Three ways to pay for executive coaching
Executive coaching tied to workplace strategy can be the most powerful personal development experience because change is driven by you.
It is not imposed on you by a supervising manager or expert consultant. And unlike internal or external training and development, you can actually share opinions about your workplace drama, challenging personalities, and ethical conflicts with your confidential coach.
Additionally, the ability to release stress by expressing real thoughts and emotional impact is a key way to maintain personal agency through rough times at the office and manage personal health.
The cost of coaching varies from inexpensive coach-novices to seasoned coaches with decades of work experience, to exclusive celebrity coaches. Choose a coach that resonates with your challenges, spirit, and wallet, and explore these three ways to pay for this investment in your own performance and well being:
Employer Funded
Grant Funded
Tax Deductible Business Expense
Employers, even in small organizations, often have annual budget lines for staff professional development, and most employees do not take advantage of this benefit. Your employer might cover the full cost, or you might share the expense. In your request, connect coaching to your performance goals, and its reputation for delivering on improved performance in a short period of time should make it acceptable to your employer.
Some corporate and private foundations offer leadership development or capacity building grants for executives because growing the leader elevates outcomes for the entire organization. Find grants supporting leaders, women, underserved groups, and equity-impact to fund your coaching experience.
Last, entrepreneurs, consultants, and self-employed workers can include coaching for professional development, typically, as a tax-deductible business expense. While you will pay in advance for coaching, you can receive the tax benefit at the end of the tax year.
Coaching is an important tool in the toolbag for any professional seeking to grow their business, increase leadership competence, or overcome professional obstacles. Likely, there are options for covering the cost.