Chief Operating Officer: Definition, Responsibility & Salary

Generally, when we discuss the top-tier management for any company, we consider three main heads: the Chief Executive Officer(CEO), the Chief Finance Officer(CFO), and the Chief Operating Officer(COO). The Chief Operating Officer of a company is essentially the right hand to the CEO of the company. 

Therefore, a Chief Operating Officer has a heavyweight to lift on his shoulders. Many companies hire COO for different tasks. This is done to properly divide the tasks between the CEO and the COO such that the company progresses. But many questions might pop into your head. You might think what does a chief of operations do at all if there is already a CEO? All the roles are designated with care and ensure that there is no redundancy of any kind.

What is a Chief Operating Officer? 

A Chief Operating Officer is similar to a chief executive officer but the roles of the latter are far more vast and expanded. When a company starts expanding, the CEO has to look forward to many other roles. During this time, the chief operating officer walks in and saves the day. He is a little below the hierarchy than the chief operating officer but has to do similar types of work. 

With this, a chief operating officer becomes one of the most important roles that is rising as the corporations today are growing. With increasing acquisitions and growths, corporations need someone to ensure that their work is still proper and that the CEO is not burdened to look after the company at all times. 

What does a Chief of Operations do? 

The Chief of Operations has a lot of tasks to perform. He has to constantly manage and look after the operations going on in the company. For this, he has to talk regularly to the executives and get a detailed analysis of the ongoing events of the firm. In this manner, he gets to know what the company needs and the moment and what is obstructing it from growing further. Using this information, the COO sets his own goals and policies after which he looks for.

He/she has to ensure that the company is working smoothly and efficiently. This is done by regular quality checks. In this manner, the COO is given the responsibility to decide on the vision of the company by consulting with the CEO on the same. This ensures a nice discussion and a smooth flow between the company.

Why does a company hire a COO?

• To co-assist the Chief Executive Officer and provide his vision to co-lead the company.
• To provide the company with strong leadership and ensure that it remains integrated and everything runs smoothly.
• To ensure that the company grows without compromising on the vision that it started with.
• To provide an initiative and build strategies for the next actions of the company.
• To train themselves and later fill the shoes of the CEO while he takes on another task.
• In some cases, the chief operating officer is hired to mentor the CEO if he is young or relatively inexperienced. But for this task, a learned and experienced COO is chosen.

The responsibilities of a Chief Operating Officer

Further to the aim of a COO being hired, the Chief Operating Officer has a lot of responsibilities towards the company. His is a role of great passion and skills. 

• To ensure that the company continues to grow and boost. Therefore, the COO has to ensure that the stakeholders of the company get the maximum value and hence the company is achieving its potential.
• To keep the company integrated and ensure that every member is involved. Therefore, the structure of the company has to be decided in such a manner that the company, the management, and the customers are addressed simultaneously and cautiously.
• To train the staff, if required, for the success of any plans that are executed by the COO.
• To be able to communicate himself accurately to the staff and other organizational members and ensure that he delivers himself correctly.
• To uplift the members of the firm as and whenever required. It is the responsibility of the COO that all the company employees are motivated and driven towards one united goal in the betterment of the firm’s fortune.
• To analyze the performance and review them whenever required. If someone is not working up to the par of the firm, the COO has to take control of the situation and ensure that the demanded results are produced.

One of the most important things is that the COO should have information about each department of the firm. This ensures that he can communicate properly with every department and can understand if they’re facing any hassles in the completion of their work. This ensures a smooth flow of performance so that the people can perform at their maximum efficiency and that they are also incorporated into the firm’s vision. 

What is the average salary of a COO? 

On average, the salary of the COO is about $79000. For a below-par COO, the lowest salary is about $62.8K. With quality performance and simultaneous growth of the firm, COO’s have also earned about $149.7K. This income is about 50% more than the people of the other sector or as an average earner. 

With the right skills, you can become a Chief Operating Officer of a firm and thereby work per the firm’s vision while ensuring that the firm is kept together. Maintaining integrity while ensuring growth makes the chief operating officer who he is.

Related Articles:

Font For Cover Letter
Care Manager Job Description Template
Bookkeeping Jobs from Home
Effective Ways To Deal With A Negative Coworker