What is the cost of executive coaching?
Those on the lower end of the price bracket may only have one to three years of experience, or they may specialize in coaching new leaders who want to take on the manager role or move into a new career or industry. Before hiring an executive coach, an employer must specify various aspects of the work in a contract, such as confidentiality, duration of engagement, costs, and medium. HR professionals must also decide whether to use internal or external coaches or a combination of them. If your expected annual pay increase is 5% and your coach helps you negotiate a promotion to increase it to 10, 15, or 20 percent, you’ll get your coaching fees back within a year.
When HR managers feel comfortable being coached themselves, they can ask to be coached on their challenges. Certified coach Michael Esposito, SPHR, says, “A good coach asks profound questions, and the customer finds the answer. The non-profit International Coach Federation provides guidelines, qualifications, and accreditations for academic coaching in schools. The work also usually requires the coach to have a more comprehensive and deeper understanding of the coachee’s business dynamics.
This is partly because the higher the coachee’s level is in the organization, the more significant the coachee’s impact on the company. Certified coaches with a proven track record of working with CEOs and executives receive a higher fee than less qualified coaches or coaches who coach people at a lower level in an organization. Most coaches offer a discovery session or coaching taster course to get to know yourself and help you set goals. Individual qualifications include Associate Certified Coach (ACC), Professional Certified Coach (PCC), and Master Certified Coach (MCC), with ACC being the most basic level and MCC being the strictest level.