This industry encompasses establishments that offer short duration professional development and management training programs. The drastic shift from blue collar to white collar work in the economy, as well as the rapid advancement of technology changing business practices has created a demand for workplace training beyond the initial entry-level work. Most of the services offered take place in a day long seminar format, in order to maximize efficiency. Common skills that are emphasized in business coaching services include leadership, communication, and collaboration, as well as more technical skills for new programs and platforms that the company will be using. As studies show that employee empowerment facilitates productivity and growth in the workplace, more and more companies seek business coaching services.
Business Coaching Industry Trends
Due to the pandemic, the business coaching industry declined 7.5% in 2020 alone as many businesses closed their offices and quickly shifted to virtual work. Furthermore, the economic downturn led many operations to cut costs wherever possible, going to such extremes as letting employees go. As a result, very few companies were able to allocate resources to external spending such as business coaching. Although the business coaching industry is expected to recover with the rebound of the economy, the industry is still expected to decline by 0.2% in 2021. One major change that the business coaching industry will likely have to adapt to is the shift to virtual means of providing their services, as this format provides a more flexible approach to client companies willing to invest in business coaching services but are still having their employees work remotely.