Of course, the cost depends on several factors. Before hiring an executive consultant, the employer must specify in a contract several aspects of the job, such as confidentiality, length of contract, cost and medium. HR professionals must also determine whether they use internal or external trainers, or a combination of them. These services are often very attractive because they allow executive coaches to increase their time and are usually sold as a monthly advance or a subscription.
When you consider the cost of executive coaching, you'll want to understand what the return on investment (ROI) is and whether or not you achieved what you set out to achieve. Self-awareness and communication are two aspects that executive coaches can criticize and modify to maximize the potential of their organization. Coaching is most effective for executives who are preparing for promotion, who are taking on a new position, or who have encountered an obstacle in their development. Because every executive coaching engagement focuses on different goals, it's difficult to apply universal metrics to measure effectiveness.
Ben Dattner, executive coach and organizational development consultant at Dattner Consulting LLC in New York City, suggests that comprehensive feedback should be confidential, but that the development plan based on it should be shared. Conducting some type of evaluation at the beginning of a coaching session to get feedback on the executive is a good practice that you should not rule out. Just as “life coaches have become increasingly popular among people interested in personal development”, executive coaching has become widespread as a training tool in the professional field. Senior executives often prefer to be trained by someone outside the company so that they feel comfortable disclosing their vulnerabilities.
Some executive coaches charge by the hour, while others may refuse to accept short-term projects, in general. However, it doesn't necessarily have to be the final figure by which your executive coaching options are measured. With these considerations in mind, you and your company will be prepared to explore executive coaching options and make the best decision for your company, your leaders and emerging leaders, and your circumstances. Joyce, senior vice president and chief people officer at Novelis, says the company uses executive coaching primarily as a tool to accelerate the transition.
