Embarking on the journey of hiring an executive coach can be an exciting but daunting task. Many people I speak with face a common hurdle: not knowing where to begin. Questions like “Where can I find the right executive coach?” and “How do I choose the best one for my needs?” might be swirling in your mind.
Perhaps you’re even unsure if hiring an executive coach is the right decision to unlock your full potential as an executive. Don’t worry, I’ve got you covered! In this blog, I’ll demystify the process and provide you with the answers you seek. So, before you let doubt hold you back, let’s dive into the world of executive coaching and find the solutions together.
Who Should Hire an Executive Coach?
Determining whether you should hire an executive coach can be a challenging question to consider. But understanding the true essence of what a coach does and the invaluable assistance they provide makes the answer crystal clear. As the International Coaching Federation (ICF) beautifully states, a coach is an individual who “partners with clients in a thought-provoking and creative process that inspires them to maximize their personal and professional potential.”
Imagine having a dedicated thinking partner by your side, your companion as you unleash your potential and achieve remarkable growth. Whether you’re a business leader seeking to elevate your company’s success or a manager aiming to conquer new professional milestones, an executive coach can be your catalyst. With their guidance, both your personal and professional aspirations become within reach.
You should hire an executive coach if you want to bring out the best in yourself and everyone you work with. An executive coach can allow you to align your team members with your company goals, be a better decision-maker, improve your ability to prioritize, achieve a better work-life balance, and grow your self-awareness and emotional intelligence.
What’s the Typical Cost of Hiring Executive Coaches?
Cost is a consideration in any business decision. Hiring an executive coach can help you to become an effective leader and achieve professional growth, but you also need to make sure it makes financial sense. You want to know that you’re getting value for money and paying a fair price. So how much does it cost to hire an executive coach?
The cost of professional coaching will vary, with a number of factors affecting prices. The cost can be influenced by location, the experience and reputation of the coach, and the type of coach and specifics of the services offered. On average, coaches will charge between $100 to $500 per hour. Of course, many coaches may charge more or less than this. Some coaches even charge in the thousands per hour or session.
When considering the typical cost to hire an executive coach, it’s also natural to wonder about the potential return on investment (ROI). Well, the numbers speak for themselves. According to a Metrix Global Study, organizations that engage in executive coaching see a remarkable average ROI of 788% times their initial investment.
Furthermore, another survey revealed that 80% of executives who received coaching reported increased self-confidence, while 70% experienced enhanced work performance, and fully 96% of executives would hire a coach again.
These statistics vividly highlight the significant benefits and tangible outcomes that can be achieved through the guidance of an executive coach. With such promising figures in mind, it becomes evident that investing in a coach is not just an expense but a strategic move toward unlocking your full potential and achieving extraordinary success.
l…Is an Executive Coach Really Worth It?
Of course, you may ask yourself whether hiring an executive coach is really worth it. What will you get from an executive coach that you perhaps wouldn’t be able to teach yourself, or even learn from a mentor, a course, or a book on coaching? The truth is that you can gain a huge amount from working with an executive coach.
While the tangible advantages of enhanced leadership skills, improved productivity, and increased self-confidence are widely acknowledged, there is an unusual benefit that often goes unnoticed: the expansion of one’s perspective.
An executive coach serves as a trusted confidant, exploring with you to discover a fresh outlook on challenges and opportunities. Through insightful conversations, questions, and thought-provoking exercises, they encourage executives to step outside their comfort zones and explore new possibilities.
This unique vantage point allows leaders to gain a broader understanding of their roles, their teams, and the ever-evolving business landscape. By embracing this newfound perspective, executives can make more informed decisions, develop innovative strategies, and foster a culture of adaptability within their organizations. Ultimately, this ability to see beyond the obvious can lead to groundbreaking breakthroughs and a remarkable competitive edge in today’s dynamic business environment.
What Should You Look for in Executive Coaching Services?
You might have decided that you want to hire an executive coach, but that doesn’t necessarily help you to find the best executive coach for your needs. You need to be able to identify the right coach for you and ensure their services will help you to be a better leader. There are multiple things that you should look for in an executive coach to ensure you make the right choice.
- Credentials: hiring an ICF-certified professional coach provides reassurance that they are trained in recognized and proven coaching methods.
- Clarity: ask questions about their process, including what their process is based on and how they will adapt it to you.
- Experience: ask about what kind of clients they take on or examples of coaching mandates to learn more about their experience and results. Most coaches have confidential client lists but it’s fair to ask for some general information about roles and industries.
- A fresh perspective: learn about the coach’s coaching philosophy to understand how they can bring a fresh new perspective to your leadership skills.
- Why is it important to hire an ICF-Certified executive coach?
- As I mentioned above, when you’re looking for an executive coach, it’s essential to prioritize those with ICF professional coaching credentials. The International Coaching Federation (ICF) is renowned as the global authority for coaching standards and ethics. By choosing an ICF-certified coach, you’re selecting a highly qualified professional dedicated to your success.
- They possess extensive training, adhere to a strict code of ethics, and stay updated with the latest coaching practices. Working with an ICF-certified coach provides you with confidence in their expertise, a trusted partnership, and a commitment to your growth and well-being.
- Hiring an ICF-certified coach ensures that you’re working with a reputable professional who upholds the highest standards of coaching.
The Top 4 Questions to Ask to Find Your Perfect Executive Coach
A good executive coach will ask you questions about what you want to get from working with them, but you also have the opportunity to ask them questions. Here are my top 4 questions to ask when you’re hiring a coach to help you with your skills.
What is your coaching approach or methodology?
Understanding the coach’s approach is essential to ensure it aligns with your needs and goals. Ask about their coaching style, techniques, and how they tailor their approach to each client’s unique situation.
How do you establish goals and measure progress?
A coach should have a structured process for goal-setting and measuring progress. Ask how they help clients define and track their objectives throughout the coaching engagement. This will give you insights into their effectiveness in helping you achieve tangible results.
What is your availability and preferred mode of communication?
Ensure that the coach’s availability and preferred communication methods align with your preferences and logistical considerations. Clarify expectations regarding session frequency, duration, and whether coaching will be conducted in person, over the phone, or through virtual platforms.
What happens if there are problems or concerns?
If you encounter any problems or have questions, it’s important to know what steps you can take. During challenging moments or when you face an issue, it’s crucial to have a strategy in place for providing honest feedback and seeking resolutions. So, ask how you can effectively communicate your concerns and find suitable solutions to any problems that may arise.
Remember, these questions serve as a starting point to evaluate the suitability of an executive coach. Feel free to customize them based on your specific needs and priorities to ensure you find the perfect match for your coaching journey.
Summing It Up
In wrapping up this blog, I want to highlight the number one reason why you should consider hiring an executive coach: it’s all about changing your perspective. When you partner with a coach, you’re opening yourself up to a world of fresh insights and new possibilities that can truly transform how you approach your role as a leader.
Through meaningful conversations and targeted guidance, an executive coach helps you uncover blind spots, challenge those pesky limiting beliefs, and embrace a growth mindset. This shift in perspective is like a magic gift that ignites incredible change and helps you unlock your hidden potential.
So don’t miss out on the chance to invest in yourself. Embrace the opportunity to work with an executive coach and watch as your leadership soars to new heights. Trust me, this journey is one you won’t regret. And if you’re interested in talking to me about your own executive coaching journey, I invite you to book a call with me here.
by: Corry Robertson