If you wish to change your career altogether or gain the skills necessary for you be more accomplished in your current position, possibly seeking a promotion, professional coaching will often be required but it does come at a price that could put a strain on your finances.
In recent years, statistics, surveys and polls have shown that most middle age men belong to another social class than their father, showing greater mobility in the working world.
If your life or career ambitions have changed, a reconversion is sometimes necessary and to achieve this, coaching sessions can help: in-house company coaching, individual coaching, executive coaching, etc.
For this article, we have reviewed the average prices that clients have to pay to find a personal development coach and change their professional life.
Why Pay For A Professional Coach In The First Place?
The coaching business requires key skills that are sometimes remunerated at a hefty price.
This price can often be unaffordable, especially if you do not hold a senior executive position your company.
It is very likely that you won't be able to spare £3000 to £4000 of your yearly budget to follow neuro-linguistic programming (NLP) courses or conflict management coaching sessions if you're salary is around the national average.
However, the economic situation and corporate culture often require workers - whatever their qualifications - to reorient themselves towards jobs, which are more promising, more profitable or more profitable.
Every one can, at one time or another, face career management difficulties: finding a path is sometimes complicated after higher education, sometimes you want to start your own business, you can't handle the emotional burden of a tiring job, or you sometimes lack self-confidence.
And there are many other problems that prevent people from progressing upwards in their professional life.
A coach is not exclusively reserved for the top executives of The Financial Times-Stock Exchange 100 Index and does not cost a year's salary.
According to Valérie Pascal, executive coach and supervisory professional, everyone should take a professional coach during the course of their professional life.
Paying for such a service - in individual coaching - helps you to question yourself, take a step back, regain self-confidence, help you speak out, manage stress, etc., simply achieve professional objectives that seem unattainable on your own.
A coach will ask questions and mobilize coaching tools - NLP, systemic approach, transactional analysis - to change a given situation.
Paying a high price for change management can sometimes be quickly reimbursed if the expected benefit is greater, for example by multiplying your salary by three.
But how much does it cost? Although we now know the possible benefits of taking coaching courses, we must try to set a fair price for this service.
Personal Development Coaches On Superprof
On the Superprof platform, there are now many professional coaches ready to help you: everyone can claim to be competent to coach since there is no government-recognized or imposed coach training that one must complete be able to practice.
First of all, there are more than 3000 professional coaching teachers on Superprof: most of which offer online tuition (through Skype of the likes) meaning you can learn online how to manage stress or better approach interpersonal relationships with coaches throughout the UK!
For in-person sessions, it is necessary to compare the prices in each city and there, the offer becomes less abundant especially if you live in a medium-sized city (Newcastle, Bristol, Liverpool, Brighton, etc.).
In London, a professional coaching service will cost on average £45 per hour.
When it comes to person-to-person services, this is pretty expensive considering the coaching is financed by personal funds. The plus side is that more often than not, there is no need for numerous individual sessions to achieve concrete results.
The fundamental objectives of coaching are indeed speed, intensity and the low number of sessions planned.
Rates in London range from £15 per hour to £200, with a plethora of profiles ranging from £35 to £50 per hour.
Do you need to climb the ladder of your professional environment in Manchester, to do a market study, to evolve professionally? Contact a coach in Manchester!
In-House Company Coaching: What Does It Cost?
As we have already mentioned in a previous article on the subject, coaching rates depend on the professional coach, the nature of the coaching (team coaching, individual interview, company coach), the position of the coachee and the tools used to enable clients to achieve their objectives.
On average, the price of a session can increase to £600 or £700 when a company uses a coaching firm on behalf of one or more of its employees.
The price range, therefore, ranges from £150 to £650 excluding taxes (excluding VAT) on average. This is a fairly wide price range because each service provider is free to set their own prices and it is quite impossible for us to make an exhaustive inventory of all the tariffs applied throughout the UK.
A coach certified by a recognized coaching school will, in theory, be more expensive than a self-proclaimed coach even though they may be able to prove to have 15 or 20 years of experience in team management or human resources management.
The larger the company, the higher the coaching fee will be because the managers of large corporations will have to face more important challenges than for a small local company.
Moreover, it can be observed that the higher the level of the coachee's is, the higher the hourly rate will be: indeed, it is considered that through a runoff effect, the benefits of coaching will have an effect on all the coachee's employees.
But at the end of the action plan, the bill quickly reaches significant sums: a certified professional coach usually invoices between £4,000 and £8,000 excluding tax for executive or top manager coaching and between £10,000 and £16,000 excluding tax for team coaching.
The challenge is, therefore, even for a large company, to get a quick return on investment.
Here are some other examples of rates you can find on the web:
£520 ex. VAT for an initial diagnosis for the support of executives, managers and top managers,
Between £900 and £1600 ex. VAT per day for trainers, team building coaching.
So if the company orders between 5 and 10 days of coaching for their employee, the invoice will quickly amount to a total ranging from £8,000 to £16,000.
Do not forget that this investment in human capital will bring productivity gains and high added value to the production of services: in short, the company will hope in return, through a multiplier effect, to increase its turnover tenfold thanks to initially very expensive coaching.
How Much To Pay For Personal Coaching Sessions
Slowing down spending on supervision or skills assessment can obscure the prospects for professional retraining, and lead to stagnation.
In other words, having followed a coaching program for the development of skills - non-violent communication, emotional management, preparing for a job start, a job interview, etc. - is essential and can be a catalyst for important benefits (well-being at work or higher wages).
Personal coaching is financed by the coachee himself and may seem expensive since it weighs on their own budget.
But don't be horrified or scream at the sight of three-digit rates: most of the time, the coaching training program will revolve around 4 or 5 two-hour sessions.
In monetary terms, we are well below the hours of home-school support for a middle or high school student over a whole school year.
In London and throughout the Greater London region, prices are always higher than elsewhere in the UK since real estate and cost of living are higher.
This is why the average price for a coaching session in London revolves around £100 an hour whereas it is only around £60 or 70£ an hour in other British cities.
For example, a coaching training plan in Manchester for 5 sessions could cost between £350 and £600: the equivalent of a month rent.
Of course, this represents a sacrifice, but not necessarily an impoverishment.
In fact, individual coaching sessions should be considered as deferred income.
Greater London residents can always benefit from lower prices by seeking the expertise of a coaching firm in Manchester, Liverpool or Birmingham, but it will then be necessary to pay the transport costs (train, motorway and petrol or carpooling).
Not sure that the cost related to travel expenses compensates for the gain made by avoiding London coaches!
Another way to reduce your bill is to use a remote coaching service. Video conferencing can be a way to find a professional coach worldwide without burning through your savings!