On each person's career path, everyone tries to work hard to achieve memorable milestones and important positions at the business they work for. A lot of people have been trying to get to the position of Chief Operations Officer or COO. So what is COO, different from CEO and what standards must be met to become COO? Follow them all in the article below.
1. What is the Chief Operations Officer (COO)?
Chief Operations Officer or COO in Vietnamese means Director of Operations . This is the position that runs the day-to-day operations of the business and reports directly to the CEO. In large enterprises and corporations, the COO position is the Deputy General Director , under the position of the General Director (CEO). Small and medium businesses usually do not need a COO position .
Chief Operations Officer (COO) means Chief Operating Officer, a position with authority under the CEO
2. Difference between COO and CEO, CFO, CPO, CCO, CHRO, CMO
In an enterprise, there will be many different director and manager positions from low to high level. The basic difference is also key of the COO title with other management titles lies in the job functions and duties . You can follow the details below:
– COO
This is the position behind the CEO , receiving direction from the CEO to hold meetings with subordinates, support leaders of different departments and also manage departments in the enterprise on behalf of the CEO. , and reports directly to the CEO.
The COO or Chief Operating Officer will receive direct direction from the CEO and also report directly to the CEO
– CEO
CEO is the title of Chief Executive Officer stands, means chief executive officer . This is the highest and most powerful position in the business, responsible for the general management of all departments. All activities in the enterprise must be approved and signed by the CEO.
CEO or CEO position is the highest and most powerful position in an enterprise
– CCO
CCO stands for Chief Customers Officer, which means Chief Sales Officer . This is a big title that plays an important role in the profitability of the business. The COO is responsible for managing the product buying and selling process , monitoring and analyzing the market to have the most effective business strategy.
COO or Sales Director is an important position with the profit of the business
– CFO
CFO Chief Financial stands Officer, also known as the Director of Finance . The position of CFO is in charge of corporate finance with job titles such as researching and analyzing financial situations, establishing financial plans, managing and using capital effectively, etc.
CFO is the position of Chief Financial Officer, in charge of corporate finance
– CPO
CPO stands for Chief Product Officer, aka Chief Production Officer . This position will be responsible for all activities that create the company's service or product and ensure that production is on schedule . In addition, CPO also needs to verify product quality, evaluate production ability to negotiate investment with partners.
The CPO is responsible for all the production of a business's service or product
– CHRO
CHRO stands for Chief Human Resources Officer, also known as Director of Human Resources . CHRO is responsible for human resource management , recruitment planning, training planning and promotion roadmaps for specific departments in the business.
The Human Resources Director is responsible for recruiting, training, managing and creating promotion paths for all departments in the company.
– CMO
CMO stands for Chief Marketing Officer, also known as Marketing Director . This position is responsible for managing the product development team, promoting company products and finding customers through media effects, advertising and marketing. The position of CMO requires high expertise , good practice and breakthrough creativity .
The CMO is responsible for product development and customer acquisition through various marketing channels
3. Rights, responsibilities and duties of Chief Operations Officer
Each important title in an enterprise is associated with great responsibility, authority and different work titles . So keep an eye on what the COO will do, and what their powers are:
– Authority of COO
COO is a position only under the CEO in a business, so this position has the following powers:
+ The right to plan, express opinions, and veto.
+ The right to test and check the work progress of the departments under their authority.
+ The right to direct and test managers of the departments under their authority.
+ The right to give opinions on the decisions of the General Director (CEO).
The COO has the right to direct, inspect the departments under him and give opinions on the CEO's decision
– Responsibilities of COO
With great power comes great responsibility. The basic COO responsibilities include the following items:
+ Organize and manage work to complete the year plan of the business.
+ Organize and promote medium and long-term business development plans .
+ Take economic and administrative responsibility if making wrong decisions, causing great losses to the company.
The COO is responsible for organizing and managing the work to fulfill the business plans, and is responsible for the losses caused.
– The work of the COO
Here are the basic job titles of a COO:
+ Perform monitoring of the company's daily activities and report to the CEO important things.
+ Participate in the formulation of business strategy and operational policies .
+ Organize the implementation of strategies proposed by the CEO .
+ Implement human resource management , promote alignment between company goals and employees.
Sometimes, the COO position will take over the management of human resources, production or marketing in the business.
The COO will monitor the company's activities, report directly to the CEO and implement the strategy proposed by the CEO
4. Is the Chief Operations Officer (COO) salary high?
With management and leadership positions that come with great responsibility and large workload, of course, the remuneration will be well worth it . The salary of the COO has a difference, ranging from 40-100 million/month depending on the size of the business and the nature of the job.
The salary of the COO will vary depending on the size of the company's operations and the nature of the job
For FDI companies or multi-industry corporations , the COO's salary may be out of the above estimation range, and even approximate the CEO's salary. You can refer to the salaries of the professions on the recruitment pages by phone or computer.
5. Requirements and qualities to become a COO
For corporate leadership positions, there are always requested and requires rigorous , qualities prominent and demanding learning process, striving for quite some time . So what are the requirements and qualities to become a COO?
– Criteria to become a COO
COO need a combination of qualified professional and practical experience profound . The minimum requirement for a COO is a Bachelor's degree in Economics and extensive field experience in the field in which the company operates. Many companies and organizations give preference to COO applicants with an MBA degree .
The COO position requires a high level of expertise and extensive practical experience
– Skills and qualities to become COO
To become a manager or COO, you will need to learn and long-term practice the following outstanding skills:
+ Communication skills
This is a necessary skill for every profession and every job position. Possessing good communication skills will help the COO to easily negotiate with customers and manage his staff in a convincing way .
COO needs to have good communication skills to negotiate with partners and manage human resources
+ Time management skills
With high work intensity, many tasks and great responsibility, time management skills are a must in every COO. The management and allocation of time reasonable will help a lot in the process COO company executives and planning.
Good time management skills will make it easier for the COO to manage work and plan
+ Goal-building skills
Setting goals and creating an action plan is an integral part of every COO's work. Good goal-setting skills will help the COO realize the advantages and limitations of the business, and build a strategic vision to allocate human resources to accomplish the goals.
Goal setting skills help COOs build strategic visions for business action plans
+ Leadership and business management skills
This is the prerequisite and most important skill for all management positions in the business. People with good leadership and management skills fully converge the elements of creativity, listening, relationship building, managerial thinking and assertiveness in every decision made.
Leadership and corporate governance skills are indispensable in every COO or CEO
6. Principles to be a good, successful COO
The principles and advice below are not only for COO positions, but every profession, every position can learn and strive. So what are those principles?
+ Determine your priorities . You need to analyze, determine which tasks or tasks need to be prioritized and focus resources to solve those tasks to achieve the highest work efficiency.
+ Always put corporate and collective interests first. For a management position, you have to be responsible for an entire enterprise with many employees. Therefore, do not make emotional decisions that must be carefully considered , always giving priority to the interests of the business.
Let's build a success plan . With any job, you need to develop a detailed and meticulous plan . The plan should also be regularly reviewed and changed from market realities or company personnel.
+ Focus on opportunities . A good COO needs to know how to observe the market and seize opportunities and partners to bring in as much profit as possible and develop a successful business.
COO must always put the interests of the business first and try to focus on the opportunities for his company
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