How Much Does Leadership Training Cost?
Developing a few good leaders can make all the difference in your company’s growth and innovation. A variety of leaders can bring new ideas and energy to any organization and makes sure that your company will be in good hands when today’s leaders retire. However, training and mentoring new leaders can be tricky and expensive. One good place to start is by offering leadership training to your key upcoming employees. But, how much does leadership training cost?
The Cost of Leadership Training
Not all leadership training is alike, and the costs can vary dramatically depending on the format. Below are the main options when it comes to training your employees to be leaders.
In-Person Leadership Training
One-on-one training is, arguably, the most effective type of leadership training. A personal coach can identify and work on the employee’s strengths and weaknesses, tailoring the program to best improve his or her leadership skills.
However, hiring a trainer to work individually with your employees can be costly. A personal leadership coach can cost between $150 and $200 per hour for mid-level executive training. For top executives, this cost increases to around $500 per hour. If the trainer is not local, your company may also be responsible for the trainer’s travel expenses.
In-House, HR-Sponsored Leadership Training
A good, effective alternative to one-on-one training is to offer periodic, company-sponsored leadership training classes. These can be held on-site or off-site, during work hours or during the evening or weekends. An on-site training program costs around $1,000 per day and consists of one to two full-day sessions.
You may also be responsible for the trainer’s travel expenses. In addition to the basic costs of the training program, keep in mind that with company-sponsored classes you’ll also need to add in the cost of transportation for your employees to and from the off-site class and possibly overtime, if you are having the classes during off-work hours.
Continuing Education Courses In Leadership At a Local College Or University
Another way of training your future leaders is to reimburse them for a leadership course they chose and attend themselves at a local college, university or community college. Prices for such classes can run up to $3,000 per person and require a size-able time commitment from your employee.
One benefit of using this option is that you don’t have to pay for the class until the employee successfully completes it. Since the employee chooses the class, you lose control over the content and quality of the course, although it’s advisable to set some guidelines for this.
Online Leadership Training
Perhaps the easiest type of leadership training for both you and your leaders is online leadership training. Online training offers the your leaders the ability to learn at their own pace, in a time-frame that suits both the company and their busy lifestyles. Online leadership training also negates the need for costly and time-consuming travel.
This type of leadership training provides consistency and makes choosing robust, actionable leadership training topics each month easy. For corporate training managers, online leadership training means fewer hours pulling leaders off the job and greater continuity in the knowledge base of current and future company leaders.
A Better Leader’s online leadership training is the top online leadership training program for companies looking to create superior leaders. At just $450 a month to train an unlimited number of leaders, A Better Leader offers the soft skills today’s companies need to reduce risk. From improved morale to better delegation; coaching to implicit bias, leaders get the skills they need to make your company an employer of choice.