Performance Management and Business Coaching - Coursework Example

Performance management and business coaching Name Instructor Subject Date Introduction Recent studies have shown that allowances, bonuses and high wages are not the biggest motivator of employees in a corporation. Monetary consideration rank is in the fourth position in the list of preferences for employees, while, only 30 percent of employees consider it as a main factor when looking for a job (Fairley, & Zipp, 2008, p. 24). This shows that modern day employees require some other form of motivation to stick to a job and perform well at it. Human resource manager have devised various method such as maintaining ethical standards, engaging with the employees and coaching them in order to increase their professionalism, skills and the necessary knowledge required to boost their careers and enable them to rise in the respective ranks. This paper is focusing on the latter, the coaching of employees in order to increase their performance. Business coaching Business coaching can be analogized to a coach who pushes his team to their limits in order for them to win a game or a match. Business coaching however takes place in an office where employees are involved, the employees, however, can be looked upon as a single unit (team) that is working to realize the main objectives of the company/organization (Aguinis, 2009, p. 67). Business coaching involves people partnering in order to identify the problems one is facing in their job. The business coach should have the necessary skills to diagnose the problem and the patience to allow the business owner to solve the problem identified instead if jumping and solving the problem for them. It also involves curiosity and courage, the former to prompt one to look for assistance and the latter to gain confidence in the report that is issued (Taylor, 2007, p. 156). A business coach realizes that in this process goal achievement is obsolesce; the client has to move from one goal to the other; that is the achievement of level one automatically moves the client to level two. Benefits of business coaching to: 1. Individuals Business coaching enables individuals to be clear on what they want form life; this gives them the motivation to work towards achieving it at all cost. In their careers they work towards promotion by being more effective and efficient in what they do (Shaw, & Linnecar, 2007, p. 64). Since most of the modern day employees is aware what their passions are, some pursue them in their professions by starting departments that address their interests or as side hustles that facilitate just that. 2. Organizations Coaching is the most effective way a company can invest in their employees, it is cost effective and a guarantee that the performance of their employees is bound to increase. Business coaching increases the motivation and reduces the errors made by the employees. This in turn reduces the time spent in mitigating errors of work in a company (Moral, & Abbott, 2009, p. 29). The culture of the firm becomes enhanced and the employees realize why they work for the company. A behavioral change in the actions of employees is noted as all the stakeholders becomes highly committed and focused due to their work. 3. The team Like stated above, the team also becomes more focused on their actions and performance in their work. They realize that working as a functional unit helps them most in achieving the goals of the company. Behavioral change also occurs but in this instance people become more motivated as a team and this is beneficial for the realization of good results for the organization. Accountability among members of a team also becomes enhanced and this fosters unity and cohesion in the teams. In addition the teams becomes enhanced to work for what they want and to assist each other in realizing their own respective aspirations. TINE Group commenced their business coaching program back in 2005, the company has gone ahead to coach 400 managers in their company. The business coaching program came up as a result of the merging of several dairy farms in the country. To date this merger is the largest that has ever taken place in Norway, the coaching was a follow up plan that assisted the managers, board of directors and the employees in the transition (Leimon, Moscovici, & McMahon, 2008, p. 90). TINE utilized the business coaching program to enable the several groups incorporate a similar culture of their new business and this would be vital in fine tuning the new culture in the business. An additional feature of the business coaching program is the respective friendships and working relationships that have been fostered in the company (Scoular, 2011, p. 239). On the other hand, it is vital to mention that the top executives of Virgin Group occasionally attend business coaching programs that the company holds for them across the globe. Their CEO, Richard Branson has always encouraged the employees to take risks and leap ahead in life. At one point in a particular business coaching program, Richard discovered some hills in Morocco and contacted the national director and Virgin Group acquired the hills made a resort and added to their portfolio of Virgin properties. This was after the other executives encouraged him and complimented the venture (Chartered Institute of Management Accountants, 2011, p. 73). The Groups chairman has severally been encouraging his employees to take these programs together, and the fruit of this have been seen by the numerous friendships and relationships that have been fostered in these trips. Business coaching has been a vital tool in the molding of proper business practices in a company. This is how; 1. The employees acquire unity and cohesion among themselves – this enhances the quality of their work and the cooperation of working together (Schwartz, 2009, p. 128). 2. The friendships made and the good working relationships that are fostered enable the employees to work without conflicts thereby enhancing the human resource asset of the corporation. 3. In addition, the management decreases the time allocation they spent in monitoring the employees and this is beneficial to the employees’ morale as it improves their motivation and individual’s performance (Harvard Business School, 2014, p. 62). When the human resource in a company is motivated productivity increases and the company realizes their goals and objectives on time. The company has its strategic goals aligned according to the resources they have. In this case, the company aligns its motives according to the market, the people (most vital asset of any corporation) and works towards achieving that (McNamara, 2007, p. 52). Personal reflection As this study has shown, one requires the necessary coaching to give them the drive to work and achieve the goals of the company. As stated earlier, business coaching helps one identify the basic wants and likes and the motivation acquired enables them to work towards their passion. This paper has unleashed my most vital strengths that one could utilize in ensuring that the company and future employers are satisfied with my work performance. In the capacity of the manager, my main focus would to be to ensure that I am motivated passionate about may work and living example of how professionalism is and should be like. This would foster admiration mentorship from my subordinates (Bacal, 2009, p. 56). The employees would then work towards achieving similar standard form their careers and achieve their passions, high quality of work and enable them to get reward from their work, for instance promotions. I would also organize and arrange business coaching programs for them to enable these skills to be engraved in the company’s culture. As an employee, I would be on the fore front of accessing business coaching programs; these programs would be the step stone to achieving the characteristics of employees that attend these coaching programs (Rostron, Van, & Sampaio, 2009, p. 92). I realize that I am well gifted in proper people skills, I believed that the coaching would enhance this trait and improve my cooperation with fellow employees (Farmer, 2006, p. 62). Proper people skills would make me a star performer in the work place since it would enhance the relationship with my fellow workers and the management as well as the clients. Becoming a star performer in a company is important since it creates the opportunities for rewards, promotions and success. Business coaching is essential to the cooperation in that all the people involved get motivated (Cadwell, 2010, p. 34). Like for the case analyzed above, where the company culture was fostered through continuous business coaching, I would also like to get employment in a company that regularly organizes these coaching. In the case of Virgin Group, we have seen that through these coaching corporate relationships are created and they enable the company to work in unity and cohesion. This is also the kind of working environment that I would like to work in when I acquire employment. Conclusion This paper has shown the essential attributes that business coaching brings about in a corporation. These attributes are essential to all the stakeholders of the company. The shareholders benefit from the profits gained through increased performance, the management saves time and money that could have been utilized monitoring the work of the employees, as well as, their performance. The employees gain work satisfaction and increased work relationship between them and also between them and the management. The customers and the clients get quality work form the company. This depicts the perfection that business coaching brings to a company. References Aguinis, H. (2009). Performance management. Upper Saddle River, N.J: Pearson Prentice Hall. Bacal, R. (2009). Performance management. New York: McGraw-Hill. Cadwell, C. M. (2010). Performance management. New York: American Management Association. Chartered Institute of Management Accountants. (2011). Performance management. London: BPP Learning Media Ltd. Fairley, S. G., & Zipp, B. (2008). The business coaching toolkit: Top ten strategies for solving the toughest dilemmas facing organizations. Hoboken, N.J: Wiley. Farmer, C. (2006). Business coaching. Cirencester: Management Books 2010 Harvard Business School. (2014). Harvard business essentials: Coaching and mentoring. Boston, Mass: Harvard Business School Press. Leimon, A., Moscovici, F., & McMahon, G. (2008). Essential business coaching. London: Routledge. McNamara, H. 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