Why you should negotiate coaching budget into your new job offer
When that job offer finally lands, after you do your happy dance, the first thing you’re probably looking at is the compensation and benefits package. A coaching budget isn’t usually on the radar — and typically, no such thing exists anyway.
But it should. Leaders have a blast radius when things go wrong and the greater the scope of responsibility, the wider the impact. But when things go right — when leaders are inspiring and effective and all the good things, that impact is also wide. That impact can be company-changing.
Studies have shown that 80% of people who receive coaching say their self-confidence has increased, and over 70% show marked improvement in work performance, relationships, and effective communication skills.
With coaching, leaders have a sounding board and a place where they can go to figure out how to show up sustainably, find their own way of leading, and identify opportunities for personal growth.
At the executive level, this safe space is particularly crucial because leaders at this stage have very few people to whom they can say vulnerable things out loud. The positive impact of having a coach with whom they can think and explore and reflect cannot be understated.
It only makes sense for companies to invest in the sustainability of their leadership; to do all they can up front to ensure that their leaders are supported and empowered and equipped with all the tools they need to succeed and fulfill their role in a meaningful way.
Even more so if you’re going to be the only design leader or the only creative executive at your new company. Coaching will provide you with the functional support you need to help you steer the design organization and scale it in the right ways.
Good coaches are also experienced leaders and trained professionals with operational experience and purview across many organizations–making them an ideal (and objective) person to share growth strategies and best practices and help leaders of all levels navigate the challenges of their roles. So the next time you’re negotiating a new job offer, pull up this list to help you make the case for coaching budget inclusion:
1. Coaching is a smart investment.
Hiring leaders is expensive. Recruiting and other costs can easily run to 20% of a first year salary. Coaching, on the other hand, costs a mere fraction. But the return on investment is immeasurable. (Studies show that 86% of companies who provide coaching to their employees report that they recouped their investment and then some.)
2. Coaching reduces turnover.
Employees who receive coaching are more likely to stay at a company for longer periods of time. This translates to $$$, too–every time a business has to replace a salaried employee, it costs (on average) the equivalent of six to nine months’ salary on average.
3. Coaching leads to company growth.
A company that makes coaching accessible signals that it cares about growth and impact. Not only is this a great perk for existing employees, it is a valuable asset for recruiting and attracting other fantastic hires to the company.
4. Coaching fosters mental well-being.
If the company cares about and invests in mental health through benefits,* coaching should be on the table too. Coaching helps leaders harness their creativity and transform the way they work with their teams. This, in turn, leads to higher satisfaction and commitment among employees of all levels.
5. Coaching aligns with your company values.
Most companies tout at least one fundamental value on their website that revolves around investing in their own people. You can pull up this value to illustrate that coaching is a specific way in which they can invest in you. If you’re an underrepresented leader, you can point to the company’s DEI initiative to add even more oomph to your claim.
*The HR team may have already purchased a coaching platform of some kind, but typically these packages focus on general coaching. You should be able to have a say in who shows up to coach you — just as you would with a therapist, personal trainer, or any other advisor. It’s essential to find the right fit.
Here are three ways Design Dept. can help you grow as a leader:
- Attend a workshop to focus on a learning area, or design a customized learning series for your team
- Work one-on-one with leadership coach to tap into your creativity as a leader and transform the way you work with your team
- Sign up for our newsletter to get design leadership wisdom in your inbox each week
