Could Covid Have Been The End Of The Coaching Industry?

The short answer is no. But it still could change it forever.  

Back in 2020, when the pandemic first started re-shaping the world, economies around the globe had to harness dramatic changes to maintain their balance. 

It’s no secret that all industries took a hit in revenue, except, maybe, online shopping and online streaming services (kudos to you, Jeff Bezos ;)). The Coaching Industry wasn't an exception. 

A survey conducted by PricewaterhouseCoopers (PwC) in collaboration with International Coaching Federation (ICF) to measure the impact of Covid [1] on the Coaching Industry shows that almost 49% of the 10,000 coaches surveyed endured reduced income, and 37% experienced some form of employment changes due to Covid. For a short moment, many industries had to stop to wonder whether their future was to pivot or disappear entirely - and this included coaches all over the world. 

However, the changes that the Coaching industry has witnessed as people struggle to make sense of all this, are far too significant to be ignored. 

Fast forward to 2021, and people worldwide are slowly coming to terms with the idea of living with certain restrictions and understanding that our lifestyles may not "go back to normal" anytime soon. This is our 'normal' now. 

We are all learning to navigate this so-called ‘new normal’ at a rather painfully slow pace. What some could see as the most dispiriting experience of recent history, I’d like to challenge you to recognize as the grandest opportunity for growth our generation of coaches has witnessed. 

You see, the fact that all these
extreme changes have occurred in such a
brief period has made a true miracle occur:
humanity has finally understood
that asking for help is okay.

Mental health and wellbeing became a trending topic overnight.

A mere two years ago, speaking openly about needing therapy remained taboo; and in many countries Coaching was still seen as a side gig. 

With the isolation, drastic adjustments in our lifestyles, and the great unknown that lies ahead of us, people have finally acknowledged the rampant need for support. These recent developments have made the role of coaches and wellbeing professionals not only ever more critical but necessary - A conversation that would have taken years to develop had it not been for Covid. 

“Prior to COVID-19, we projected that by 2040 there would be far more emphasis on early detection and prevention strategies for mental and wellbeing issues compared to today. The recent health crisis, however, likely accelerated that timeline by 10 years or more” - Published Deloitte in their research article Could COVID-19 accelerate improvements in mental health and wellbeing? [2]

The fantastic thing about all this is that the rise of the coaching industry is only starting. 

Don’t take it from me; look at the statistics:

Experts in the field and the global coaching community surveyed by PwC [1] are confident; this is only the beginning. Coaching will emerge stronger from this pandemic. We are seeing it today. 

“Hospitals and health systems, community and government organisations, and employers have different perspectives about where mental health is headed, and how it will get there. Providers, for example, are seeing more care shift from the inpatient setting to the outpatient setting, and now toward more virtual care. Community organisations are increasingly focused on prevention and resilience building activities; and employers are beginning to consider mental health and wellbeing as essential to maintaining the health and productivity of their employees” - adds the author in Deloitte’s article. [2]

Covid-19 has been one of the hardest things humanity has had to face in recent history. There’s no denying that. The millions of lives we’ve lost to it, the mental and emotional trauma so many people are enduring now and will continue to endure in the upcoming years due to this experience, is something the world could have definitely done without. 

Amidst all the challenges, this pandemic has taught people something critical: Whether it is washing our hands or watching our thoughts; caring for ourselves is the best way to care for others. And let’s face it, we’ll only get through this if we do it together. 

So, while we’re grieving our losses and counting our blessings, let’s remember this pandemic brought a significant step forward for humanity; Mental Health and Wellbeing are finally in the spotlight. That is, to say the least, a win in my books.

With this, I want to speak to the professional coaches all over the world.

Coaches, we are here, healthy and safe, and are now standing in an industry with an estimated market size expected to reach $20 billion by 2022 [3], one of the fastest-growing sectors today. The responsibility that comes with all this growth is real. 

For the first time in history, people are open to asking for help and receiving it, which only means we should be there, readily available to provide it. So let’s put on our best spirit of service and offer the support our peers need. It is our time to shine and re-shape the future of our industry, and dare I say, humanity.