Leadership coaching is an invaluable tool for honing and developing the skills necessary to lead an organization. Whether you're in charge of a large organization or a small office, leadership coaching can help you become a better leader and help your organization reach its goals. But what are the costs associated with leadership coaching?The primary cost of any training program is coach time, which is not just captured in one-on-one conversations with their clients. In many executive-level leadership coaching programs, the coachee often doesn't engage “just with a leadership coach,” but also works with an experienced consultant who can advise you on high-risk decisions, innovations, and investments, which can generate tremendous ROI and impact for your organization.
When it comes to pricing, many coaches charge by the hour, while others offer programs that last a set period of time. This ensures that their clients have sufficient time to develop leadership skills that require time to develop, such as presentation skills or strategic thinking, or to lead through the change and uncertainty. You can also save concrete money in cases where the conflict resulted in negative costs for the company, or even foreshadowed a necessary termination. It's important to note that there is no one-size-fits-all approach when it comes to the cost of leadership coaching. At the Coaching Institute Leadership Forum last month, I met the CEO of a coaching company in Colorado who said that 70% of coaches who identify as leadership, executive, business, or career coaches earn substantially more money than 30% of coaches who identify as life, vision, health, wellness, or spirituality coaches. So how is business coaching different from leadership coaching? Business coaching focuses more on the objectives and achievements of your organization.
It helps you understand relationships within the workplace, leadership tactics, and how to communicate effectively. Before engaging with a potential coach for leadership training, it's important to spend time answering questions about your goals and objectives. Doing so will best prepare you for a conversation about leadership coaching with a potential coach.
