Chief Operating Officer

Job Description

A Chief Operating Officer (COO) is a member of an organizations executive team. They handle the day-to-day administration and operation of a business. With the proper training, experience, and skills, an individual can fill this role in a variety of organizations, such as a for-profit business, non-profit organization, government entity, or school. The COO typically has overall supervisory responsibility for all of the entitys operations.A COO may alternatively be called Vice President of Operations. As second in command to the CEO, the COO position is tasked with providing leadership, management, and vision to ensure that the business has effective people, operational controls, and administrative and reporting procedures in place. The COO must help effectively grow the company and ensure its financial strength and operating efficiency.Chief Operating Officer Duties & ResponsibilitiesThe roles and responsibilities of the COO vary, depending not only on the organization for which they work but also on how that company defines the position. There isnt one agreed-upon list of what the job entails, and the role may also have different titles depending on the organization.A COO may be hired to accomplish some or all of the following tasks or objectives:Execute strategies developed by the top management teamLead a specific strategic imperativeShow the ropes to an inexperienced CEOComplement a CEOs experience or management styleProvide a partner to a CEO who does not work well aloneGroom the organizations next CEO or test the individual to make sure he or she is right for the jobPromote someone they dont want to loseOften, companies turn responsibility for all areas of business operations over to the COO, and this typically includes production, marketing and sales, and research and development. In some firms, the COO job is to be internally focused, while the CEO is externally focused. In other firms, the COOs mission is focused on a specific business need.Chief Operating Officer SalaryA chief operating officers salary varies based on the area of expertise, level of experience, education, certifications, and other factors.In the United States, approximately 309,000 people work as chief executives, including COOS, CEOs, and CFOs. They earn a median annual salary of $183,270, reports the Bureau of Labor Statistics, but individual earnings can vary greatly based on the size of the organization and the industry, as well as the individuals responsibilities.Education, Training & CertificationTo be considered for a COO position, one needs a combination of education and significant experience.Education: The minimum educational requirement is a bachelors degree in business or a related subject, but many organizations prefer to hire someone with an MBA.Experience: A COO typically needs to have extensive experience within the industry or field in which the firm operates. The individual has often worked their way up through the company ranks for at least 15 years, with at least five of those years spent in a senior management role.Chief Operating Officer Skills & CompetenciesIn addition to the educational and experience requirements, organizations look for COO candidates who also have the following soft skills:Leadership: A COO must have excellent leadership skills, business acumen and ability to effectively manage, lead and supervise a multidisciplinary teamStrategy: They must excel at strategic thinking, be open to new perspectives and better ways to do things; and be creative, a visionary, and manage innovation wellCompletion-oriented: A COO must be results-drivenUnderstands finance: The COO must have a track record of successful financial managementDecision-making skills: A successful COO must have superior decision-making skillsDelegation: Must have the ability to delegate effectivelyCommunication: The COO must possess executive-level communication and influencing skills with the ability to resolve issues, build consensus among groups of diverse internal/external stakeholders, and have proven skill in negotiating and mediating conflict