The chief executive officer of a company, most commonly known as the CEO, is the most well-known and respected member of any organization. However, remaining successful in this position takes a village, and having a strong support team is paramount. This is where a COO comes into play, assuming the role of the second in command and helping to push the efforts of the company forward. In fact, more than 40% of the world’s leading companies have a COO in place, just without a standard job description.
People in this position are considered the CEO’s secret weapon and often complement the work of the CEO daily. The fundamental responsibilities of the COO depend on several factors, such as CEO needs, the current state of the company, and the strengths of the leadership team. This position is always changing based on the industry needs and each company’s specific goals. However, some set types of COOs exist that are most common across industries.
The main recognized types of COOs are the executor, the change agent, the mentor, the other half, the partner, the heir apparent, and the MVP. As most of these titles suggest, each type presents a different relationship with the CEO and entails a unique set of responsibilities and daily expectations within their roles. Although there are several different forms that a COO can take, experts have identified three consistent attributes that all across industries seem to possess.
First, acuity is a key trait, showcasing an employee’s ability to grasp complex concepts and ideas quickly. This allows the COO to juggle multiple tasks effectively in a high-pressure and fast-paced environment. Organization is also paramount, as it allows the team to define their priorities and effectively allocate time, energy, and resources to the initiatives that will help the company reach its goals. Finally, an understanding of process and structure is important. This reduces the complexity of everyday processes and helps maintain clarity throughout the workday.
Despite their clear value to companies of all shapes and sizes, true COOs are very rare. Studies have shown that 75% of CEOs currently operate without a true second in command. However, COO presence has been a resurgence, rising 16% between 2018 and 2022. Unfortunately, this COO rise has left much to be desired, with many in the position not receiving the guidance and support they need to succeed. This oversight puts many modern organizations and businesses at a significant disadvantage.
The cost of not investing in the second-in-command can be very high. Experts say that companies lose anywhere from 20% to 30% of their revenue due to inefficiencies, much of which can be prevented with a working COO. However, when inadequately trained, these workers cannot allocate time effectively. Both external and internal challenges currently plague the modern COO, including employee turnover, transition to digital initiatives, lack of role clarity, and even a chaotic work environment.
In the wake of these pitfalls, COOs must turn to upskilling to develop new strengths and skills needed for the job.
Empowering the second-in-command with COO coaching can create a true and measurable impact on business growth. This growth can lead to better clarity, improved communication, and sustainable levels of success across the board. Incorporating the right tools and initiatives to ensure that this is accomplished has become a focus of many modern businesses. So much so that neglecting to do so could leave many stuck in the past. If elevating business and taking that leap to the next level is the goal, equipping the second-in-command may be the jumpstart that any business has been searching for.
Published By: Aize Perez
