What is Executive Coaching, and How is it Different?
These days, everyone is a coach - a life coach, a health coach, a leadership coach, and the fanciest of them all, the Executive Coach. And I am one of them. For you, the consumer, what does coaching actually mean or entail? What can you expect from a trained coach versus a consultant? And is it worth the high price tag?
The answer is it depends.
It depends on what you seek. Is it answers or guidance? Answers usually fall under consulting - solving for X given Y situation. Guidance toward a decision or option is coaching. How to get there is consulting. Taking action, holding yourself accountable, and making progress - that is coaching.
It depends on the outcome or ROI you - or your company - expect. Most of the high-value/high-dollar services leaders, decision-makers, and companies employ involve doing - fixing, solving, and answering. That is the role of consulting, advising, or training. It is mostly used for urgent or high-stakes problems when the expertise or bandwidth is unavailable or instruction is needed on how to do something.
Executive Coaching is different. It is more about being than doing. Being a thought partner to the leader or executive to explore or create options. Being able to challenge assumptions and guide a shift in either outlook or outcome. Being a catalyst for clarity. Being an accountability partner so that you or your employees actually apply the skills needed to achieve results.
It depends on who is paying for coaching services. Price points for executive coaching vary and depend upon who is paying (the individual or the organization), the size of the organization (corporations and large organizations pay more than small ones), and the duration of the engagement. For example, a 6 to 9-month coaching engagement for an organization typically falls in the following price range:
Manager: $12k up to $18k (small company/organization up to a large corporation)
Director: $15k up to $22k
VP to C-level: $20k up to $30k
At the individual level, it varies based on the specific need and duration of the engagement. Most trained coaches charge a minimum of $250 per hour and can range up to $500 per hour for specialized expertise, services, or attention.
Ultimately coaching empowers you (or your team) to learn, solve, or become who the situation calls for. Because the coaching process provides a safe and confidential space to explore, develop, and decide in a fast-moving and changing world, many leaders use executive coaching as a time to think and process - something difficult to include in a packed schedule.
We hope this post provides some clarity on what Executive Coaching is (and is not), how it differs from consulting and training, and what you can expect for yourself, your team, or your organization. If you have further questions, feel free to reach out to contact@lindseyhonariadvisors.com to discuss your needs.
