A chief operating officer deals with the daily management and reporting of company processes. The story below enlists the job description of a chief operating officer in detail.
There are many career opportunities and positions in a company, especially if it is a big company with many branches and practices. Each position has its own set of responsibilities to carry out, be it the middle or the top management.
The top management plays a very crucial role in smooth everyday running of an organization, with taking all business decisions by critical thinking and assessments.
There can be many posts in the top management as well, such as the Chief Executive Officer (CEO), the President, Vice-President, Chief Financial Officer (CFO), and the Chief Operations Officer (COO).
Job Description
The tasks in the COO job description primarily depend on the type of company, whether a small firm or a big giant multinational.
The job duties also depend on the kind of industry the company is carrying out business in - such as manufacturing, software development, financial management, etc.
If it is a large company, there can be multiple COOs; with each handed over the responsibility of overseeing a separate division.
Generally, a COO, who can also be in the position of a President, has to report his work to the Chief Executive Officer (CEO). The responsibilities are mostly related to operations management in a company.
He has to make sure that the product manufacturing process is in the right track, using the least possible resources, without compromising on the quality for consumer satisfaction.
He has to be familiar with management theories such as business process re-engineering and total quality management.
As a COO is a key player in the top management, he has to participate in management meetings and give suggestions to improve policies and processes.
He has to conduct meetings to find out if all departments perform as per set targets and standards.
He is also responsible for preparing and finalizing business strategies on a short term and long term basis. All corporate internal concerns are handled by the COO, whereas the CEO has to look after external matters.
Salary Range
Since this is a senior management position, a career as a COO is considered to be one of the highest paid jobs in the business sector. The salary range depends on a wide range of factors, such as the education, work experience and expertise, and the type of industry.
Along with the basic monthly pay, they are also are eligible for other benefits, bonuses, and facilities. It is reported that the median pay of these top level professionals comes near to USD 300,000 per annum.
Classification by State
Florida: USD 80,000 to USD 170,000 Illinois: USD 90,000 to USD 170,000 New York: USD 110,000 to USD 215,000 California: USD 100,000 to USD 190,000 Pennsylvania: USD 95,000 to USD 180,000
Classification by Industry
Manufacturing: USD 270,000 to USD 560,000 Financial Services: USD 350,000 to USD 450,000 Information Technology (IT): USD 400,000 to USD 500,000 Health Care Services: USD 100,000 to USD 265,000
Note that the approximate salary range mentioned above may change as per financial situations. In order to become a COO, you firstly need a reputable degree, most preferable an MBA, and loads of management work experience. You also need to be a good communicator, decision maker, and problem solver to carry out this executive job efficiently.