Before hiring an executive coach, employers must specify in a contract several aspects of the work, such as confidentiality, duration of commitment, cost and medium. HR professionals should also determine if they use internal or external coaches, or a combination. Companies can use these coaches for whatever they need: coaching, facilitation, training, interviews. Senior executives often prefer to be trained by someone outside the company so that they feel comfortable revealing their vulnerabilities.
To become an executive coach of high-level public officials and politicians, recognition generally requires extensive professional experience in business and industry or in the public sector. When looking for an executive coach for the leaders of an organization, it is important to consider who will be the person in the room with the leader. Similarly, many executives who feel that their business needs to evolve to grow may be reluctant to invest in themselves as part of the development strategy. Joyce, senior vice president and chief personnel officer at Novelis, says the company uses executive coaching primarily as a tool to accelerate the transition.
Hiring a coach can be a punitive measure or considered a privilege granted to the organization's highest-ranking leaders. An effective coaching commitment also requires an investment of time and money. On average, clients in New York, DC and Los Angeles will pay more for training than clients in Texas, Nebraska, or Colorado. If your expected annual salary increase is 5% and your coach supports you in negotiating a promotion that increases it to 10, 15, or 20 percent, you will recover your training fees in a single year. My sincere intention is to help as many coaches as possible to value themselves appropriately, earn a living as a coach, and capture more of the value they create for others.
Most senior coaches don't ostensibly pay by the hour, but any contract eventually comes down to the price of time spent training. When considering hiring an executive coach for your organization's leaders, it is important to consider all aspects of the work that need to be specified in a contract. This includes confidentiality, duration of commitment, cost and medium. It is also important to determine if internal or external coaches are used or if a combination is preferred. Additionally, it is important to consider who will be the person in the room with your leader when selecting an executive coach. The cost of executive coaching can vary depending on location and other factors.
On average, clients in New York, DC and Los Angeles will pay more for training than clients in Texas, Nebraska or Colorado. However, investing in executive coaching can be beneficial as it can lead to increased salary increases and other benefits. Ultimately, my goal is to help coaches value themselves appropriately and earn a living while capturing more of the value they create for others. It is important to remember that any contract eventually comes down to the price of time spent training.