Get to know more about the Executive Management responsibility. What are their duties? Let’s take a look at this article. So, read on to learn more.
What is Executive Management?
Executive Management is a term used to describe the highest level of management in organizations, who are responsible for the strategic planning and overall performance of the organization. This is usually a top-level management position and is also referred to as the board of directors and top management. They are also responsible for providing important resources and making major decisions for the organization.
Essentially, these positions are held by the senior executives, who work daily with top management and are directly involved in managing the processes of running a company.
How Does Executive Management Work?
Executive management consists of several positions that are responsible for working together to achieve the goals of an organization. These are the top-level managers of an organization, who are directly answerable to the board of directors. Some of the positions that are part of the executive management are:
- Chief Executive Officer – The CEO is responsible for managing all the operations of an organization and oversees all the departments.
- Chairperson – The chairperson is responsible for setting the agenda and conducting the meetings. They also represent the organization in various events.
- Chief Operations Officer – The COO is responsible for creating strategies and plans that help improve organizational effectiveness and efficiency.
- Chief Financial Officer – The CFO is responsible for overseeing the financial operations of an organization and ensuring that it remains profitable. They are also responsible for maintaining a positive relationship with investors and lenders.
- Chief Information Officer – The CIO is responsible for establishing technology systems within an organization, developing its technological infrastructure, as well as making sure that information is secure.
What Are Some Key Responsibilities of Executive Management?
Some of the key responsibilities of Executive Management are:
- Setting goals and objectives
- Executing strategies
- Coordinating workflow
- Providing support to different departments within an organization
- Making decisions regarding important issues
- Executing short term plans
- Managing finances well
- Hiring top-level management staffs
- Providing training to employees at all levels
How Does Executive Management Help an Organization?
Executive Management ensures that organizations perform at their best level, by providing them with a strong foundation on which they can build their business model and make major decisions regarding its growth. Without strong leadership at the top level, it would be impossible for any organization to perform at its best potential and improve its overall performance in the long run.
Executives help organizations to achieve their strategic plans by working towards improving employee efficiency, enhancing business processes, identifying opportunities, as well as implementing strategies that will help organizations to grow successfully. They also help organizations to stay competitive in their respective fields by developing new products and services, which can earn them a place amongst the top brands.
Executives do not only help organizations to stay ahead of the competition but they also provide them with a firm foundation, which can be sustained for many years to come. They help companies make important decisions regarding their strategic plans so that they can achieve their goals in the most effective manner.