It is no secret that whoever hires an executive coach will pay through the nose. It is a good thing then that executive coaches are a preserve of the affluent and extravagant. The Harvard Business Review, in 2009, placed the average cost of hiring an executive coach at $500 per hour. Later in 2012, the Conference Board, after extensive research revealed that on average an executive coach is paid between $200 and $600.
A collection of elements are considered in determining these costs. These include; the level of the coach engaged within the company, the experience of the coach, and the intensity of the services offered. More time-intensive services will require high remuneration, so will more engaging careers. A high-level coach will also charge more money.
Executive coaches may be categorized as A, B or C class with A being the highest level. Engaging an A level coach will attract a higher cost. This is because an A class coach is in high demand within the organization. Their return on investment is also higher since what they do often breeds success. The costs taper towards the C level.
The level of a coach in an organization is also another determining factor on costs. The higher the level of a coach, the higher the charge. In some circumstances, however, you might find an A class coach with a low-level rank in the company. This occurs where such an individual is new to the organization. The costs of such a professional may be based on their skill rather than their level in the company.
Executive coaching engagements may take a long time. It is therefore important to make budgetary plans before-hand so as not to fall into arrears or not to commit to something that you cannot afford.