There is no more valuable investment for leaders and organizations than coaching. Leaders set the tone for the entire organization, and the organization can only be as good as its leaders.
- Effective leaders increase the probability of achieving better business performance by 38 percent
- Leadership coaching costs are influenced by the type of coach or provider, the seniority of the client, and the client’s industry
- The retainer or package structure provides clients access to their coach anytime
Leaders must continuously focus on their own growth to keep improving the business and their teams – and that’s a huge undertaking along with everything else on their plates. Coaching supports leaders to focus on their own growth for the good of their teams and the organization as a whole. It leads to improved employee experience and retention and better business performance.
Why is coaching so valuable?
Improving leadership is a top priority for many organizations. Coaching helps leaders become more mature, developed, and clear-minded. They grow as individuals and become better at leading other people. Focusing on their own growth helps them deal with the increasing complexities of our world to shepherd the organization through the highs and lows.
Coaching can also contribute to a better bottom line. In fact, increased leadership effectiveness means a better business performance. When leaders are focused on growing, both personally and professionally, they can align everyone around a shared vision and achieve more nuanced goals. Employee engagement may improve. The company’s vision and purpose are both clearer. And top talent will take notice.
We’ve found that most organizations would love to offer coaching to their leaders but are worried about the cost.
What factors impact the price of coaching?
The cost varies based on many factors such as the client’s level, industry, location, and the structure and services provided by the selected coaching firm. Each coach or firm will have their own pricing structure, which can vary widely from $250 per hour to $1000 per session to $2000 per month or more.
The most senior clients, such as members of the C-suite, will likely benefit from a very experienced coach who has worked with many other C-suite clients. Leaders will need the best of the best – and these more experienced coaches will generally cost more, as they bring a unique level of expertise that leaders need to truly mature and grow. When a more junior employee needs coaching, they can generally work with a less-seasoned coach whose fees will be lower.
Leadership coaching costs will also depend on a business’s industry and location. Many companies offer discounts for nonprofit organizations, for example. Often, due to the concentration of companies, coaching in larger metropolitan areas costs more because of the increased demand for coaching.
Coaching firms are likely to charge more for in-person sessions than virtual sessions, and most coaching these days is occurring online. The investment per leader or session is also likely to decrease through a volume discount if there are multiple people from the same organization participating in coaching.
Coach training and experience is the number one factor in costs. Coaches trained at prestigious universities and certified by the International Coach Federation are likely to charge more than others. The International Coach Federation has three certification levels: Associate (ACC), Professional (PCC), and Master (MCC). Members of the C-suite will want to work with a coach at the PCC or MCC level. Additionally, some coaching firms have multiple coaches on staff that a client can choose from, while others have just one.
What’s a coaching retainer?
Leaders are wise to look for a pricing structure that’s more of a package or retainer approach. This means a coach will set up a series of sessions over a set period, such as six months or a year. During that time, the client retains them so they can reach out with questions or concerns whenever they need to. It’s similar to how a client would retain an attorney to work on their case or offer intermittent guidance and advice.
Going with a retainer is a much better option for a business or leader. Otherwise, it’s hard to stay on the same page or to form a real partnership. With a retainer, it becomes less about the price and more about building the relationship, which is critical for leadership coaching.
The Sparks Group difference
Developing leaders is a worthy investment. It helps leaders improve their self-awareness and maturity. In an uncertain, complex world, leaders need to expand their capacity to manage challenges that don’t have clear answers.
At The Sparks Group, we provide valuable, industry-leading vertical developmental coaching services. Some companies out there may be willing to charge less, but we know that expertise requires time, effort, and investment. We never waste an organization’s resources.
We offer a retainer arrangement so clients can reach out between sessions should something significant happen that merits immediate attention. Coaches support clients even when they’re not meeting, looking at assessment results or finding resources. We believe the coach-client relationship should be close and ongoing.
Our bench of seasoned, talented coaches is comprised of world-class coaches, certified by the International Coaching Federation and trained at some of the best universities. We typically start with a six-month engagement that includes 12 sessions, and we also provide our clients access to an intuitive, functional platform to measure their progress and success.
We offer discounts based on the volume of services required, discounts for nonprofits, and free calls to learn more about each coach and select the best fit.
Contact The Sparks Group now to schedule a 30-minute discovery call.