As Robert Hargrove said, “A masterful coach is a vision builder and value shaper…who enters into the learning system of a person, business, or social institution with the intent of improving it so as to impact people’s ability to perform.”
But the question remains: is executive coaching worth it? The process can cost a company thousands of dollars — a lot of money to invest in a single person. If that kind of money is of no consequence to your business then chances are you need little convincing. Executive coaching is a tried and true process that helps executives at all levels and branches within a company reach their goals.
First it’s important to examine how the fee structure is set up. The hourly rate of a coach is determined by the status of the client and is a reflection of the level within an organization they are aiming to reach. In other words, a client working for a smaller company may pay less for executive coaching than someone who might be working at a large corporation with thousands of employees or making deals in the millions. Low levels executive coaching rates can start as low as $200 per hour and reach upwards of $500 per hour.
The next aspect to consider whether or not to enroll in executive coaching is based on who the coachee is. To ensure you’re getting a proper return on investment from that person is to weight their responsibilities. Here are some key questions to ask in regards to their role:
• Do they manage a team of people?
• Can they make decisions that can have lasting effects on the company?
• Do they represent a client that is of great value to the company?
If your answer is yes to any of those, then they person would benefit from coaching. Why? Well, here’s just a few key areas that this kind of one-on-one training has been known to help:
1. Self Confidence
Coaching can help turn a self-conscious employee into a confident leader. Confident leaders make more effective decision makers, take accountability in their actions and in turn inspire others. Someone with new-found confidence will take charge of their duties, become a better speaker in meetings and light up the room with clients.
2. Fresh Perspective
The reason some people need coaching in the first place is because their stale approach to their job. Getting bogged up in the ways of the past can make for a ineffective decision maker and create a pattern of laziness. Coaches spend a lot of time helping their clients look at their decision-making process differently, opening them up to new insights and approaches, often leading them on a path of self-discovery.
3. Creative Boost
Is your business stuck in a rut? Coaches will assist their client in determining new thought patterns, and help them become a better team player. Opening the door to collaboration can inspire fresh ideas which can take the company to new places.
If you can see any of the above improvements as means to get not only a return on investment, but an opportunity for growth, then it’s definitely worth considering. Where you start to see exponential growth in investment is when the coachee is a supervisor, manager or someone who works overtop a team. Learned skills will flow down through the that person to his or her team like a waterfall, and in turn can be the root cause of a company-wide refresh.