Any company that’s seeking to grow needs to have one thing in order to make that happen: good leadership.
There’s been many a company with an excellent product or service idea that’s ultimately gone under as a direct consequence of poor leadership. Simply put, the quality of your business’s executives could make or break your business.
Enter executive coaching.
This unique industry provides coaching to C-suite level executives. Those who provide coaching have some of the best minds in industry leadership and are able to draw on significant experience to impart leadership wisdom.
If you’re thinking that executive coaching fees may prove to be a prohibitive expense for your company, don’t. In this article, we’ll answer the question of how much executive coaching costs so that you can see how affordable executive coaching rates generally are.
How Much Does Executive Coaching Cost?
The cost of executive coaching depends on the fee schedule that your coach adopts. There are several different ways that the fee may be structured.
One of the most common fee structures is an hourly rate. To answer the question of how much do executive coaches charge per hour, on average, we can take a look at some data. As a general rule, you’re going to be paying a minimum of $200 an hour for executive coaching services.
Rock bottom pricing will typically be for younger coaches who have less industry experience and are new to the coaching field. Experienced coaches may also charge less to train lower-level executives.
If you’re wanting the best coaches to train your highest-paid executives who have the most responsibility, however, then you can expect to pay in the range of $500 an hour or more.
Some executive coaches also adopt lengthy programs that are paid upfront. For instance, you could pay $10,000 over the course of a few months for a structured coaching program. This type of service will necessitate a long-term commitment, so only go in for this if you’re 100% confident of the coach’s ability.
How Does Executive Coaching Work?
So now that you know how much an executive coach will typically cost, let’s get into how executive coaching works.
First and foremost, let’s talk about the executive coach. What characteristics describe an executive coach?
The most important thing the coach needs to have is experience. If the coach himself or herself never had any exposure to high-pressure, high-level leadership, then how could they expect to impart any useful advice?
The second thing a coach will need is an inherent teaching ability. Not all of us were born to teach. Some folks are just better at giving wisdom and training than others. An executive coach needs to have the unique ability to communicate with and mentor high-profile, high-potential individuals.
When you decide that you want to use an executive coaching service, your executives will typically go through an introductory process with their coach where they discuss preliminary things. They may talk about background experience, current issues, future goals, and the like.
Then, the executive coach commences regular sessions with their pupils. The regularity of these sessions are depending on how much coaching you think your executives need — the more regular they are, the more you’ll have to pay, of course.
During each session, the coach may cover everything from dealing with top-of-mind issues to developing long-term leadership habits. Everything will be targeted towards developing that executive into a better all-around leader.
What Are the Benefits of Executive Coaching?
So why do you need executive coaching? So far, it sounds like it’s going to be 1) a lot of expense and 2) a lot of time. What benefits can your company expect to realize from executive coaches?
The most obvious benefit is that your company’s executives will be able to improve their leadership. Better leadership translates into greater long-term growth.
The right executive growth will also be a great resource in times of crisis. When something comes up that has the potential to cripple your business or set it back significantly, your executive coach will be able to draw upon their years of experience to advise your company’s leaders want to do in this situation.
Another important benefit to think about is the network of industry connections that the executive coach brings. Naturally, these coaches have lots of interactions with very high-profile leaders in your industry. Your executives may be able to tap into this network. Expect to see your company win deals and contracts that they never could have before.
Last but certainly not least, an executive coaching service shows one thing to your leadership. It shows that your company is dedicated to its development. By investing in their personal and career growth, you are showing your leadership how much you value them.
As any savvy HR department knows, hiring an executive is a long, time-consuming, expensive process. First, you have to think about recruiting costs. It’s also going to take a long time for the executive to be productive. They’ll undergo a long onboarding process to learn the ins and outs of the departments they’re responsible for.
The end result is simple: executive turnover is a nightmare for your company.
When your leaders feel more valued, they’ll be more likely to work hard in your business and less likely to leave. If these benefits have convinced you, be sure to check out this company for executive coaching services.
Build Better Leaders At Your Company, Starting Today
There you have it. With the right executive coaching strategy in place, you now know just how much your leadership (and thus, your company) will be able to grow. By investing in executive coaching fees now, you are investing in your company’s long-term future.
All that’s left for you is to embark on the journey to find the right coach that fits your leadership style. Be sure to only choose a service that is extremely reputable and well-connected in your industry.
For more business advice, be sure to check out the rest of the articles available on the website before you leave!