Depending on the specific territory in which you reside, the head operational role of a firm is either labelled the chief operating officer (COO), or the vice president of operations (VPO). Here\u2019s why taking on this position means you\u2019ll play a critical part in your organisation\u2019s future performance.<\/p>\n
Path to the role<\/strong> An important note to those venturing down this route, is that successful COOs tend to be strong on analytical and problem-solving skills. They have no issue with routing out strategic problems in a straightforward manner, and going on to solve these by means of a barrage of unique and innovative solutions.<\/p>\n After completing the bachelor\u2019s degree of your choice, embarking on a Masters in Business Administration (or MBA) is a wise decision \u2013 many employers will seek out this specialised business qualification on your CV, as well as what you focused on in your final MBA paper.<\/p>\n While the path through studies and work experience may differ extensively from one COO to the next, it takes an average of eight to 10 years to work your way up the career ladder \u2013 through middle management and possibly a senior executive position \u2013 until you\u2019re generally deemed fit to settle yourself in the role\u2019s corner suite and take on a COO\u2019s many and varied responsibilities.<\/p>\n Day in the life<\/strong> The experts at Western Governors University (WGU), an online organisation that helps you gain a career-focused degree at a rapid pace, lists these 10 typical activities that a COO will carry out during the course of a typical working day:<\/p>\n \u2022 Draw up a number of strategic goals that need to be reached; While the bullets above reveal a role that is extremely demanding, it is also a highly rewarding role that is able to impact strongly on an organisation\u2019s overall prosperity.<\/p>\n Critical personality traits<\/strong> The reason it is so daunting, they write in the Forbes.com piece \u201cThe Must-Have Traits Of A Great COO\u201d, is that this individual must act as a bridge between a firm\u2019s executive team and its other employees, while building and executing company strategy at the CEO\u2019s right hand<\/a>. He or she also needs to be good at evaluating costs and limiting expenditure, in partnership with the CFO.<\/p>\n During the hiring process, it can help to compile a list of important characteristics of the individual, which are expanded on in the article<\/a> mentioned above. So ask yourself:<\/p>\n \u2022 Does the individual have a history of carrying out their work with a high degree of honesty and integrity? If you answered yes to at least six of the above questions, you have a COO winner in front of you \u2013 who is sure to boost staff morale and enhance the company\u2019s bottom line with increasingly productive operational systems.<\/p>\n Reading up about the role<\/strong> <\/p>\n \u2022 Jennifer Geary\u2019s How To Be A Chief Operating Officer: 16 Disciplines For Success (Self-Published); A shifting landscape<\/strong> According to Liz Parnell, COO at Rackspace Technology, we are sure to witness the role morphing into that of an \u201cempathy officer\u201d, who is tasked with taking the lead to advocate for various matters (say, working in-office, at home, or a combo thereof) on behalf of their employees. The COO will also need to break down various silos in a business, so as to streamline its ultimate performance.<\/p>\n On the other hand, Abigail Vaughan, COO of HR and payroll specialist Zellis, believes that the position grows \u2013 at times \u2013 out of a need to correct something. Once an organisation has reached a particular point of smooth sailing, the necessity of the job function could in fact be \u201ckept under review\u201d.<\/p>\n A third opinion is offered by Simon Nolan, COO of executive search firm Page Executive. His take is that the chief executive officer will remain critical to \u201cdelivering on behalf of the customer and driving success\u201d \u2013 and should not pivot around company size, which industry it forms a part of, or its particular commercial strivings.<\/p>\n What\u2019s key, he says, in these times of unrelenting change, is that the individual remains adaptable and implements the technology and infrastructure necessary to support the firm\u2019s demands \u2013 as and when these may shift.<\/p>\n What\u2019s clear is that the COO of the future will be required to harness his or her \u201cintuition and emotional intelligence\u201d in this wide-ranging and multi-dimensional role. Getting the balance right between taking a highly collaborative approach towards getting things done, while communicating the need for systems to change suddenly \u2013 and incrementally \u2013 takes a rare type of individual.<\/p>\n Executive coaching for the win<\/strong> A glance at the Forbes article \u201c6 Ways An Executive Coach Can Make You More Successful\u201d reveals these key benefits to executive coaching:<\/p>\n \u2022 You\u2019ll gain a clearer picture of yourself, which studies have shown correlates well with better effectiveness in the workplace \u2013 translating into increased profitability for the company at which you work; In this space, you\u2019ll be able to take off your senior executive hat and morph into a novice within the area you wish to develop \u2013 this will facilitate personal growth as you forge ahead with bravery, commitment and curiosity.<\/p>\n Last thoughts<\/strong> According to the same paper, 40 percent of leading companies had an individual in the COO role \u2013 as of 2022. Further, the financial and energy sectors, globally, are leading the charge in relation to expressing their confidence in the need for such a person \u2013 with 48 percent of companies having a COO. If you can handle the heat and move with the punches, this role is potentially the most transformative of any within a sizeable organisation.<\/p>\n Fast fact 1: An earnings comparison Fast fact 2: Most famous global COOs Fast fact 3: Educational requirements in brief \u2022 a Bachelor of Business Administration (BBA), which is a four-year degree with a strong foundation in business and management principles and their application in the real-world workplace; ENDS<\/p>\n All sources list: <\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":" Depending on the specific territory in which you reside, the head operational role of a firm is either labelled the chief operating officer (COO), or the vice president of operations (VPO). 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The best COOs appear to hone their skills in business, finance or law. Some start off by managing a small team within a bigger firm; and then secure a promotion as a result of their attention, time and commitment to this smaller team\u2019s success.<\/p>\n
In you can grasp what your company CEO and CFO would like to achieve, can convert this into a simple yet effective strategy, and then configure the gist of it so that your team members are able to carry out the tasks that will help the firm achieve its goals \u2013 this is the job for you.<\/p>\n\n
\u2022 Evaluate the value of any new and incoming business opportunities;
\u2022 Look over and analyse financial reports, together with the company CFO<\/a>;
\u2022 Deal with and attempt to solve any customer service-related bugbears;
\u2022 Guide more junior staff members through their production- and logistics-related tasks;
\u2022 Meet with staff members at all levels to iron out obstacles and discuss operational progress;
\u2022 Attend board meetings, with a view to sharing high-level operational matters level with other senior executives and the company\u2019s shareholders;
\u2022 Develop sensible management policies and go on to implement these within the business;
\u2022 Maintain cordial relationships with colleagues at all levels, as well as the company stakeholders;
and
\u2022 Report to the CEO on a daily basis, regarding the most critical of the matters mentioned above.<\/p>\n<\/blockquote>\n
According to the Young Entrepreneurs Council (YEC), an invitation-only organisation that brings together that world\u2019s most successful young entrepreneurs, hiring a COO takes a huge amount of consideration, discussion and insight.<\/p>\n
\u2022 Can they balance out a visionary tendency with practical, actionable steps?
\u2022 Will they be able to create workable systems that improve a firm\u2019s overall operational ability?
\u2022 Do his or her best qualities complement those of the CEO and the CFO, filling in around any of their business deficiencies?
\u2022 Will he or she put aside any personal agendas with a view to acting in the organisation\u2019s best interests and with its key priorities in mind?
\u2022 Over and above their academic qualifications, does this person have experience in growing a successful business?
\u2022 Do they communicate well, and offer energetic business solutions at the interview stage that you and the other executives simply can\u2019t wait to implement?
\u2022 And, lastly, are they able to cut through any small niggles to focus accurately on the bigger picture?<\/p>\n
There\u2019s nothing better you can do to expand your knowledge of the COO job<\/a>\u00a0than browsing the business aisles of your nearest bookshop. A helpful list of the top five books to add to the pile next to your bed and to dip into from time to time, include:<\/p>\n
\u2022 Stephen Covey\u2019s The Speed Of Trust: The One Thing That Changes Everything (Simon & Schuster);
\u2022 Verne\u2019s Harnish\u2019s Scaling Up: How A Few Companies Make It And The Rest Don\u2019t (Gazelles, Inc);
\u2022 Nathan Bennett & Stephen Miles\u2019 Riding Shotgun: The Role Of COO (Stanford University Press);
and
\u2022 Gino Wickman\u2019s Decide! The One Common Denominator Of All Great Leaders (EOS).<\/p>\n
If you were in dispute over a COO needing to be able to communicate well with staff at all levels (as mentioned in \u201cCritical personality traits\u201d, above), the way in which the role is likely to change over the next 10 years should make the importance of this characteristic abundantly clear.<\/p>\n
If you\u2019re already stationed in a COO role, but are experiencing an area of the position that needs some work, booking a series of sessions with an executive coach could stand you in good stead.<\/p>\n
\u2022 You\u2019ll assess the abilities of others more accurately, once you\u2019ve been taught how to tap into your greater intuition;
\u2022 You\u2019ll move on up by developing various leadership tools, because in a senior role like CFO you can\u2019t just put your head down and work; you actually have to schedule meetings with your team members, hear their feedback and guide them in their goals;
\u2022 You\u2019ll elevate the use of your top strengths, because your coach will point these out to you (especially if you are underestimating their value);
\u2022 You\u2019ll begin collaborating with different personality types, if various limiting beliefs about people different to yourself were previously holding you back;
and
\u2022 You\u2019ll sharpen your goals, dreams and aspirations, by spending your time with this neutral third party who is intent on sharing innovative methods of approaching problems, fresh ways of operating, and clever nuances that will support you in bettering your performance.<\/p>\n
How do you know that the COO role<\/a> is for you? A McKinsey Paper \u201cStepping Up: What COOs will need to succeed in 2023 and beyond\u201d, reveals that you\u2019ll be a whizz at anticipating change; you\u2019ll collaborate well and bring forth innovative ideas that will help shape the organisation\u2019s direction; you\u2019ll engage with the board by presenting a holistic operational picture; you\u2019ll mentor in-house talent; and you\u2019ll never fall into a comfort zone when it comes to digital transformation.<\/p>\n
\u2022 Average COO salary in South Africa = R2 710 023 per annum
Source: https:\/\/www.erieri.com\/salary\/job\/chief-operating-officer\/south-africa<\/a>
\u2022 Average global COO salary = US$179 520 (R3 278 089,06 per annum)
Source: https:\/\/www.wgu.edu\/blog\/career-path-become-chief-operating-officer2212.html#close<\/a><\/p>\n
C-Suite Spotlight has recently published their list of the Top 100 Chief Operating Officers of 2022. While those nominated work in fields as diverse as education, information technology, food and beverage production, healthcare, civil engineering, tourism, and financial services, their goal is synonymous \u2013 \u201cto make the company\u2019s vision become a reality\u201d. Click here<\/a> for the full list, which includes the likes of Tim Cook, formerly of Apple and Sheryl Sandberg, formerly of Facebook.<\/p>\n
The experts at GetSmarter, an organisation that offers career-enhancing online certificate courses designed to fit into a busy schedule, suggests you follow a course of studies similar to the below when pursuing a COO position:<\/p>\n
\u2022 a Master of Business Administration (MBA), where the coursework generally focuses on teamwork and managing coworkers, economics and statistical methods \u2014 key areas in the COO role;
and
\u2022 then upgrade your skills to enhance the working experience you\u2019ve already gained, with a series of short courses on subjects such as Strategic Leadership, Data Analysis, Digital Marketing, Negotiation Skills, Foundations of Risk Management, Project Management, Power Skills of Team Building, and Digital Transformation: A Practical Strategy.<\/p>\n
https:\/\/www.wgu.edu\/blog\/career-path-become-chief-operating-officer2212.html#close<\/a>
https:\/\/www.forbes.com\/sites\/theyec\/2017\/09\/18\/the-must-have-traits-of-a-great-coo-according-to-11-successful-founders\/<\/a>
https:\/\/www.erieri.com\/salary\/job\/chief-operating-officer\/south-africa<\/a>
https:\/\/csuitespotlight.com\/2022\/03\/14\/the-top-100-chief-operating-officers-of-2022\/<\/a>
https:\/\/teambuilding.com\/blog\/coo-books<\/a>
https:\/\/www.raconteur.net\/c-suite\/what-will-the-coo-of-the-future-look-like\/<\/a>
https:\/\/www.forbes.com\/sites\/erikaandersen\/2017\/11\/20\/6-ways-having-an-executive-coach-can-make-you-more-successful\/?sh=788245ee63d5<\/a>
https:\/\/www.getsmarter.com\/blog\/career-advice\/become-chief-operations-officer-coo\/<\/a>
https:\/\/www.mckinsey.com\/capabilities\/operations\/our-insights\/stepping-up-what-coos-will-need-to-succeed-in-2023-and-beyond<\/a><\/p>\n