Three sources converged on me this week to confirm the increasing relevance of executive coaching. Let me share what each source had to say, and then explain what this has to do with executive coaching.
First, I got an email from a firm called Birkman International sharing these facts, based on some research they have done in 2011 with companies about their talent management:
– 75% believe there is or will be a talent shortage.
– 63% view retention as a big challenge in 2011
– Less than 8% feel fully prepared to retain top talent.
– 75% see a talent gap between boomers and younger generations.
These facts alone show huge opportunities for executive coaches to help companies coach up and coming talent, help executives retain top talent, and help organizations create cultures that attract top candidates.
But, as the infomercial says, wait there's more….
A recent Wall Street Journal article noted that, as the headline read, "India Graduates Millions, But Too Few Are Fit to Hire." They cite one company that can only find 3 qualified hires out of 100 graduates. We in the USA worry about overseas competition, and we should. However, this article notes that few Indian graduates can communicate effectively in English and a huge percentage can't even grasp educational basics. In other words, there are massive global opportunities to help companies with talent wars.
Third, I work with many healthcare executives, and these executives are scared to death about attracting top nursing talent that can handle new technologies, deal with declining budgets, and rise to become nursing management. Attracting good nurses is hard enough with the aging of the population and demand for healthcare. Many nursing students need remedial skill development in writing, math, and English, which is a pretty scary thought to those of us who might need a good hospital some day. On top of that, finding nurses who can rise into leadership positions and manage one or more units is proving to be a daunting challenge.
So there you have it: evidence at a macro USA level, evidence at a global level, and evidence from a single industry. It seems that almost anywhere you look, there is an opportunity for executive coaches to help organizations retain and develop top talent.