Put Me In, Coach

Whether it’s anxiety over work, stress from being sandwiched between raising kids and taking care of parents, or something else, more and more people are turning to life coaches for help.

What was once a niche market populated by self-help gurus and spiritual leaders is now a booming industry. According to a new survey, the US life-coaching market is expected to grow by nearly 5% annually between now and 2030, from $1.5 billion in 2022 to $2.1 billion. Experts cite several factors for the growing interest in life coaching, among them an increased awareness of mental-health issues and overall wellness in the wake of the pandemic. Karen Joseph, an executive coach in the Life Sciences practice at Korn Ferry, says remote work and the blurring of lines between work and home life also factors into the equation. “A lot of people are struggling with finding a balance between when the workday begins and ends,” she says.

Most experts applaud workers’ efforts to seek out help when they are overwhelmed. But many HR pros worry that the rising costs of healthcare, combined with a lack of on-staff psychologists or other mental-health professionals, are causing people to turn to life coaches as a substitute for therapy—which is often not a life coach’s area of expertise. “There’s a risk that people don’t understand what coaches are for,” says Joseph.

Indeed, it’s important to distinguish between life coaches—who focus on issues like personal development and interpersonal relationships—and career or executive coaches, who are provided by companies like Korn Ferry, and who deal with leadership development, management style, and other skills relating to individual career goals and company objectives. Executive coaches are governed by the International Coaching Federation, and, in nearly all cases, require certification by that body or an accredited coaching program run by a university such as Georgetown or Columbia. By contrast, life coaches aren’t required to obtain ICF certification. “Anyone can be a life coach, or call themselves one on LinkedIn,” Joseph observes.

By the numbers alone, leadership and executive coaching dwarf life coaching. According to the ICF, more than 109,000 certified business and life coaches were registered globally in 2023, representing a growth rate of 54% since 2019. Meanwhile, the above-cited study estimated the number of life coaches in North America at around 26,000. Even more tellingly, companies are paying handsomely for executive coaching: Currently, the ICF puts the combined market at around $7.2 billion—more than $5 billion more than the US life-coaching market alone. “Organizations are investing in coaching services to support employees at all levels,” says Jennifer Zamora, a senior principal with Korn Ferry Advance.

Firms may be investing in business and life-coaching services to compensate for cutting back on training and reskilling budgets, as well as for laying off so many middle managers over the last few years. Though company leaders say they need employees with new or different skills, the amount of money spent on training fell by nearly 4% last year, according to Training magazine.

When hiring a business or life coach, Zamora says, it’s important to consider such factors as their experience, credentials, coaching style, and area of expertise. If your goal is to gain new skills so you can embark on a new career path, for instance, a career coach is better suited than a life coach to assess your strengths and weaknesses and build a development plan, she says: “Clarifying your goals and desired outcomes will help determine how to select a coach to best support your needs.”

Learn more about Korn Ferry’s Leadership and Professional Development capabilities.