In today’s fast-paced work environment, job security is a major concern for many employees. With advances in technology and increasing global competition, job roles are constantly evolving, and it can be challenging for employees to keep up. In such a scenario, retaining top talent becomes critical for organizations, and digital coaching has emerged as a secret weapon to achieve this goal.

What is Digital Coaching?

The practice of “digital coaching” is using technology to mentor and coach staff members so they can advance their careers and continue to be effective in their positions. Virtual coaching sessions, videos, podcasts, and online courses are just a few of the various formats this kind of coaching can take. Organizations can increase job security for their staff by ensuring that they have the information and skills necessary to carry out their tasks proficiently. This can be done by giving employees access to digital coaching.

The Impact of Digital Coaching on Employee Retention

It is impossible to overstate the effect of digital coaching on employee retention. According to research, employees who regularly receive coaching and feedback are more likely to stick with their companies. According to a recent Deloitte study, organizations with excellent coaching cultures had employee turnover rates that were half as high as those of their competitors.

Organizations may develop a strong coaching culture and keep their best employees by investing in digital coaching.

The adaptability of digital coaching is one of its key benefits. Employees can obtain coaching and advice through digital coaching at their own pace and convenience without interfering with their workdays. Those with busy schedules or those who work remotely will especially benefit from this. Additionally, digital coaching may be adjusted to each employee’s unique demands, ensuring that they receive coaching that is particular to their needs.

Best Practices for Implementing Digital Coaching

Organizations must choose the platform that best meets their needs in order to successfully adopt digital coaching. There are many different digital coaching platforms accessible, and each of them has special features and capabilities. While some platforms offer a wider variety of coaching services, others are more focused on a particular niche, such platforms for leadership development. Businesses may make sure that their employees are receiving the support and advice they require to succeed by choosing the appropriate platform.

A personalized digital coaching program is another important step in making sure a digital coaching endeavor is successful. In order to do this, it is necessary to pinpoint the precise knowledge and skill areas that employees need to grow in and to build coaching programs that target them. Organizations can make sure that the coaching their workers receive is pertinent to their jobs and in line with the organization’s aims and objectives by designing a personalized coaching program.

The success of a digital coaching program also depends on providing coaches with the training they need to use the platform properly. To use the platform effectively and give coaching and feedback to staff members, coaches must receive training. This might entail instructing coaches in both coaching methods and how to use the digital coaching platform specifically.

It’s also crucial to gauge how well the digital coaching program is working. This entails establishing specific goals and objectives for the coaching program and monitoring development toward these objectives. Organizations can discover areas for development and modify the coaching program to make sure it is producing the expected results by gauging the coaching program’s success.

Overcoming Challenges in Implementing Digital Coaching

Even though there are many advantages to digital coaching, putting one into practice can be difficult. Employee resistance to change is one issue that often arises. Given their familiarity with conventional coaching techniques, some employees could be reluctant to adopt digital coaching. To address this issue, businesses must inform staff members of the advantages of digital coaching and give them the tools and assistance they need to use the platform efficiently.

The expense of starting a digital coaching project is another difficulty. While there are numerous accessible, low-cost digital coaching platforms, organizations might also need to spend money on coaches or training programs to make the effort a success. To overcome this obstacle, companies must assess the return on investment of the digital coaching project and show key stakeholders the advantages of the coaching program.

Conclusion

In conclusion, digital coaching is a potent tool that businesses can use to keep top talent on staff and increase job security. Organizations may make sure that their employees have the skills and knowledge necessary to carry out their duties effectively by giving them access to coaching and mentoring through digital platforms. Digital coaching is a great tool for businesses of all kinds and sorts since it is flexible, adaptable, and scalable.

Organizations must choose the best platform, design tailored coaching programs, instruct coaches on how to use the platform efficiently, and assess the coaching program’s effectiveness in order to successfully launch a digital coaching effort. Also, organizations need to be equipped to deal with obstacles like employee resistance to change and the expense of putting a digital coaching campaign into place.

The benefits of digital coaching are clear, and organizations that invest in this tool can create a strong coaching culture that promotes employee development and retention. By providing employees with the coaching and guidance they need to succeed, organizations can boost job security and retain their top talent, ensuring their long-term success and growth in today’s competitive job market.

Hi, I’m Max Volokhov, head of R&D at Mitgo Tech. Today I want to talk about a relatively young tool – Venture Client. It seems to have been specially created for IT businesses with their increased demands for speed, product testing, and other magic. If you take into account that in our turbulent times any modern company is a little bit IT, then the circle of interested parties expands almost to the entire market. So,

There is a field of knowledge called corporate innovation, in which a company creates something new. Recently, innovation tools have shifted from R&D laboratories towards open innovation – working with the external market. The company creates an interface that is responsible for searching and analyzing everything new that appears in the relevant field.

For a long time, the paradigm was: if you want to work with a startup, you must buy a stake in it, enter it through a VC. Or you could buy it completely, which is called M&A. The venture client model solves roughly the same tasks, but by working with it, you don’t have to buy shares or invest, you just need to buy the startup’s services at market price.

You get the product, and the startup gets the money to continue developing and not die. That is, for business, it is the same step towards innovation, but cheaper and with a wider choice, because not everyone is willing to sell their shares for various reasons. Therefore, it is a way to greatly expand the number of projects and the range of solutions that can be applied in the company.

What distinguishes purchasing services from a startup from the classic procurement of a company? Why is it singled out as a separate direction, which even has its own name?

These are completely fair questions. Buying services and products from both large and small companies is a long-standing practice, and there is nothing new about it. However, as the market structure changes and startups begin to play an increasingly important role, there is a need to turn the process of interacting with startups from an isolated incident into a systematic approach. This is where “venture client” comes in – a conscious and formulated process of systematically and massively procuring services and products from startups, while also managing the risk that comes with working with startups.

Two factors come into play here. Firstly, purchasing needs to be done relatively quickly, as the procurement process in a company, with all its approvals, can take up to a year, while in the case of startups, it may need to be done in just a month. Secondly, startups always carry a risk. It is highly undesirable for a large company to expose itself to risk from such a small partner, which is why there is a special “sandbox” where mutual benefits can be tested without risking the entire business.

Within companies, both business and service can act as “customers” for such a dedicated department. Some are interested in increasing sales, while others are interested in reducing costs and improving the efficiency of their processes. Therefore, essentially, any head of a function, service, or business in the company can be a venture client. Therefore, this tool is quite flexible. Everyone has different requests, and for each request, if it is clearly formulated, companies can be found that promise they can help. Of course, this is a conveyor job: finding not just one, but a dozen, conducting pilots with all of them, understanding what is real and not just pictures and presentations.

Here’s a work situation, for example. I am the head of the sales department. I need to, let’s say, increase sales to a certain volume, and I want to test new customer retention and management methods. I go to the R&D department and say: I have this task, offer me a choice of ten technologies that are currently being developed by startups for us to conduct pilots with. Then the guys go off and find those companies that promise they can influence the desired metrics. Next, a joint pilot is conducted, and in the end, it becomes clear whether it works or not.

Then there are three scenarios. The first simply involves a short-term contract for work, like any other supplier. The second option is that the startup can be “handed over” to the innovation department, which can buy a stake in the startup. The third format is the complete purchase of the project, that is, M&A. If you understand that the startup has a real core feature and you want to move with it into the markets, you want it to be yours and no one else’s, then yes, you should think about buying it. The main thing is that in any of these three scenarios, you already have experience working together, and therefore the risks are always lower.

If we look at venture clients from the perspective of startups, there are two key benefits when working with a large company. The startup receives investments, which provide more time to find the right product. This can be seen as a healthier way of obtaining investments. You receive them from your activity, which is what you were created for, essentially.

For example, you can charge your phone with some super-fast method, or you can charge it properly through the right port and with the default voltage. In the long run, it’s still better for the phone’s battery to be charged correctly. In our case, it’s the same thing – healthy business relationships between two entities, two companies, where everyone understands what to expect from each other. One declares, “Here’s what we’re going to do,” and the other pays for it. That’s it! Crises begin when the number of variables, expectations, what the company should or should not do – whether it’s about profit or growth, a strategy for exit, or something else – increases in these relationships. Here, all of this simply fades into the background.

The second important point is that all clients are the main source of feedback. Big or small – that’s secondary.

In conclusion, I want to answer one common question. When, for which company, does it make sense to look at this type of R&D work model?

The answer is very simple – if you want to survive in the next decade, then your company must have this function. Right now, it may be something new, but in a short time, it will be a must-have. If the company is large, such a department can be created in-house, and if the company is smaller, it makes sense to resort to the services of an agency that will cover this function for it. There are fundamentally no limitations. This is a basic task of any self-respecting company that doesn’t want to die and wants to grow. If there is no development task, and you just need to stay afloat, maintaining the status quo as it is, then of course, you can do without it. But again, there are no guarantees.

If you have any comments, thoughts or insights, please, let me know via email. Or you can visit my personal blog at Maxv.tech for more info about startups, VC and corporate R&D.