Before we talk about value, let's cut to the chase. Numbers, costs and references are current at the date of publication for general referral, but individuals should do their own research before making specific decisions.
What does coaching cost?
Naturally this will be variable depending on a number of factors such as location, industry, seniority, specialisation and so on. Here are three Google search results that may help to answer that question.
Bark.com
Average cost (per hour) | $200 |
Minimum cost (per hour) | $150 |
Maximum cost (per hour) | $300 |
Your Small Business coach
In Australia, a business coach’s rate can...vary, depending on where you are. For example, Perth has the lowest average for business coach hourly rates, costing around $165 per hour. Meanwhile, a business coach in Sydney has the highest at $250 per hour.
Noomii.com
Business coaches tend to charge between $175 and $250 per hour.
An executive business coach may charge around $400 per hour.
Agencia Change is currently listed on Bark.com and Noomii.com but has not received compensation for including this information.
Agencia Grow - Mentor | Guidance and goal setting to support individuals experiencing change | From $152 per hour. 60 minutes sessions. Online |
Agencia Grow - Coach | Individual attention for change professionals and business leaders to improve skills in change management and leadership | From $183 per hour. 90 minute sessions. Online |
Do the numbers stack up?
We were able to find a convenient data collection about the success of coaching from Zipdo.com who collated the following sources.
www.mckinsey.com, www.ipeccoaching.com, www.wright.coach, www.coachfederation.org, www.link.springer.com, www.conference-board.org, www.hrexchangenetwork.com, www.ibisworld.com, .www.entrepreneur.com, www.executivecoachingconnections.com, www.hbr.org, www.birchgroveinc.com, www.grandviewresearch.com, .www.financialexpress.com, www.ignite360.com.au, www.personneltoday.com, www.markets.businessinsider.com, www.fortune.com, www.hrdailyadvisor.blr.com, www.coaching-at-work.com, www.globenewswire.com, www.most.life, www.bloomberg.com, www.epscoaching.com
Yes to - Investment and Return on Investment
Business coaching has a return on investment (ROI) of 5.7 times the initial investment.
In 2021, 47% of human resources leaders increased their investment in coaching and mentoring programs.
Coached organisations enjoy a median revenue growth of 21%.
86% of companies saw a direct financial return on their coaching investment.
Yes to - Leadership
58% of companies say that coaching improved communication within their team.
In a survey of 100 executives, 86% reported substantial improvements in their working relationships after undergoing coaching.
Approximately 77% of HR professionals believe coaching is an effective way to improve leadership skills.
56% of companies who have implemented coaching reported an increase in employee engagement levels.
43% of companies are using professional coaching as a means of employee development.
Yes to - Effectiveness
Business coaching is most effective when delivered by external coaches, with 57.4% of organisations making use of them in a survey.
In a study, 87% of participants agreed that business coaching has a long-lasting impact on employee performance.
70% of coached employees report improved work performance.
80% of people who receive coaching report increased self-confidence.
84% of organisations plan to utilise coaching programs to develop their high-potential employees.
42.6% of organisations say that coaching is applied in a task-specific manner to increase performance.
Yes to - Competitive Advantage
94% of business managers who receive coaching report satisfaction with their coaching experience.
Organisations that invest in coaching see a 60% improvement in relationships with clients
72% of organisations do not provide different coaching approaches for their employees at different levels.
Small businesses that partner with a coach had a 17% growth rate compared to 11% for those without coaching.
Companies utilising coaching have productivity rates that are 88% higher than those that do not.
Coaching seems to be the secret weapon that will provide those prepared to invest in it a significant competitive advantage
The Value of Coaching
The true secret and success of coaching is that it allows you to take giant leaps ahead. By working with a coach, you can set the goals you want to achieve and have an expert guide you through to achieving them.
Think for a moment about something you're really good at, something you do successfully without having to work too hard at it. You might cook the perfect steak or baked cheesecake, you might know how to fix that noise in your car engine every time it starts rattling. You might know how to sail a vessel through the heads of Sydney Harbour.
Coaches are people who've gone before and have substantial experience. They know things. It may have taken you long hours across several weekends to locate and fix the noise in your car engine, but now you know how to do it - it seems easy. Imagine if your neighbour had known how to fix your engine and you could have just learned it from them? What would it have been worth to you?
Investing in coaching saves you time and gives you confidence that you will achieve your outcome.
So, is investing in coaching worth the cost?
From our brief Google search we've seen financial costs range from $152 per hour to $400 per hour. But money isn't the only investment you need to make. In order for the cost to be "worth it", you also need to apply energy and time to the coaching plan. Let's assume you're willing to do that.
The numbers provided by sources such as McKinsey, Harvard Business Review and Bloomberg above, seem to be saying that not only is coaching overwhelmingly worth the investment from a financial ROI perspective; it also seems to be the secret weapon that will provide those prepared to invest in it a significant competitive advantage.
A good coach is equally invested in your long term success and knows how to help people unlock their potential.
What is Change Management Coaching?
Mentoring
For individuals or teams experiencing change, you can utilise the skills known to change management professionals who work with change everyday. You can expect guidance and goal-setting to support you and your teams through the changes and challenges ahead. This will help you to:
align your ambitions with practical strategies
understand and acknowledge the roadblocks
develop a clear roadmap for advancement
experience increased self-confidence and new perspectives
analyse the challenges
become inspired by opportunity rather than feeling overwhelmed by the challenge.
Coaching
Change professionals and business leaders gain individual attention to define growth goals while working in live change and communications environments. You'll focus on building essential skills and receive targeted strategies for development. An expert change coach will provide access to tools that enhance your professional abilities. Your Coach should also be able to workshop your deliverables and to act as a sounding board for direct feedback and assistance with work products. Coaching will help you to:
understand your strengths and weaknesses as a communicator
examine your abilities as a change leader and manager
improve decision-making
improve job performance
increase your confidence
keep your change agenda on track
deliver on your change commitments
establish plans, set milestones and boundaries
improve time-management by focusing on the greatest areas of impact
Investing in coaching can be a transformative journey that yields invaluable returns. While the initial cost may seem daunting, the long-term benefits in personal growth, professional development, and achieving your goals far outweigh the investment. Coaching provides tailored guidance, accountability, and support to help you unlock your full potential, overcome obstacles, and prosper in both your personal and professional life. By committing time, resource and energy into coaching, you're investing in yourself, your future success, and the realisation of your dreams. So, if you're thinking of investing in coaching, the answer seems to be very clear: yes, it is undoubtedly worth the cost.
To continue the discussion about Change Management Coaching, book a free information session with us.
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