Hiring an executive coach can be a scary experience when you ’re not sure about what to anticipate. For this reason, there are a many answers to common questions numerous business owners and managers have before deciding executive coaching is right for them.
Who is coaching for?
Executive coaching programs are for any professional interested in growing themselves and the company they work for. While entrepreneurs, directors, and small business owners are most generally associated with having executive trainers, having a C- suite title isn’t a demand. Depending on the company, multiple lesser- position workers receive business coaching paid for by their employer. Some businesses offer a paycheck for this type of development, while others might have an organizational coach their staff can meet with. This is a great way to multiply leaders who are heavily invested in fulfilling the business’s needs.
How do I know if an executive coach is the real deal?
Today, there is a large amount of executive coaching services and individual coaches available. The industry is presently experiencing a boom in growth. In fact, a study in 2015 showed the coaching industry made a total profit of 2.356 billion, and that number increased to 15 billion in 2019. This means there are a lot more coaches out there than there were several years before. That being said, it’s hard to tell who’s a legit coach, and who’s not. So make sure to ask for their qualifications, read online reviews, and make sure your gals align with their experience.
How much do executive coaches cost?
Costs associated with executive coaches vary from coach to coach. Pricing depends on a coach’s experience, accolades throughout their career, and how high in demand they are. The type of coaching needed also affects the cost of coaching. For example, some coaches offer team building, which is generally less costly than working one-on-one. Online programs can also have a lower price marker than meeting with a business coach in the office.
What is the ROI when hiring an executive coach?
Before hiring an executive coach, most entrepreneurs and owners want to know what type of return they’ll get on their investment. While results will vary, the data is very compelling.
- MetrixGlobal LLC reported that coaching clients got a $7.90 return for every dollar spent.
- A study by the ICF (International Coaching Federation) found that “19 percent of those studied indicated a measured ROI of at least 5,000 percent.
As mentioned above, hiring a coach for your business can be scary, but it is well worth the time and money you will put into any coaching program. For more information or if you’re looking for executive coaching in Vancouver, contact us today!
