Executive coaching is a popular training tool for senior executives, and it can be a great way to accelerate the transition to a new role or position. Before hiring an executive coach, employers must specify the duration of the contract, the cost, and other aspects of the job in a contract. When considering the cost of executive coaching, it's important to understand what return on investment (ROI) you can expect and whether or not you achieved what you set out to achieve. Those closest to the lower limit may have just one to three years of experience, or specialize in training new leaders looking to become managers or switch to a new career or industry.
Most senior coaches don't set hourly prices, but any contract eventually comes down to the price of time spent training. If human resource managers feel comfortable being trained themselves, they can request that they be trained on their own challenges. Some executive coaches will charge by the hour, while others may refuse to accept short-term projects. Years ago, I trained a woman who was also a coach, had a best-selling book and was the keynote speaker for the 1000 companies on the Global 1000 list. Executive coaching has become increasingly popular among senior executives as a training tool in the professional space.
Joyce, senior vice president and chief people officer at Novelis, says the company uses executive coaching primarily as a tool to accelerate the transition. Senior executives often prefer to be trained by someone outside the company so that they feel comfortable disclosing their vulnerabilities. Coaching is most effective for executives who are preparing for a promotion, who are taking on a new position, or who have run into an obstacle in their development. Conducting some type of evaluation at the beginning of a coaching contract to get feedback on the executive is a good practice that you shouldn't rule out. As certified coach Michael Esposito of SPHR says: “A great coach asks profound questions and the client finds the answer for himself.
Because each executive coaching commitment focuses on different objectives, it's difficult to apply universal metrics to measure effectiveness. So how is business coaching different from leadership coaching? This training focuses more on the objectives and achievements of your organization.
