A Chief Operating Officer is a top management position in a corporation who is in charge of everyday operations of the company. He or she takes part in both short and long-term strategic planning of business endeavors which focuses on internal operations. A chief operating officer reports directly to the chief executive officer and to the board of directors.
The tasks of a chief operating officer focus on the internal operations of a business organization. A chief operating officer is in-charge of the implementation, improvement and design of the systems of an organization and the implementation of company policies and procedures. He or she checks and settles issues in relation to company’s operations which include human resources management, marketing, sales and production. Other important responsibilities of a chief operating officer includes, giving advice and suggestions to the management for necessary changes in attending to different issues and business decisions; conducting regular meetings to ensure completion and accomplishment of designated tasks as set; ensuring all tasks and activities of the operations comply with legal standards; expertise in managing team building activities which will motivate teams to give excellent performance; making operational goals for every department and giving corresponding reward; resolving conflict among departments by acting as mediator and following objectives set by the chief executive officer and board of directors.
Education and Training Requirements
To become a chief operating officer, one should obtain two types of business degrees – a bachelor’s degree in business administration with a focus on management, followed by a Master of Business Administration (MBA). Most employers require chief operating officers to possess several years of experience as a manager or supervisor in business-related fields.
Knowledge and Skills Requirements
To become an effective Chief Operating Officer, he or she must have experience in strategic planning and implementation. He or she must possess knowledge in negotiating, contracting and modifying management procedures, information technology, computer systems and software. A Chief Operating Officer must have the ability to encourage teams to be productive and accomplish task within the given time frame possessing excellent writing and oral skills.
A Chief Operating Officer’s schedule may be flexible, though it is occasionally necessary to extend working hours, attending meetings and conferences. Travel often is required to monitor operations and meet with important clients and executives. A Chief Operating Officer is provided with large comfortable offices equipped with secretarial and support personnel.
The annual average salaries of Chief Operating Officers vary depending on the field of industry of the corporation they are in. Educational attainment and work experience are also considered in determining a COO’s salary. Those who work in the health care industry receive salaries that range from $90,000 to $150,000. Other industries include: information technology services from 100,000 to 160,000, financial services from $98,000 to $160,000, and under the insurance industry from $100,000 to 157,000.