CoachHub launched a new tool designed to help HR managers estimate the financial implications of its digital-coaching tools within the organization. The company said the CoachHub ROI Calculator offers a high-level estimate of digital coaching programs’ financial impact of as a way to help L&D leaders make more data-driven budgetary decisions.
The CoachHub ROI Calculator takes a range of factors into account, including the number of coaching participants, their average annual salary, employee turnover rate, the company’s annual revenue and its number of employees. After evaluating those metrics, the calculator determines a coaching ROI percentage based on an estimated increase in value from improved employee performance and retention figures weighted against the costs of implementing a digital coaching program.
CoachHub said the formula for its coaching ROI percentage “is based on extensive research and experience from its global behavioral science team.” By weighing the costs against coaching’s potential benefits, HR managers can estimate the financial impact of digital coaching on their organization. Such benefits, the company said, include incremental revenue from improved performance, as well as savings from improved retention.
The CoachHub ROI Calculator is just one way the company says it’s helping customers measure the impact of their digital coaching spend. This announcement comes on the heels of launching CoachHub Insights™, an enhanced dashboard to deliver actionable, real-time insights on the impact of coaching programs.
In April, CoachHub released an AI-based personalized career coach, which it called AIMY. Building on the company’s capabilities in coaching along with insights from behavioral scientists, the generative AI-powered coach is designed to guide users on their “journey to personal and professional growth.” The company planned to roll the product out in beta as a non-commercial pilot project for free.