Several reputable firms around the world today specialize in executive coaching; however, in this article, I will highlight two top executive coaching firms making strides in the industry. Many executive coaches typically design their services for CEOs’ and business leaders seeking to achieve more significant levels of success in their organizations.
What is Executive Coaching?
Executive Coaching is a practice that involves a mutually designed relationship between high-powered executives or business leaders within an organization. The goal is to assist these individuals to progressively improve performance in the workplace eventually resulting in achieving desired results. Some of the standard benefits experienced by coaching clients include:
I. Executive management team building
II. Improved Interpersonal Relations
III. Greater productivity
IV. Better work-life balance relationship
How Much Does Top Executive Coaching Services Cost?
The fees for top executive coaching firms vary due to factors which will include but are unlimited to location, type & size of the business, kind of package offered, the coach’s expertise, etc. In 2010, a survey showed most small to medium businesses paid a rate of around $220 to $340 per hour for executive coaching services. In 2017 coaching industry review from Sherpa Coaching, showed that 14% of executive coaches reported hourly earnings at $500 or above per hour while 35% charge between $150- $299 per hour and 43% $300-$500 per hour.
Executive Coaching vs. Business Coaching
Since life coaching has been up until now a relatively unknown field, many people are nevertheless trying to comprehend the differences amongst the various coaching specialties. Over the years, individuals have used business coaching and executive coaching interchangeably, but they do slightly differ. Executive coaching focuses on radically improving clients performance and personal effectiveness (i.e., better interpersonal relation skills, supervisory skills). Business leaders often hire executive coaches to help coach department teams and managers for specified periods. Business coaching, however has to do with the hiring of a coach or team of coaches to help business owner work toward their desired goals. These coaches offer direct solutions to existing business-related issues and provide strategies to support clients in developing their businesses.
Top Executive Coaching Firms
For an executive coaching firm to be identified as one of the best, what would you as a prospective client be looking for? There have to be specific attributes that inevitably make these firms stand out in the executive coaching arena. The two coaching industry leaders listed below ranked high among both coaches and company executives.
1. Sherpa Coaching – is home to world-leading educators and researchers in executive coaching; providing coaching services through a global network, and offers workshops and team leadership programs. Sherpa is widely known for efficiently conducting the longest-running market research in coaching. Karl Corbett is the managing partner of Sherpa coaching, and the firm is located in Cincinnati, Ohio. It was founded by in August of 1984 and became incorporated in May 2005. At this time, the company is represented in sixty five countries, and their certification is the only curriculum endorsed by multiple universities to include the University of Georgia. They have professionally trained and certified a significant number of executive coaches since 2004.
2. CoachSource – provides the world’s largest and most comprehensive community of experienced executive coaches with over 1100 executive coaches in over 100 countries. CoachSource was founded in September 2007 by Brian Underhill in Franklin Lakes, New Jersey. Dr. Underhill is an industry-recognized expert in the design and management of global executive coaching implementations. Their coaching process is focused on developing extended term, measurable change in leadership effectiveness—one executive at a time. The firm’s coaching engagement typically range from three twelve months with six months being the most common. A six-month coaching engagement routinely runs between $20,000-$30,000.
As the economies around the world improve, we will continue experiencing more demand for executive coaches. Several companies around the world have undoubtedly seen their business soar because of services offered by executive coaching firms. The future of coaching is very encouraging and promising. According to a 2018 industry-wide research study, the use of various forms of executive coaching is positively predicted to increase over the next five years.
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Writer, Coaches Training Blog community