Executive coaching is a specific part of success coaching focused more towards leadership skills. If you are looking for an executive coach either individually or for your company you are probably wondering what it executive coaching costs. I will give you some hard numbers but first lets discuss what executive coaching can do for you and/or your company, what to look for in an executive coach, and how to go about hiring an executive coach or executive coaching firm.
Whenever contacted by a potential client, a good executive coach first determines whether executive coaching is right for the person or company. Some of the information they will be looking for: What are your current problems? How much are those problems costing you and/or your company? Where would you like to see improvements? What is working well now? Although, it’s advantageous to have solid numbers when contacting an executive coaching company, a good executive coach can help you uncover potential issues you don’t currently know exist.
Let’s say your an individual who currently makes a salary of $100,000 a year. You contact an executive coach to learn to be a more effective leader and to acquire a higher position in your company. One of the first things an executive coach will ask you is how many hours per day/week you are working. Say you are currently working 16 hours a day 5 days a week. Your effective hourly rate is only $24 an hour. That’s less than the pay of many blue collar workers. With the proper executive coaching you can easily learn new leadership skills which will bring your hours down to a more reasonable 8-10 hours a day effectively doubling your hourly pay. Furthermore, if you are working 16 hours a day, your team is probably working similar hours. This effects morale, productivity, and profits.
This is a simple example to show with the proper executive coaching you can double your hourly wage, improve morale, productivity and profits of your team all by leading more efficiently. This puts you in a perfect position to either ask for a promotion for more responsibility or to take your success to another company or profession with a much higher salary. These type of tactics implemented company wide can increase profits exponentially.
This article does not have the room to go into any specific techniques but lets discuss the cost of executive coaching. As you can clearly see, executive coaching can make you quite a bit of money through increased salary, productivity and bonus achievement.
With your increased profits in mind most individual executive coaching contracts will cost between $4000 and $6000 a quarter depending on the experience and techniques the executive coach employs. Some executive coaches work hourly and typically charge between $250 and $500 an hour. The other option is on a company retainer which is negotiated with the executive coaching company. A typical retainer would be $10,000 per quarter and include between 20 and 40 hours of billable time. Obviously, the benefits of increased profits, productivity and morale far outweigh the minimal cost of executive coaching.
For your free course on some of the leadership skills mentioned in this article go to DynamicBreakthroughs.com.
Ryan Camana MNLP, MHt, MTT, BA is the President of Dynamic Breakthroughs.
by Ryan Camana
Everyone asks me how I came to be in the profession I’m in. Listen, I certainly didn’t set out to become a globally recognized expert on personal change and self development. I started out like anyone else with a traumatic past… depressed, hopeless, and failing.
I like to illustrate my journey with a little metaphor.
You see I had this car. And this car just didn’t seem to do what the other peoples cars did. My car never felt like it ran right. It sounded terrible. Always stuttering, stalling and generally wreaking havoc with my life. I looked around, it seemed to me that everyone else had the equivalent of Porsches, Ferrari’s and Rolls Royces. I thought to myself surely it was a mistake that I had such a car. It just didn’t feel right. Why was I given this car that was beat up, abused, and barely ran? A car that I was so ashamed of. For the first part of my life I merely left the car in the garage. I never wanted anyone to see that beat up hunk of rust. I stayed away from other people with their shiny new cars. I resigned myself to walking. I stayed close to home and had few friends. Those times I did take the car out of the garage, we made it only a few miles before it would have some sort of malfunction. Limping back to the garage in my shame once again.
Then one day, a Wednesday, it struck me like a bolt of lightning. I was angry and I finally decided that I deserved to have a car that at least ran right. A car that looked OK. A car that I wasn’t too ashamed to even take out of the garage.
I went into the garage and I took the car apart. I gritted my teeth determined to fix everything on that car. When I stripped it down to its pieces. I realized with horror that I had absolutely no knowledge of how to put the car back together.
I found myself in a position even worse than before. The pieces of the car had so much damage I hadn’t the slightest inkling of how to fix them. No one had given me the owners manual!
My initial shock wore away and I realized that I could probably hire someone to help me. So I tried and failed time and again to find an expert to help me put the car back together. To make it run again. At least to do something. Everyone I contacted had a little advice, but most said the car was too damaged to ever run again.
Being naive and seeing no other option, I refused to believe all of these experts. I went to the library and started reading books on how to fix individual pieces. As I read books, I bought tools that would help me clean the pieces, repair the damaged parts, and when necessary create new parts. Everyday I worked and studied. Piece by piece I worked on that car. Cleaning, repairing and making new designs, new parts.
Sometimes no one had the tool I needed. So I learned to combine multiple tools into one. Oftentimes, I invented new tools for issues no one seemed to have the answer to. I felt alone but determined.
This went on over several years. Eventually, I got that car back together. I was able to drive it a block before it quit. Then two blocks. Then a mile. Then several miles. And on and on. Every week, I was able to drive farther and faster. I learned exactly how that car worked, not from theory, but from experience.
At that point other people started to take notice of my car. And the strangest thing happened. At first a woman brought her own car by my garage and asked for help. The car looked fine to me but she said there was a problem with the interior. She was so ashamed of the problem she never let anyone get to close. She admitted she never let her friends or family ride with her in her car because of her shame.
I took one look inside her car and recognized the problem immediately. You see, I had fixed that same problem a few years back. I ran into my garage grabbed a tool, came back and had her on her way in an hour.
I never thought a thing about it. But then it happened again. This time a man came to me complaining his car had a dent that no one else could fix. I took a look, realized it was the same problem I had fixed on my car six months prior. I told him it was no problem. I went to my garage grabbed a couple of tools and we fixed the dent in just a couple hours.
Slowly more people began bringing me their cars. More and more. The problems with their cars became more complex. Some cars had major issues. Some were small. Some people just wanted more performance or a more comfortable ride. Some people wanted an entire overhaul.
As my experience grew I added more and more tools to my collection. When someone brought me an issue I had never experienced, I was able to use my prior knowledge and expertise to again create new tools to fix the problem. Just like I did with my own car.
And then a friend said to me. Ryan, you have so many tools in this garage. You’ve spent tens of thousands of dollars and years working with these tools. Why don’t you open a shop and fix other people’s cars full time…
And the rest is history.
Obviously I don’t fix cars. I work with people. Everyday my mission is to help people just like you, to live their ideal life. To help them overcome whatever it is that stands in their way. Because as I learned working on my own “car” there is a tool and a technique for anything standing in your way. When you are ready, I will be here to help.
To your success,
Ryan Camana MNLP, MHt, MTT, BA
Certified NLP Master Practitioner and NLP Master Coach
Certified Trainer of Neuro-Linguistic Programming
Certified Master Practitioner of TIME Techniques™
Certified Trainer of TIME Techniques™
Certified Master Hypnotherapist
Certified Trainer of Hypnotherapy
Certified Master Success CoachCertified in Emotional Freedom Techniques
Board Certification by the International Board of Clinical Practitioners