The Institute of Directors- Ghana (IoD-Gh) has unveiled a partnership with the Association of Coaching Practitioners, Ghana (ACP) to, among others, undertake some joint pro-bono training activities twice yearly for members of the institute.
At a Memorandum of Understanding (MoU) signing ceremony, the first session, dubbed VUCA Edition of Coaching for performance, would see the coaches guide COVID-19 affected businesses get back onto their feet.
Rockson Dogbegah, President of the Institute of Directors- Ghana mentioned that it is generally recognized that the practice of corporate governance basically encompasses all aspects of an organization’s operations.
“The governance systems, structures, strategies and operability are constantly being reviewed in line with current trends and the dynamics of the environment.
Corporate governance has become an increasingly topical issue because of the far-reaching consequences of the impact of corporate governance failures on organisations and nations,” he said.
In making reference to a quote by the former World Bank President, James D. Wolfensohn who once said: “The Proper Governance of Companies will become very crucial to the world economy, as the proper governance of countries”, Mr. Dogbegah explained that as critical stakeholders, promoting ethical and effective leadership across the socio-economic and political spectra of the country is of paramount importance.
With the world presently going through unprecedented and turbulent times, corporate managers and leaders in both the private and public sectors are experiencing disruption, uncertainty and change at such a spiralling rate due to the effects of the novel Coronavirus. Indeed, organizations, institutions and businesses are faced with varying degrees of needs requiring solutions not based on predetermined plans, be they strategic, financial or operational.
Catherine Engmann, President of ACP recounted the enormous benefits of coaching. She shared some insights from a 2009 research conducted by the International Coach Federation (ICF) which findings suggested that coaching in organizational and leadership settings has proven to be an invaluable tool for developing people across a wide range of needs.
The benefits of coaching she intimated were many; 80% of the study participants who received coaching were reported to have increased self-confidence with over 70% benefiting from improved work performance, relationships, and more effective communication skills.
Eighty –six percent of companies she continued, were also reported to have recouped their investments on coaching.
Fred Aryeetey, Chief Executive Officer of IoD-Gh, shared the vision of the joint project stating that the joint activity seeks to create awareness among industry players explaining that decision makers and critical actors in both public and private sector spaces are the target group.
He added that this intervention is especially crucial in this Volatile, Uncertain, Complex and Ambiguous (VUCA) world.
Buttressing his point, he made reference to a more recent survey in 2016; Building a Coaching Culture with Managers and Leaders, conducted by the Human Capital Institute in collaboration with ICF.
The survey respondents were reported to have mentioned that the most important indicators of the impact they observed in their organizations were: improved team functioning – 57%, increased employee engagement – 56% and increased productivity – 51%. These were cited as the top three responses by over 50% of the respondents.
It is the joint wish of the two sister institutions that coaching will become the mainstay of businesses as leaders seek strategies to remain relevant and competitive.