Why Virtual Coaching Is Booming
In the digital age, everything is going virtual. From distance learning and telemedicine to even the metaverse, the popularity of virtual experiences is on the rise.
The same is true for life and success coaching. This particular industry is becoming increasingly more productive and competitive. In fact, the global market for online coaching was worth $1.938 billion in 2020 — and by 2028, it is expected to reach $4.567 billion.
But what exactly is driving the meteoric rise of virtual coaching? Below are a few of the reasons why virtual coaching is booming.
It’s in demand
In a recent survey conducted among senior executives, 81% of respondents agreed that hybrid work will be the standard operating procedure in various industries as early as 2024. Meanwhile, 100% stated that remote and hybrid work models are vital in attracting young talent. Yet 72% of businesses lack a clear strategy for successfully creating a remote or hybrid workplace. These same businesses are turning to virtual coaching as a way of supporting employees as they begin to implement these models in their own organizations.
Businesses are no longer limited to strictly choosing among coaches in their area. Now, they can consult coaches from across the globe. They can even choose one that best suits their organizational goals. Training and development professionals can enhance employee skills and knowledge to guide them towards career development and success. Meanwhile, health experts can help as health and wellbeing coaches. Ultimately, businesses and their employees can use virtual coaching to benefit from a more diverse range of coaching expertise.
It’s convenient and accessible
Like everything else that’s virtual, virtual coaching is significantly more convenient and accessible than its traditional counterpart. Employees no longer need to choose between performing their responsibilities at home and attending a coaching session. Businesses and employees alike no longer need to factor in financial factors like the cost of renting — and commuting to — coaching venues, either. Instead, participants can attend sessions no matter where they are in the world. They can access them on their home computer or even via mobile if they’re on the go.
Virtual coaching platforms make things even more convenient by putting multiple functions in one place. Instead of giving physical handouts that are eventually discarded or lost, coaches can provide materials that are easy for participants to access from a platform’s dashboard at their convenience. Integrated AI and feedback tools make it easier for businesses to give their employees more effective and relevant coaching services. Even scheduling coaching sessions and tracking their progress can be done more easily from coaching platforms themselves.
It offers improved outcomes
The success of coaching in general is attributed to a positive relationship between coach and participant. That’s why, unlike distance learning — which has been proven to cause academic learning loss — virtual coaching can be just as effective as in-person coaching. Virtual coaching is also compatible with modern technologies like the built-in data analytics in virtual coaching platforms. Aside from helping coaches tailor their content to participants’ unique interests and needs, these analytics allow coaches and businesses alike to track and further improve participant engagement.
Through this synergy of technology and the expertise of accredited coaches, businesses are more likely to realize benefits like improved employee productivity and performance, better mental health, and increased retention rates. More importantly, virtual coaching will help employees foster a strong growth mindset. Because mindset can impact how people are able to live their lives the way they want, we’ve previously lauded mindset coaching as something that all kinds of coaching should involve. Ultimately, this means businesses can get the most out of their coaching investments.
When coaching meets modern technology, the result is more relevant, convenient, accessible, and effective services. It’s no wonder that more businesses and even enterprising individuals are looking to benefit from them — and all this leads to the virtual coaching boom.
Article written by Roxanne Joss
Exclusively for Dr. Nicolya
