Do you know what a chief operating officer does? Like many others, if you too do not have much of an idea about the capacity in which a Chief operation officer, often referred to as the COO, performs duties, this article is going to enlighten you on this topic and provide you with a chance to widen your knowledge about the corporate hierarchy.
Work Responsibilities of a Chief Operating Officer
A chief operating officer can be considered as a senior manager or managing director of a firm. The power and status of a COO is one rank below of that of a CEO. Required in both, private & charitable organizations, they are designated business leaders who are responsible for overseeing the day to day events of a business and guarantee its well-being.
The everyday management of a company is performed by a COO, however, the exact role is defined according to the industry he or she is working in. And if we talk about their educational background, that also ranges from economics to logistics to law which makes them eligible for creating business strategies, undertake business planning and monitor business performance.
Job Description of a COO
It is believed that the position of a chief operating officer can be justified in the utmost manner in sectors related t science & engineering, however, they are found in many other industries as well.
Below, I have provided you with a bunch of activities that a COO undertakes:
- Identifying as well as analyzing business strategies.
- Making a considerable contribution to the annual strategy along with planning business processes.
- Managing the project as and when required.
- Comprehend regulatory guidelines and documents.
- Provide support and knowledge to employees in business development.
- Evaluate state and federation regulations.
- Examine sales figures, make presentations for clients and fetch new client sources.
- Build strong relations with new clients.
- Maintain and grow connections.
- Expand strategic partnership inside as well as outside the industry.
- Set revenue goals and accomplish them in time.
- Ensure that business development tasks are well-coordinated among all departments.
- Make sure that the employees work towards their professional development by improvising their skillset
The demand for Chief Operating Officer jobs
Being such an essential position in the corporate hierarchy, the demand for chief operating officer jobs never goes down. As per reports, the general demand for chief operating officers has been anticipated to grow by 6 percent from now to the year 2024. And this prediction is based on the data collected from all industries.
The salary of a Chief Operating Officer
Considered as business executives, regardless of the sector that they provide their services in, Chief operating officers receive a median base pay of $164,934 in the United States, according to a study carried out by Glassdoor.
Being a well-paying job which is in steep demand is a solid factor for individuals to be fostered to work their way up in an organization and gain the designation of a Chief Operating Officer.