Executive Coaching 101
Updated: Sep 4, 2019
Executive coaches are highly-qualified corporate mentors and trainers who help clients unlock their potential.
What Is an Executive Coach?
Executive coaches focus primarily on solving problems for clients in the corporate world. They may be hired by individual executives to boost personal growth and performance as well as HR departments to improve their workforce’s creativity and productivity. Often, companies engage executive coaches to guide employees with high potential as they transition into new roles and responsibilities. Executive coaches can also be brought in to handle delicate, interpersonal relationship conflicts that require complete objectivity.
What do executive coaches do for their clients?
Executive coaches are highly-qualified corporate mentors and trainers who help clients unlock their potential. An executive coaches job will vary with the industry and the individual goals of the company he or she works with. In general, they help executives and talented employees gain a greater mindfulness of their strengths and weaknesses, and how to maximize those aspects to their benefit. Executive coaches may not always have worked in the industry they provide services to, though each coach’s background provides unique experience that can enhance their coaching services.
What is the annual salary for an executive coach?
Typically, executive coaches work for longer periods of time with clients than some other types of coaching – staying with clients for 6- and 12-month engagements, normally. This
can provide greater stability to estimating annual salaries for executive coaches. According to Payscale.com, the average annual salary for executive coaches is over $98,000.
How much can a life coach charge for services?
According to an article in the Harvard Business Review, an executive coach can earn up to $3,500 per hour. Most, however, charge about $500 per hour or structure longer-term contracts around that hourly rate. Coaches certified by the International Coach Federation (ICF) or with broad name recognition may be able to charge substantially more.
How can I get started as an executive coach?
There’s no required formal training or education to become an executive coach. If you have experience consulting or in-depth knowledge of an industry, you can become an executive coach today. After creating a business plan with a proposed budget and startup coast, establish your online footprint with social media profiles and a business website. Most executive coaches interact with their clients face-to-face, but it’s important to include online communication tools in your services. If you don’t have a network in place to market your skills to, you’ll need to market yourself online and at industry events and conferences. Executive coaches can also work with executive recruitment agencies or outplacement firms who often provide executive coaching services to the companies they work with.
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Coutu, Diane; Kauffman, Carol (2009). What Can Coaches Do for You? Retrieved on June 17, 2019 from https://hbr.org/2009/01/what-can-coaches-do-for-you
McCarthy, Dan. (2018). A Manager's Guide to Coaching for Executives. Retrieved on June 17, 2019 from https://www.thebalancecareers.com/manager-s-guide-to-executive-coaching-2275823