The CEO of a company is a coveted and well known position. However, many are unaware of the CEO’s second-in-command, sometimes referred to as the COO. Nearly 50% of the world’s companies have a COO, most without a standard job description. This is because much of the COO’s responsibilities vary based on the state of the company and the needs of the CEO.
There are several different types of COO, but the most successful ones will all be adaptable, able to stay organized, and will be able to streamline the processes of the company. With these skills in their arsenal, they are able to push the company forward and support the efforts and endeavors of the CEO or equivalent entrepreneurs.
Because of the necessity of such a position, COO presence in companies rose 16% between 2018 and 2022. However, it is still difficult for companies to invest in and support the training of their COO hires, which can be costly. In fact, companies lose 20% to 30% of their revenue every year due to inefficiencies.
Despite some current challenges that hiring and retaining a COO may bring to the table, it is clear that empowering a second-in-command creates a lasting impact on business growth. With the proper COO coaching and motivation, COOs have the power to change the landscape of modern business productivity.
Source: Diane Integrates