According to a recent CoachHub survey of 601 organizations, spanning 32 countries and 19 industries/sectors, nearly 9 in 10 organizations predict a 1% to 10%+ increase in coaching investments over the next year. (Source: CoachHub Global Survey: Business Trends in Coaching 2023. New York: CoachHub)
While not every coach wants to be employed by an organization, it’s clear from these findings that there are expanding opportunities for those training to become coaches.
There are several reasons for this sustained interest and investment in coaching. For organizations, effective coaching improves employee engagement, retention, and well-being—all of which are crucial to success in the modern world, and are absolutely essential in a highly competitive global job market.
As coaching becomes more mainstream, we’re also seeing a rise in new technologies and approaches that are making it easier than ever for coaches to connect with clients and deliver impactful results.
And as people are becoming more comfortable with forgoing the inconvenience of in-person meetings in favor of virtual meetings, the coaching industry is poised to continue its growth well into the future.
With so much opportunity comes increased competition. As the coaching industry continues to grow, coaches need to differentiate themselves and their services.
Those who can successfully position themselves as experts in their field and build a strong personal brand will be the ones who thrive in this ever-growing industry. Becoming a certified coach, especially one with ICF accreditation, will be a key way to set yourself apart from the competition in 2023 and beyond.
Here are just a few reasons why the coaching industry is forecast to grow so significantly in 2023:
#1 – Businesses and organizations are focusing on digital transformation and the shift to hybrid/flexible work.
This digital transformation is requiring businesses and organizations to support their employees in new ways—and coaching is one of those ways. Coaching can help employees manage change, work through transitions, and develop the skills they need to be successful in a hybrid/flexible work environment.
Additionally, coaching as a key strategy for continuing professional development is becoming more popular as businesses seek to develop their next generation of leaders.
Many businesses and organizations are also restructuring/re-organizing, which can be difficult and stressful for employees. Coaching can help employees deal with these changes, learn new skills, and find new opportunities. According to the CoachHub survey, 47% of organizations plan to reskill and/or “upskill” people to support changes in business/work culture.
#2 – The continued rise of the gig economy and entrepreneurship.
2020, 2021, and 2022 saw significant shifts in the workforce as more and more people turned to gig work and entrepreneurship out of necessity. This trend is expected to continue in 2023 and beyond, which means there will be an increasing need for coaches who can help people navigate these uncharted waters.
#3 – The global pandemic has led to a heightened awareness of mental health and well-being.
The past couple of years have been trying for everyone, and the mental health toll has been significant. As we emerge from the pandemic, there is a greater awareness of the importance of mental health and well-being. This is expected to lead to an increase in demand for coaches and coaching services.
As the concept of “quiet quitting” becomes more popular, organizations will be looking for ways to deal with work-related stress and burnout. Coaching can help employees manage their mental health, set boundaries, and find work-life balance—not to mention helping businesses retain their talent.
#4 – The growth of digital detoxes and the importance of self-care.
In the age of technology, we are constantly bombarded with information and notifications. This can be overwhelming and lead to burnout. As a result, more and more people are seeking out digital detoxes and ways to disconnect from technology. This has led to a renewed focus on self-care, which is something that coaches can help with.
#5 – Growing awareness of the benefits of coaching.
The popularity of podcasts and other digital content that feature life coaches has led to a greater awareness of the benefits of coaching. This has helped to dispel some of the misconceptions about coaching and has made it more accessible to people who may not have considered it before. The rise of social media influencers who are sharing their personal development journeys has also contributed to this, and as a result, more people are seeking out coaching to help them reach their goals and flourish.
What does this mean for you?
If you’re thinking about becoming a life coach, 2023 is shaping up to be a great year for the coaching industry. There are strong indications that the coaching industry is on an upward trend trajectory and will continue to grow in popularity in the coming years. Thus, now is the perfect time to develop your skills by enrolling in an online coach training course, applying for ICF accreditation, and becoming involved in the coaching community.
If you’re already a practicing coach, 2023 presents an excellent opportunity to expand your practice and reach new clients. Make sure you are positioned to take advantage of the trends that will shape the coming year—and consider ways you can incorporate some of these trends into your coaching practice.
If you work with clients who are facing challenges related to any of the trends mentioned above, you may find yourself in high demand next year. Get ahead of the curve, and prepare to begin helping your clients solve these pain points.
For example:
- If you work with organizations, consider how you can help their employees deal with the challenges of digital transformation and the shift to a hybrid/flexible work culture.
- If you work with individuals, think about how you can help them manage their mental health and well-being.
- If you work with entrepreneurs, helping them navigate the gig economy and develop a self-care routine could be valuable for them.
Coaching is a powerful tool that can help people flourish and organizations thrive. As we move into the next year, the coaching industry is poised for growth—so make sure you are positioned to take advantage of the opportunities that will come your way.
No matter what type of clients you work with, being aware of these trends will help you be a better coach and serve your clients more effectively in 2023 and beyond.
