In previous articles, we’ve discussed how a coach can help you become more successful, formats of the sessions, and confidentiality issues. By now, I am sure you are thinking, “Bottom line it for me, Katee. How much is this going to cost me?”
It’s all free! (Just kidding) The costs of a coach are pretty flexible. I will give you an overview of executive coaching options, as well as an overview of a life coach, should you go down that path.
Executive coaches work with individuals and organizations. The costs of a coach differ a bit depending on the relationship they have with the individual or organization: coaches who work with organizations charge more because they not only coach someone, but they also have responsibilities vis-à-vis the organization.
In a 1:1 coaching relationship, your coach may charge anywhere from $75-$250 an hour. The average is $200. Keep in mind that you get what you pay for and the cheapest solution is not always the best.
Some coaches offer packages for 1-3 months of service that includes 2-3 hours of scheduled 1:1 sessions, email or text support, as well as ad hoc calls as needed. You should always expect your coach to give you homework between sessions. Having a monthly plan will ensure you can reach out if you have trouble throughout the month and if you need a bit more support. Be thoughtful with these commitments. Each individual is different and to make a longer term commitment, you want to make sure you really have made sure it will be a good partnership.
According to the Conference Board, the hourly rates that companies pay for coaching services range from under $200 to more than $500 per hour for services at all levels of an organization. On average, organizations pay $300 per hour. The length of these engagements vary, but on average run nine months. Many organizations keep coaches on retainer. This is usually a great plan when you are sending multiple people to the coach or have a less experienced leadership team who will need to be coached to grow in their role.
Life Coaches have become more popular in recent years as folks have wanted a more holistic approach to coaching. A life coach focuses more on the wellbeing of the individual in all aspects of their life, not just at work. These coaches on average charge $200 per hour, but again, there is some variance depending on location, packages, and specific needs.
Regardless of what path you choose to engage in with a coach, know that their ultimate goal is to help you get better. If you are committed to working with your coach, the sky is the limit and you will enjoy even more success in your future.