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The coaching and mentoring industry will continue to grow over the next ten years

May 25, 2020

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The coaching and mentoring industry will continue to grow over the next ten yearsThe coaching and mentoring industry will continue to grow over the next ten years

For many years, coaching and mentoring have been the preferred option for millions of people to make quality leaps in their personal and professional lives.

In times of crisis, it is one of the activities of exponential growth; and it is predicted that it will be one of the most relevant sectors in the current transformation and digital acceleration. Those of us who are professionally dedicated to this activity are seeing greater demand in times of uncertainty.

For the American newspaper National Post “Coaching is the second fastest growing profession in the world and only competes with information technology. Coaching has become a much more demanding profession based on knowledge of other disciplines.”

Observers from the sector from five continents estimate that it will continue to boom in the next ten years and will accompany the processes of the VICA environments (volatile, uncertain, complex, ambiguous) that are expected to mark this new decade, which is the decline of the global one The world is shaped and the “glocal” focus (think globally, act locally) with the effects of trade and border restrictions, to name just a few transformations that mark a new era.

Both coaching and mentoring are tools to promote the development of people’s skills. In addition to the traditional framework of different psychotherapies, these disciplines – which, it should be remembered, do not replace a process typical of psychiatric professionals – can grow if professionals in the industry know how to adapt to the new ones.

One of the essential points for which coaching and mentoring work is that they start from the present moment of the person and accompany them in the desired state: their goals, objectives, internal obstacles to be overcome and forms of targeted support that do not They focus on suffering, reliving painful past experiences, but improving their strengths and opportunities rather than spending all their time reviewing and deepening the roots of their weaknesses. In short, they are not working on trauma, but on the potential that this person has.

Another specific characteristic is that working hours are defined both individually and in teams with a beginning and an end. with measurable and tangible goals that need to be conquered step by step, and shorter in terms of interventions.

In the case of mentoring in particular, the discipline detaches itself from coaching in terms of its instrumentation, since everyone who is a mentor must have had professional experience that in some way enables him to lead and advise the mentee (“mentee”). The most common is the individual meeting.

During the coaching, the support focuses on the activation of the internal resources that each individual has through methods of different currents.

There are currently five major styles of coaching worldwide, and a multitude of variations inspired by them: North American, European, NLP coaching – neuro-linguistic programming, neurocoaching and ontological – are among the best known. Everyone has their differences.

Some are characterized by the fact that results are faster and possibly better suited for the business and corporate world and are concerned with speed and agility. others, more reflective and philosophical; even though they are united by the axis of inviting people to show their potential that is often hidden.

The coaching market

According to the John Maxwell team I am part of, the markets estimated that the Coaching industry More than $ 15 billion was raised in 2019, totaling $ 7.5 billion in the U.S. alone. The rest are distributed in practically every country in the world.

According to MarketData LLC, The coaching industry is the second fastest growing sector in the world. In 2019, there were an estimated 100,000 coaches worldwide, of which 92% are active, meaning that they are fully or partially involved in this activity.

There are companies that are committed to offering certification to coaching schools by paying fees and dollar fees. Although certification is not required to practice as a coach and that is being developed by mentors around the world, the same study estimates that the average annual income is between $ 27,000 and $ 73,100 per person per year. Some specialized coaches have annual sales in excess of $ 100,000.

How much is charged?

The coaching and mentoring platform, launched by technology developer QRoom LLC of the United States, found that global average fees in Spanish-speaking countries start at about $ 80 an hour for a coach or mentor Initial level, ie those who have less than three years of proven experience; Value that rises to $ 200 for intermediate level over four years; and about 350 per session for those with more than ten years of experience dedicated to this activity. Since May 2020, more than 700 coaches and mentors have been registered in this portal.

In the United States, Sherpa Coaching conducted a study that found 14% of executive coaches earned $ 500 an hour, 35% between $ 150 and $ 299 an hour, and 43% between $ 300 and $ 500. In another report what has Harvard Business Review Ten years ago it was stated that a top coach can earn at least $ 500 an hour.

Currently, global averages are closer to those reported by due to fluctuations in regional economies. The mention of such a technological platform and app is not isolated: more than 66% of the provision of coaching and mentoring takes place online. Although there are processes that require personal experience, particularly in Europe and the United States, it is common for the meetings to be virtual, using different types of platforms and even audio-only calls. In contracts with international companies, industry experts offer their services remotely and in several languages, depending on customer support.

On the mentors’ side, their values ​​are similar to those of a trainer in the case of the premium level. It has to be highly specialized, with a lot of business preparation and concentration on agile and concrete results: these are the prerequisites for intervening at company level most of the time. Even their fees can be higher.

Of course, the variety of fees varies depending on the service market, and these numbers are global. In this sense, this can be equated with the spread of other regulated activities, such as psychology or psychiatric professionals, medical specialists, lawyers, or accountants, some of whom charge $ 40 while others exceed $ 800 or $ 1000. It all depends on the experience, the positioning, the personal brand, the trajectory and above all on the reputation they have. And those in the “Hall of Fame”From the industry set their own parameters.

Within the coaching, the best payments are those with proven experience and effectiveness of business interventions, the so-called “executive coach”, where they offer solutions that add real value to the business.

To stand out in this area, it is necessary to get a preparation that is not learned in the traditional schools of the sector, but takes years. It essentially consists of the integration of knowledge from other disciplines and basic professions, which is formatted as a coaching process for organizational interventions and provides results with KPIs, measurable and tangible indicators.

The effectiveness of these processes

Most companies around the world use coaching and increasingly mentoring as learning tools for their managers and teams.

In a report published by the RoboCoach website, he states that “Studies by MatrixGlobal in coaching for a Fortune 500 company have shown that coaching generates a return on investment of 529% and several significant intangible benefits for the company, resulting in a return on investment.” increases global investment to a level of 788%. “In simple terms, the investment is much lower than the return companies get on the effectiveness of the professional coaching tool that is applied to different industries.

It also shows data from the magazine capital “Show that coaching increases leadership performance in companies that implement coaching technology by 88%.” In this case, the improvement compared to learning systems or classic organizational interventions would be noticeable. Basically because both the coach and the mentor bring the entire axis into the person and in their permanent development and connect them with a systemic approach – for example the company in which they work – so that they can achieve results that meet the principles and align values ​​personally with those of the organization and their specific goals according to their role.

Immediate future

The dizzying transformations of the world, digital acceleration and the transition from personal work to distance format or Home office They are encouraging for the coaching and mentoring industry.

Professionals who have consistently developed and positioned their personal brand are in better shape than those who perform their tasks almost anonymously or only through recommendations.

For the business portal Dugudd-Hoy “it is expected that the business coaching sector in First World countries will grow faster than the economy from 2012 to 2017” by 2022. And even in recessive contexts, people and companies always need support, guidance, guidance and containment.

This means that coaches have to use a very common tool from the world of mentoring: business and organizational analysis, since they are dedicated to working in different sectors and know different companies to serve their customers. The majority of touring coaches suffer from the fact that they were formed with a fairly rigid and watertight format that is not very modern. The more rigid your training stream is, the less opportunities for expansion and flexibility you have in the real world.

In practice, every coach – like an entrepreneur, and in fact the coach should also be one of his own activities – has two jobs: professional practice and permanent study of the economy and its industry, so as not to reduce their chances of work.

Offering their online services such as courses and training, specializing in abandoned industries, and focusing on hard industries (which most coaches miss because they’re less entertaining or much more demanding) are three inescapable alternatives.

The trend towards micro-learning is also compatible with the work of trainers and mentors. People have an increasingly busy life, so the knowledge that is divided into small capsules as thematic units (not in the excerpt from a long course shown by excerpts) opens up a fabulous spectrum for content marketing.

A world of possibilities

After all, these aspects are critical to your presence in the industry if you want to be a full-time coach or mentor:

  • The guiding principle is to create added value and to be able to measure it tangibly and concretely: Up to now, trainers have relied on perception positions about the effectiveness of their work. Customers now want their progress to be measured concretely. Many trainers already use their own highly effective tools for this.

  • Professionalize permanently regardless of your career path.

  • Develop your business, investment and strategy plan for at least five years. This means that the coach and mentor must begin to see themselves as a company, not just as an independent professional who has no plans for what they do.

  • Create and improve the personal brand, contribute to the knowledge industry and interact with new tribes that may be using their services. Content marketing is essential to take your work to the next level.

  • Interact in open circles and leave the microclimate of professional associations, which they often only achieve if they constantly look at their navel. The world is much broader, more challenging, and potentially interesting to benefit from experiences and attract customers.

  • Socialize knowledge across all types of media and resources that have been created and those that are emerging, such as Artificial Intelligence, Augmented Reality, and Virtual Reality, that can be integrated and improved in professional performance.

All of these parallel measures will serve as a basis to achieve a virtuous effect of greater relevance in its segment and to be at the forefront of innovation in the coaching and mentoring sector.