Compare apples to apples when considering your executive coaching options.
Not surprisingly, executive coaching arrangements can be set up in a variety of ways—but the consensus of the people in this article is that it may cost anywhere from $800 to $5,000 a month, depending on many factors.
CUES member Ev Hopkins says coaches may charge by the hour or by the month, and some will have an annual contract that stipulates how often the coach and executive will meet and whether this will be via an online meeting such as Skype, by phone, in person or some combination of these.
“Costs can vary widely based on the expertise, experience and location of the coach,” says Hopkins, chief administrative officer for $2.4 billion STCU in the Spokane, Wash., area. “Costs usually range from a few to several hundred dollars per hour.”
Executive coach Laurie Maddalena, CPCC, PHR, recommends making sure you’re comparing apples to apples when looking at executive coaching options. “My package includes two one-hour scheduled sessions a month and unlimited support in between—emails, short calls, etc.,” explains Maddalena, founder of Envision Excellence, Rockville, Md.
A retainer may also be used, as with Henley Leadership Group, Seattle.
“We invoice a monthly retainer, depending on the scope, that can be $1,000 to $5,000 per month per executive,” notes Dede Henley, owner/CEO.
And sometimes executive coaching is part of a larger training package for the whole organization.
“We engaged the same firm to do advanced coaching for the coming year at a cost between $10,000 and $15,000 per enrollee,” says CUES member Mike Doland, CCE, EVP of $541 million ABNB Federal Credit Union, Chesapeake, Va. “That includes an in-depth on-site introductory session, bi-weekly individual touch bases, and quarterly face-to-face sessions. The pricing is not exact, as the coaching was bundled with other on-site training and program maintenance activities.”
Charlene Komar Storey is a veteran credit union writer based in New Jersey.