What is the full form of COO?
COO full form is the Chief Operating Officer. Company hires a senior manager to handle critical departments such as production, marketing and sales are given the title of COO i.e. Chief Operating Officer. This is the post under the chief executive officer who is directly or indirectly day-to-day report to CEO.
Chief Operations Officer, Operations Director and Director of Operations are the posts that are used for COO. It is one of the important managerial post of an organization.
COOs are act as the Executive Vice President of Operations in some of the companies. As the CEO is busy with planning strategies and managing relations with clients as well as other trade partners.
So, he is unable to provide sufficient time in every day’s task. For this reason, it is need post that will monitor various operation on daily basis so, the post COO is created.
Required Criteria for COO
- It is preferable to have a bachelor degree in business administration.
- Candidates must have good management skills with professional leadership quality.
- He should have positive approach in solving problems as well as in taking decisions.
- Previous experience and a brilliant track record in the posts that is similar to COO.
- Should have good understanding regarding the posts such as HR, Marketing, Finance, Production, etc.
Types of COO
There is no specific type of COO but according to their role and responsibility, they are categorized in some types are:
- In some organization, prepare plans for the organization and also assists CEO in various sectors where needed.
- They also reform the structure of business in the organization. They take necessary steps to boost business strategy and achieve the objective of the organization.
Responsibilities of COO
As this post is under the CEO and reports to it, responsibilities of COO is very important in an organization. We have mention some important responsibilities of a COO.
- CEO and Board of Directors lead the team with active involvement and devised strategies that are executed by the COO.
- Take active role to prepare budget for the growth of business of the organization and also supervise the performance of their business on the daily basis.
- Act as the efficient and encouraging leader by participating actively in all the decision taken by the organization for their business purpose.
- With the help of CEO and CFO as well as the regular monitor of their business progress and difficulties faced by them, COO prepares annual budget for the organization.
- Take care of production of the products and its delivery to the customers.
Skills Required for COO
To become a successful COO, candidates should have the following skills are:
- Candidates should have experience in a large organization with a minimum of ten years of experience at the post of leadership is one of the most basic requirements. The year of experience of the candidate may vary from company to company.
- Must have master degree in business administration with the specialization in operations management from top business institution.
- It is very important to have important communication skills and sound knowledge about business.
These are the required skills that an organization consider while recruiting candidate for the post of Chief Operating Officer. Different organization set different skill requirement according to their organization’s goal.
Different Role of COO
Growth level of every organization is different, so, they hire candidates for different purposes. If we compare two different company, we can easily say that the requirement of them is various. Strategy is also different in many aspects of the company. So, according to their requirements, company hire COO for various role.
As per their role in the organization, COOs are categorized in seven different types.
1. As an executor, supervise the implementation of strategies that are prepared by the higher authorities of management and will submit report to them either on daily basis or quarterly basis.
2. As a change agent, who is act as the leader of every initiative taken by the company.
3. As a mentor, who create a team of the organization with younger or newer recruited members.
4. As “MVP” COO, they are promoted internally without coming into the radar of the rival company.
5. As COO, who is act as the complement of the post CEO.
6. As partner COO, this is known as the other version of CEO.
7. As heir apparent, who is hired as COO to get experience from CEO and take the position of CEO in near future.
Salary of COO
As this post is at one of the top position in the management of an organization, the salary of a COO is higher in an organization. It is found that various organizations offer salaries within a variable range.
Candidates who is much more experienced will get more salary in comparison of the other candidates. Salary of COO in country like India is approx. $50000 – $200000 annually. Salary in the large industries more than the small industries.
Related Full Form:
COO Full Form: FAQs
Q1. What is the full from of COO?
Ans: The full from of COO is Chief Operating Officer.
Q2. What is the higher position COO or CEO?
Ans: CEO is the higher post than the chief operating officer (COO) which is the second highest executive rank after CEO.
Q3. What are the required skills to become a COO?
Ans: COO is a very responsible post in an organization. So, they have some skills that are very much needed to become a successful COO are good leadership, excellent communication skill, business acumen, good strategic thinking, creative thinking, etc.
Q4. Who reports to the COO?
Ans: As this is the second most higher post in a company, many employees who are working under them are responsible to COO i.e. they report to COO. Posts like presidents, vice presidents, executives, manager in various branches reports to COO.
Q5. What is the average salary of a COO?
Ans: The average salary of a COO is approximately $50000-$200000 annually in India.
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