Are you thinking about hiring an executive coach?

Dec 27, 2022 Business

Chances are that any business magazine will have a mention of coaching as a new tool for executives. Forbes, Forbes, Business Week and Wall Street Journal have all mentioned the incredible growth in coaching over the past year and the many benefits it offers business executives. Read on if you’re thinking about coaching your team or yourself this year.

* Where can you find a coach who is certified? The International Coach Federation is a great source of referrals. Referring to friends or colleagues who have been successful in coaching can be a great way to get recommendations. Most professional coaches offer a complimentary initial session. This session is used to establish if the coach and you are a good match. If they don’t advertise it, ask for one.

Assessments – Executive coaches might conduct initial assessments for clients to ensure that they get the most from their coaching sessions. This will help them to open up new doors to personal growth and provide a platform for self-improvement. The most commonly used assessments in business coaching are the Leadership Practices Inventory (or LPI), the Myers-Briggs Type Indicator (also known as the MBTI) and the California Psychological Inventory (or CPI260). There are many other excellent assessments, and your coach can help you choose the right tools to meet your coaching goals. Ask your coach whether assessments are included in the fee or if additional costs for administration and scoring.

A Coaching Agreement – Many coaches use a Coaching Agreement to summarize the terms and conditions of their coaching relationship. The length of coaching is usually specified in coaching agreements. Usually, there are several appointments per week. The agreement might also include details about the timing and logistics of coaching sessions, if they are in person or who is to contact if it will be by telephone.

Fees – These fees are also listed in the coaching contract. They are agreed on and paid in advance prior to the sessions starting. Coaching fees can vary from several hundred dollars to several thousand dollars per monthly. Coaches can set their own rates to reflect the variety of coaching expertise. Employers are increasingly requiring coaches to be certified by International Coach Federation (the only credentialing organization that is globally recognized and independent).

Confidentiality – A coaching agreement should include details about confidentiality and privacy. This is especially important when the employer may sponsor coaching. Most coaching conversations are confidential between the coach, client and coach, except where the coach is legally required to disclose certain information. Before you begin your first session, talk to your coach if you have any concerns or questions.

Coaching Vs. Therapy. While many coaches are licensed and professionally trained in counseling or psychotherapy, it is important to distinguish between the roles of a coach and a therapist. Before you start your first session, your coach should be clear about this distinction. Coaching is about the future. It helps you set goals, change your non-productive or self-destructive behaviors and achieve personal and professional growth. Therapy, on the other hand, is designed to help clients deal with the issues from the past that are still affecting them in the present. The coach may refer a client to a professional if the client is struggling with issues that would be more suitable for therapy.

Third Eye Capital Ninepoint, retreats and traditional management development options like retreats and training are quickly being outnumbered by coaching. Coaching has a proven ROI and is easy to implement (i.e. no travel, expense, or hotel rooms) and it’s economy. A professional coach can help you get started on a path to a successful 2009. Do it!

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