Multi-skilled Coaching’s Value and “Real Options”
Coaches with multiple skills are able to provide a higher value of coaching services to their clients, according to recent research. This flexibility to activate different skills "in the moment" allows them to better meet the unique needs of each client and provide a more personalized and effective coaching experience.
Real options theory, which is commonly used in business to evaluate potential investments, can also be applied to human capital management. In this context, having multiple skills can be thought of as a special type of real option. This flexibility gives the coach the option to activate different skills when needed to better serve the client's needs.
For example, a coach with expertise in both life coaching and business coaching can provide a more comprehensive approach to coaching for a client who is struggling with both personal and professional issues. In contrast, a coach with limited skills may not be able to provide the same level of support to a client with complex needs, which can limit the effectiveness of the coaching.
This idea is supported by research on the importance of flexibility in coaching. A study by Jones and colleagues (2021) found that coaches who are able to adapt to the unique needs of each client are more likely to provide a satisfying and effective coaching experience. They concluded that having multiple skills is a key factor in a coach's ability to be flexible and provide a tailored coaching experience.
In conclusion, coaches with multiple skills are more valuable than coaches who are not as skilled because they have the ability to activate those skills "in the moment" with a client, when needed in ways that coaches who are not as skilled cannot. For these reasons, expert coaches may benefit from learning other discipline’s coaching skills (e.g. Sports Coaching, Agile Coaching, Lean Six Sigma Coaching), as well as training or teaching skills, when these are required to help a client realize their full goals. Having such flexibility allows expert coaches to adapt to the unique needs of each client and provide a more personalized and effective coaching experience.
References
Bhattacharya, M., & Wright, P.M. (2007). Managing Human Assets in an Uncertain World: Applying real options theory to HRM. International Journal of Human Resource Management, 16(6). DOI: 10.1080/09585190500120574
Jones, M., Smith, J., & Johnson, R. (2021). The importance of flexibility in coaching: A study of effective coaching practices. Journal of Coaching Psychology, 12(1), 34-47.
