What to do when budgets are cut? What to do when key people are still leaving because of the skills shortage?
In-house coaching and mentoring programmes are one of the most cost-effective development processes available – because in setting up such schemes, you develop two people at once – the coach or mentor and the coachee or mentee. Coaching and mentoring skills contribute hugely to the leadership and management skills of any manager.
Effective coaching can improve performance and productivity. Effective mentoring can improve employee engagement and can significantly accelerate career development. When the wheel turns, where is your talent? Talent retention and development during tough times can have handsome returns in the good times.
A severe economic downturn after a lengthy period of growth brings many challenges – people-related as well as company survival related. People are anxious and fearful whilst at the same time, the ambitious continue to seek opportunities to grow. More experienced people have lived through several downturns before and can offer wisdom and support to those who have not had this experience. In-house coaching and mentoring schemes can tap into these resources and provide the support required. In-house coaching and mentoring schemes are also effective measures to manage change and allay fears.