason #1 – The only qualification needed: Experience
Are you a college dropout but still successful professionally in your life? Then you can be an excellent coach! No one is going to judge you based on your education.
Experience is the de facto qualification needed to become an executive coach. Extracting a solution to a problem from your own rich experiences is what coaching is all about.
You really don’t need specializations, licenses, or even certificates to become a coach as companies hire purely based on your reputation, testimonials, and past results.
Reason #2 – You get to pick a model that works for you
Part-time… Full-time… Freelance… Choose a working model that works best for you.
All that you need is a passion, a fervor to share your knowledge in your free time.
You can start as a part-time coach, spend a couple of hours daily coaching executives in parallel with your full-time work.
As you gain traction and more experience, you can switch to a full-time mode.
Reason #3 – Work from anywhere on this planet
Remote coaching is the fad today. With most of the world cocooned inside their homes, the need for remote coaches is booming.
Imagine sitting in your living room in Sydney training an executive in New York – That’s the future!
Reason #4 – Grow along with your mentees
Through coaching, you not only unlock somebody’s potential but also maximize your own performance. Coaching is as much ‘teaching’ as ‘learning’.
It helps expand your expertise by accumulating stories from different executives on what worked for them and what didn’t. You can use this knowledge in your existing workplace or share this knowledge with other mentees to help them not make the same mistakes.
Reason #5 – It grows your network exponentially
Most leaders have a common trait: they invest their time building a mammoth network of people belonging to different professions, industries, and countries.
By coaching such leaders, you get access to their entire network. You can expand your wings and find more opportunities by tapping into executives who were never under your radar before.
Reason #6 – It is a highly respected profession
Like teachers, coaches are highly respected; you can walk into any room with your head held high. After all, you offer solutions by clearing obstacles in someone’s path and help them grow. This is highly respect-worthy.
Also, your knowledge and experience, which were unknown to people previously, are highly valued now.
Reason #7 – The money is good too
The financial fruits of being a coach are also attractive. The best part is there is no investment as you don’t have to set up an office or hire staff.
The earnings of an executive coach are also on the higher side. A study by Harvard Business Review shows that, on average, executive coaches earn $500 an hour. And ZipRecruiter, the popular employment marketplace says that the national average salary of an executive coach in the US is $135,042.
Reason #8 – Sky’s the limit
There is no retirement in a coach’s career. In fact, you will earn more as you age, because you have more experiences to share. Also, you have multiple options to grow; You can start your own consultancy or even partner with a professional development marketplace like Viveka.
Viveka enables transformational learning to thousands of executive coaches across the world and amplifies their growth. To know more about how we can change your life as a coach,