17 January 2009
Few organisations are currently seeking to embed a coaching culture across their businesses

Global research from ACCA (the Association of Chartered Certified Accountants) suggests coaching and mentoring is being poorly practised across the finance profession, revealing a lack of understanding of good practice and ultimately leading to poor returns on training investment.

Key findings of the report, called "The Coaching and Mentoring Revolution - is it working?" surveyed 700 ACCA members across 170 countries, reveal that although most organisations believe in coaching and mentoring, it is an aspiration - not a reality. Few organisations are currently seeking to embed a coaching culture across their businesses:

  • 85% of respondents believed it would be beneficial to use coaches but over 60% of organisations do not use accredited internal or external coaches to develop the competencies of finance professionals.

  • 85% of respondents deemed it beneficial to implement a coaching culture but lack of buy in from senior management remains a challenge for the establishment of coaching practices in many organisations.

  • Although many employers include coaching as a style of leadership in their management training programmes, it is not seen as a compulsory requirement.

    The report confirms that coaching practices tend to be restricted to senior management only, and suggests that the profession would benefit from wider adoption at all levels of management. It also advises that better understanding of cost benefit of coaching and mentoring practices would aid buy-in.

    Tony Osude, Head of Professional Development at ACCA says: "Even in these lean times, organisations are struggling to maximise their return on investment in their people. Though coaching and mentoring practices continue to evolve and good practices exist at some of the larger global organisations, there is a lack of understanding of good practice more generally across the profession."

    Jamie Lyon, co-author of the report at ACCA, says: "We see very clearly that the establishment of coaching and mentoring practices across the profession is an aspiration rather than a reality for most organisations. Coaching and mentoring is incredibly powerful but unfortunately in many cases these benefits are not materialising because the practices are not being utilised as widely as they could be."

    Nicki Hickson of Ernst & Young says, "When Richard King, Ernst & Young Managing Partner UK and Ireland, talks openly about his own coaching programme and the need for "Emotional Intelligence" in all leaders and professionals, that's when the firm knows we are serious about coaching and mentoring."

    Tony Osude concludes, "These are harsh economic times and budgets will be trimmed. Everyone wants the biggest bang for their buck and coaching gives you that. We think there are a number of actions organisations can take to improve the coaching process - wider adoption and training of more finance professionals as accredited coaches would be beneficial, at middle and senior management level. Having a good mentor is often key to successful career development."

    -Ends-

    ACCA is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management. We have 325,000 students and 122,000 members in 170 countries worldwide.

    • ACCA has worked with governments, national organisations and development agencies in emerging economies- for over 20 years- promoting the accounting profession, to create value for the communities, businesses and individuals it serves.

    ACCA believes that globalisation of business means that one set of reporting standards is essential. We favour the principles-based IFRS.

    ACCA understands the real issues facing small businesses as 63,000 of our members work in SMEs or small partnerships worldwide.

    For further information, please contact:
    Helen Thompson, ACCA Press Office
    phone: +44 (0)20 7059 5759 / + 44 (0) 7725 498 654
    e mail: helen.thompson@accaglobal.com

    The full report can be downloaded from ACCA's web site: www.accaglobal.com/hcm/isr

    Deepak Chainani
    Country Manager - UAE & Qatar
    ACCA Middle East
    P.O. Box 500671 
    Knowledge Village 
    Dubai 
    United Arab Emirates
    tel: +971 4 391 5451
    fax: +971 4 366 4068
    email: deepak.chainani@ae.accaglobal.com
    www.accaglobal.com

    Global standards: the business benefits- join the debate at www.accaglobal.com/global_standards 

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    © Press Release 2009