Executive Coaching is most effective for professionals who are moving into a new role, who are preparing for a promotion, or who have hit a wall in their career development. Many organisations primarily use executive coaching as a transition acceleration tool. As key leaders are moving into larger positions, they need assistance from a coach to share collective wisdom, operate as a sounding board and help them stay focused.
An employer must specify several aspects of the work in a contract, such as duration of the engagement, confidentiality, medium and cost, before hiring an executive coach. HR professionals also need to determine whether to use external or internal coaches or a combination of both.
Duration
At Integrative Coaching, we believe that most aspirations can be achieved in six to nine months when meeting twice a month. Often, clients prefer to continue their sessions to focus on different specific objectives.
Confidentiality
Stakeholders can only be brutally honest about strengths and weaknesses when feedback is confidential. Everyone involved must be clear about what is shared, with whom and when. At Integrative Coaching, we suggest that feedback should be confidential, but the development plan based on the feedback should be shared.
Medium
Many coaches prefer to meet in person. People become much more transparent with someone they see in front of them. At Integrative Coaching, we meet with clients twice a month for one-and-a-half to two hours but might alternate with a phone call. With regards to external coaches vs. internal, senior executives typically prefer executive coaching by someone from outside the company. It makes them feel more comfortable revealing their vulnerabilities.
Cost
Qualified Executive Coaches charge between $2,500 and $3,000 a month. Even though coaching can be a high-priced investment, it offers a high ROI compared to other leadership development options. Executive Coaching is an ongoing relationship, as opposed to a short program where participants are supposed to magically emerge transformed.
How Much Does Executive Coaching Cost: The Return on Investment
It is difficult to apply general metrics for gauging effectiveness since each executive coaching engagement focuses on different objectives. At Integrative Coaching, we believe that the greatest return on investment comes from permanent behavioural changes.
We have to remember that turning around bad relationships or changing behaviours takes time, as executive coaching should be viewed from various perspectives. But if the executive is fully engaged in the coaching process, over time, there should be a shift in the right direction.
Most HR departments don’t have the internal expertise to create a development program, and an outside resource can come in with a fresh perspective. Executive coaches focus on providing constructive actionable feedback required for the long term growth of a leader. The return on investment will be multiplied by the improvement of your employees.
For more information about Executive Coaching or to book your complimentary session, get in touch with Integrative Coaching today.