Have you ever heard about the Executive Management Team? What are their roles? Keep your interest, since this is the focus of this article. Let’s find out.
What is an Executive Management Team?
The Executive Management Team is a senior team that is intended to direct the activities of an organization. It is made up of top executives, who report directly to the owner or CEO. The team is also referred to as the Executive Committee, Board of Directors, both are synonymous with each other.
The Executive Management Team members are involved in strategic planning, budgeting, staffing, and key decision-making.
What Are Their Job Duties?
A good member of the Executive Management Team should have very specific job duties, which include:
1. Setting Goals
The team members are responsible for setting goals that increase the organization’s profitability and growth. They set short-term and long-term goals for the company, which include increasing sales and improving product quality. To achieve these goals, the team members must develop a strategic plan for the company. To develop a strategic plan, they must formulate a mission statement for the company and set up an organizational structure that will help in achieving the goals.
2. Leading and Managing team members
The team members are responsible for leading and managing the company’s employees. They must maintain a positive work environment within the organization and make sure that all tasks are performed on time and efficiently. To do so, they must motivate employees to reach their full potential and provide them with support and guidance if needed.
3. Setting Objectives and Assigning Tasks
The team members set objectives and assign tasks for employees below them. They also monitor their performance to ensure that they meet deadlines and standards.
4. Handling Personnel Matters
The team members handle all personnel matters such as hiring, firing, training, advancement, salary review, promotion as well as a disciplinary action as required by the organization.
Skills and Qualities
A good Executive Management Team member has the following skills and qualities:
Decisiveness: A good team member can take fast and effective decisions.
Leadership: A good team member should be an effective leader. Leading a team requires a person to keep the team motivated, to be able to delegate tasks, and to set priorities.
Business Acumen: A good team member should have excellent business knowledge. He should know how the company operates and how it works. He should know its strengths and weaknesses and be able to identify and work towards improvement in all aspects of the company’s operations.
Communication: A good team member can communicate effectively with other members of the management team and with other employees at all levels of the organization. Good communication is necessary for effective decision-making within the organization.
How Much Do They Make?
The average salary of an Executive Management Team member is $145,000. However, the salary varies from one company to another and from one industry to another. The members of the Executive Management Team in a large company can earn a salary ranging from $85,000 to $250,000. In a small company, the members of the Executive Management Team can earn a salary ranging from $85,000 to $100,000.
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