The chief operations officer (COO) is responsible for overseeing daily operations of the company, developing short- and long-term goals of a company, reporting to the board of directors and working with the internal operations of the business. Although he/she reports directly to the chief executive officer, the COO is one of the top positions in a company.
The duties of a COO include advising and counseling management in planning; formulating activities and consulting with department chiefs on how to conduct these activities; supervising quality control of the manufacturing department; ensuring all activities relating to work are completed according to specifications and in compliance with all legal matters; mediating between conflicting parties; assigning goals for departments and rewarding them once goals are achieved; motivating personnel to give quality service to the company; following guidelines set by the CEO and the board of directors; as well as providing business plans to maximize growth and profit, among others.
Education and Training Requirements
To become a COO, candidates must obtain a Master’s degree in Business Administration (MBA). Some employers may award this position to individuals with only a bachelor’s degree in business administration, but only after he/she has worked for the company for several years.
Knowledge and Skills Requirements
A keen sense of planning and implementation of the plan is a trait for a COO. Knowledge of information technology is essential since computers are integral in the management of business. Chief operating officers need to multi task to manage projects all at once. Good communication skills are essential since the COO needs to coordinate and oversee departmental matters. Years of experience in computer science is now needed by The Chief Operating Officer since most business have now been conducting business in the Internet.
Chief operating officers have one of the most spacious offices in a company. They are surrounded with competent staff. COOs spend long days, including evenings and weekends, in the company. Travel is mandatory since the COO is required to meet with executives from different branches. Sometimes, conferences are done through video or teleconferencing.
COOs are one of the highest paid people in the world. Average salary can be anywhere between US$130,000 and US$300,000. The average salary of a COO in the healthcare industry is between $90,000 and $150,000. In the IT services industry, the COO can make between $100,000 and $160,000. On the financial industry, they average $98,000 to $160,000 annually and in the insurance industry, their salary ranges from $100,000 to $157,000 per annum.