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I'd like to understand the supply/demand dynamics regarding executive coaching in the DFW market?
Hello! It is my pleasure to respond to your query in providing you with a general overview of the Executive Coaching Market in the Dallas-Fort Worth area of Texas.
We’ll begin with a general overview of the field of Executive Coaching, then discuss how to become an Executive Coach, with a specific focus on the DFW area. Then, we’ll get into a general overview of who utilizes executive coaching services and why coaches are hired. After that, we’ll take a look at the overall US Business & Executive Coaching Market, then look more specifically at the dynamics of this market in Dallas-Fort Worth. Lastly, we’ll look at a selection of DFW-area Executive Coaches, as well as examples of some of their local clientele.
As requested, this is a general overview rather than a specific market analysis. I hope it meets your needs!
EXECUTIVE COACHING IN-BRIEF
Business or Executive Coaches “work closely with companies to increase the effectiveness and successes of staff through motivation and counseling,” according to MastersInPsychologyGuide. These coaches work as a combination of consultants and therapists, which we will talk about more later in this response. They function as action-oriented advisors who provide guidance, direction, and feedback to executives on business decisions. As Design Intelligence puts it, “Coaching focuses on what the client wants and utilizes a process through the one-on-one coaching sessions to enable the client to self-discover, learn and determine their own ‘answers’. It is the client who determines the goals and commits to their goal, while allowing the coach to help hold them accountable.”
HOW TO BECOME AN EXECUTIVE COACH
Executive Coaches are varied in their backgrounds, including both their educations and experiences. Some move into the position after working in the business world for a number of years; they apply their years of in-field learning to the position. Some seek it out after finding success at mentoring others in the workplace. While others specifically seek it out as something they’d like to spend their lives doing – helping business executives – and sometimes very rich and powerful individuals – become their very best.
Although there is no required formal licensure or training for Executive Coaches, there are a multitude of programs and certificates available for those who’d like formal training – and that important certification or designation to prove to their clients that they take the job seriously. The New York Times reports that there are about 500 programs in the world for this type of training, though fewer than 150 are located in the US.
Some coaches have formal degrees, like Masters’ in Management, Managerial Communication, Training & Development, Business Administration, and Psychology. In Texas, “the University of Texas Executive Coaching Program at Dallas is one of the few accredited university programs in the nation.” This program, offered through the University’s Naveen Jindal School of Management and accredited through the International Coach Federation, provides graduates with a professional coaching certificate. Applicants for the program must have a Bachelor’s degree and at least five (5) years’ experience in their chosen professions. Unlike most programs, this one is completely online, though most of it is run synchronously – with the instructor and students online interacting at the same time.
Other Executive Coaches have earned certifications from private training schools, like Bold New Directions in Dallas. This nationwide company provides onsite training for businesses in subjects like Management & Leadership and Negotiation & Conflict Resolution, as examples. For their Executive Coaching program, they offer training in: Executive Presentations; Dissolving Conflicts; Leadership Edge; Management Essentials; Coaching Skills for Managers; and Using Emotional Intelligence. This is a one-day program, which is different than most Executive Coaching training programs. The New York Times reports that “such programs can range from weekend courses for a few hundred dollars to year-long $20,000-plus programs offered at prestigious universities.”
The 2016 ICF Global Coaching Study details that, on the global stage, over two-thirds (69%) of the world’s coaches has at least one credential or certification.
WHY, WHAT, AND WHO OF UTILIZING EXECUTIVE COACHES
The Harvard Business Review reports that the average duration of an engagement for an Executive Coach is between 7 – 12 months long. This often depends on the needs of the executive, as well as the funding available for this type of development.
DesignIntelligence discusses the process of the initial discovery session between an Executive Coach and a client, which includes (summarized):
• Client expectations from the coaching relationship and what the coach will expect from the client
• Discussion about what the coaching will mean to the executive (what it is and isn’t)
• An overview of the coach’s style – and discussion on how the executive prefers to learn/work with the coach
• The protocols of the relationship and the rules of engagement for the sessions
• The coach’s credentials, experience, and background – as it relates to the client’s needs
• The schedule, logistics, and timing of the coaching session
• Measurements on which the coaching sessions will be evaluated
• Agreement and contractual decisions to move forward
The outcomes of an engagement with an Executive Coach depend on many factors, including those summarized here:
• Company must support and provide resources for coach (this can be a long-term, expensive investment)
• Company must support executive’s learning process and hold executive accountable for the learning (change = action)
• Coach must have a transformational (rather than transactional) style that is adjusted to best meet changing client needs
• Coaching style must work successfully for executives – and vice versa
• Coach must be competent, creditable, and provide guidance toward direct actions that achieve measureable results
• Executive must be willing to be coached and able to accept coaching recommendations
Now that we understand what a typical coaching engagement looks like and what the outcomes for those engagements will be based on, let’s look at why Executive Coaches are engaged in the first place – and who engages them.
DesignIntelligence discusses a study by Diane Lewis that cites the primary reasons companies hire coaches for the executives (or executives engage coaches for themselves). These are ranked in order of highest response first:
• “Develop the leadership skills of high-potential individuals”
• “Correct behavioral problems at the management level”
• “Improve the odds that newly-promoted managers would be successful”
• “Develop management and leadership skills among their technical people”
• “Help leaders resolve interpersonal conflict among employees”
HBR reports that the top three reasons Executive Coaches are engaged include (from the most important to the least): Developing leadership potential or facilitating leadership transition; using coaches as sounding boards for leadership thought, direction, and action; and addressing unacceptable coachable behavior. Most often, HR staff engages with a coach for an executive, with coaches themselves coming in as the second-highest initiators of these relationships. Managers and others within an organization also engage coaches in about equal measure.
The 2016 ICF Global Coaching Study provides the most up-to-date statistics about who uses the services of Executive Coaches. Of the 16% of survey respondents who identified themselves as managers, leaders, directors, or HR, 73% “have received approved or accredited coach-specific training” in 2015 from an Executive Coach hired by their companies, while 76% report using “coaching knowledge, approaches, and skills with team and workgroups” themselves. The study shows that some organizations, especially larger ones, are offering their management personnel coaching training rather than hiring outside coaches. This study also details that, on the global stage, 24% of Executive Coaches report having clients that include governmental agencies or NGOs (non-governmental organizations).
The most recent study on the demographics for who gets coached that I could find was from 2009; it is the Global Coaching Client Study by the International Coach Federation (ICF). Normally, we wouldn’t provide data this old – as the numbers are sure to have changed within the last 6 years, however, this information will give us a general background on those most likely to be coached and/or obtain coaching services.
These demographics include:
• Executives between 36 – 45 years of age
• More executives with post-graduate degrees than other levels of education
• 65% are female; 35% are male
These national numbers could be very similar to the numbers in the Dallas-Fort Worth area, however, no specific demographic statistics could be found for that area.
Now that we’ve looked at what an Executive Coach is, how to become an Executive Coach, and the why/what/who of utilizing these individuals, let’s look at the Executive Coaching Market itself – globally, in the US, and in Texas specifically. Then, we’ll look at some top Executive Coaches in the DFW area, as well as getting a look at some of the clients of these coaches.
BUSINESS & EXECUTIVE COACHING MARKET (GLOBAL, US, TEXAS)
The 2016 ICF Global Coaching Study reports that there are approximately 53,300 Coach Practitioners across the world, which MarketPlace reports has more than tripled in the last decade. This market generated estimated revenue worth over $2.3 B in 2015.
In the United States, CoachesTrainingBlog reports that, “Though executive coaching slowed immediately following the global economic crisis in 2008, it has once again become one the top leadership and development tools for businesses, and it shows no signs of slowing down ….” IBISWorld reports that this industry generates about $11 B in annual revenue showing a 2.6% CAGR from 2011 – 2016. The Bureau of Labor Statistics reports that there were about 17,500 Coaching Practitioners within North America in 2015. I could find no reports that listed the exact number of these individuals (or companies) in Texas specifically, and since they are not required to be licensed, it is unlikely that this information is collected anywhere.
According to MastersInPsychologyGuide, the national average annual salary for Executive Coaches is around $61,000. This is down from a huge spike in 2013, which is most likely due, at least in part, to the recovering economy. In Texas, the average annual salary is a bit lower (3%) at $59,000, which ranks the state at 22nd in the country. The Harvard Business Review reports that the median hourly cost of an Executive Coach is about $500, with the lower-priced coaches running at least $200 per-hour, and the higher-end coaches running between $3000 - $4000 per-hour.
A search on Indeed for “Executive Coach” in the DFW-area came back with 10 open full-time positions and one (1) open contract position available. Only one of these positions exactly matched the description we were looking for, and that was with the Success Group International for a position called “Client Success Manager / Business Coach”, with a salary between $70 - $75 K a year. However, a search for “Business Coach” yielded better results. This search showed 42 results in this area with 15 different companies. Again, only one (1) of these positions was exactly what we were looking for – and it was the same job as discussed above. A similar search on Monster for “Executive Coach” in the DFW-area revealed 582 jobs, however, many of these were more full-time executive positions within organizations rather than coaching positions for organizations that hire this type of position.
Despite extensive searching, no further information could be found on the Dallas-Fort Worth area of Texas’ specific market.
DFW-AREA EXECUTIVE COACHES & CLIENTS
As no pre-compiled “Top 10 Executive Coaches” list for the DFW-area could be located, I searched a variety of sites to find those that had the best reviews or were listed as “best” or “top” in their field. The compilation of the results of that research is below. It includes Coaches (of varying types) listed by CoachMarket, Noomi, LinkedIn, Google, and Thumbtack.
CoachMarket identified the best Executive Coaches in the DFW-area of Texas. Although the site typically lists the top 20, for this area, there are only five (5) listed. Four (4) of them are detailed for you below; the fifth was mostly based in New York City, so it is unclear why her name appeared on the search, and she was not included in these results.
• Winnifred da Silva: Holds Bachelor’s and Master’s degrees; has 18+ years’ experience as an executive and management consultant. Clients have included “Barclays, HSBC, LF USA, Bloomberg, Hudson’s Bay Company, Bovis Lend Lease, Actus Lend Lease, Brightspot Strategy, Symantec, Time Warner Cable, FAA, Associated Builders and Contractors and Martha Stewart Living Omnimedia.” It is not clear which of these clients she worked with in Texas, nor which other Texas-based clients hired her.
• Ann Parks: Worked as a sales person and in learning & development, as well as assisting in the transitions of three separate bank mergers. She’s worked with JPMorgan, Citigroup, Lehman Brothers, and Salomon/SmithBarney, though it is not clear which of these, if any, were in Texas, nor which other Texas-based clients hired her.
• Neal Eisenstein: Holds Bachelor’s and MBA degrees; has extensive experience in sales and as a senior executive. No information his client list was found.
• Doug Sundheim: Holds Bachelor’s and Master’s degrees; has been a consultant / Executive Coach for 20+ years. He is the founder of Clarity Consulting (huge organization) and has authored several books, including a bestseller. His clients include: “Time Warner, The Chubb Corporation, University of Chicago, Harvard Management Company, SAP, Morgan Stanley, Barclays, International Baccalaureate Organization, Prudential Douglas Elliman, Altria Group Inc, Bertelsmann, DoubleClick & WisdomTree among other companies.” However, it is not clear which of these companies he worked with in Texas.
The Professional Coach Directory Noomi showed the following results for specific types of coaches in the DFW-area. Some of these individuals are in more than one category because that’s how they are listed on the site:
• Business Coaches (4): Jay McCoy, Charles Maddox, Elijah Clark, John Funderburgh
• Entrepreneurship Coaches (4): Elijah Clark, John Funderburgh, Hannah Garcia, Aimee Montgomery
• Executive Coaches (7): Meryl Frank Harari, Mina Brown, Charles Maddox, Elijah Clark, John Funderburgh, Preston Rich, Mike Caracalas
• Leadership Coaches (7): Meryl Frank Harari, Mina Brown, Charles Maddox, Brent OBannon, Alford Simon, Preston Rich, Mike Caracalas
A search for Executive Coaches near Dallas, Texas that have been vetted and certified by the LinkedIn ProFinder Concierge Team included nearly 100 results. The top 10 listings are:
• Brent OBannon
• Sal Eid
• Graham Caulfield
• Maeve O’Neill
• Marcia Zidle
• Ginger Reid
• Molly Cain
• Senith Mathews
• Gonzalo Lozano
• Di Colavita
Google Maps showed that there 21 cities near the Dallas-Fort Worth area that had Executive Coaching Programs by Turnkey Coaching Solutions (who has programs in 29 cities in the state), including: Grapevine, Richardson, Addison, Allen, Southlake, McKinney, Canton, Carrollton, Celina, Coppell, Forney, Frisco, Murphy, North Dallas, Park Cities, Prosper, Wylie, Arlington, Plano, Garland, and Irving. This nationwide coaching company offers a comprehensive leadership training program, and corporate, executive, and professional coaches to businesses within these cities – and seems to have one of the largest selection of programs of any similar companies or individuals in the area. No information could be found on who their clients have been, however.
Thumbtack lists the following four (4) companies / individuals as being five-star rated Career Coaches in the DFW area: Happiness Counseling Institute; JR Shrewsbury Coaching and Consulting, LLC; Job Searching & Career Coaching Services; and Professional Career Counselor. Although these are a different type of coach, the field is very closely related to that of Executive Coaching, so I wanted to include to be sure you had the widest set of results.
Other than the information listed above on the clients of specific individuals, no further information could be found on the Dallas-Fort Worth area of Texas’ specific clients. However, the Dallas Forth Worth Association of Executives is a large organization “dedicated to professional development for CEOs of Associations and their vast staff of professionals”. They provide educational opportunities, as well as networking with executives and coaches alike. This organization – and those who belong to it – may include some of the top utilizers of Executive Coaching services in this area.
Additionally, I could find no information on companies that are moving to the Dallas-Fort Worth area that are or will be availing themselves of these services. It does not appear that many companies publish this information to the public.
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SUMMARY
In the US, Executive Coaches are hired by companies and individuals for a variety of purposes, including: Improved leadership and management skills; better management – employee relations; and improved odds at new management success. Demographically, more women than men utilize the services of Executive Coaches, as do those with the highest levels of education.
There are not many publicly-available statistics on the Executive Coaching Market in the Dallas-Fort Worth Area. The average annual salary for these positions in Texas is about $59,000, which is 3% lower than the national average of $61,000, and puts the state ranking 22nd for salaries in the nation. There are fewer than 50 jobs listed for Executive or Business Coaches (varying types) in the DFW area. Top-reviewed or rated EC’s can be found via CoachMarket, Noomi, LinkedIn, Google, and Thumbtack, among other sites.
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Thank you again for your question, and I hope this information gives you what you need. Please contact Wonder again for any other questions you may have!