When it comes to hiring an executive coach, the amount you pay depends on the experience and expertise of the coach. Those with fewer years of experience or who specialize in training new leaders may charge less than those with more experience. On the other hand, if you're looking for a coach to help improve the performance of a high-level executive, you may need to pay more. The amount of time you spend with your executive coach also affects the cost.
Generally, you can expect to spend one or two hours a month, or 24 hours a year, with your coach. Some executives choose to hire a coach for themselves to gain insight into their strengths and weaknesses. Companies may also invest in an executive coach for high-performing employees who have less seniority. Hiring your own executive coach can also be beneficial as it allows you to discuss confidential topics without worrying about them being shared with others.
Executive coaching can help strengthen your interpersonal and leadership skills, increase motivation levels, and provide a path for career progression. Most senior executives, directors, and officers have the opportunity to work with an executive coach. When looking for an executive coach for your organization's leaders, it's important to consider who will be in the room with them. It's also beneficial if the coach is certified as this can help them gain better recognition.
Working with C-level executives usually requires a more educated coach who is in higher demand and spends more time understanding the client's business. The responsibilities of an executive coach are similar to those of an athletic coach and the pay can be quite substantial depending on their client base. Executives may hire a coach to identify areas that need improvement in their current role, plan for their future work, or help them think about their transition plans. Managers may also decide that an executive coach is the best way to motivate employees and help them define their professional progress.