How much does an Executive Vice President make? Most company staff are aiming for this. But, what does it take to achieve this position?
Let’s find out more in this section.
Introduction
An Executive Vice President is in charge of all departments that don’t report to the CEO.
For example, in a large company, the Executive Vice President might be in charge of the Finance department.
If you are an Executive Vice President, you would be responsible for all financial decisions, both for your department and the company.
So what does this mean in practice?
There are two main parts to this job. First, you are responsible for managing your department. This includes deciding what needs to be done, how it should be done, and then ordering your staff to get on with it.
You also have to make sure that the department is achieving its targets. If it isn’t reaching these targets, you have to change things so that it can reach them.
The second part of your job is external relations. This means dealing with other departments within the company and making sure they are all working together efficiently. You might have to negotiate between departments when there are conflicts about who should do what work. Also, when there are other disagreements between people who work for different departments within the company.
You will also have to do things like handling complaints from customers or other companies about the products that your company makes. As well as how it behaves towards them in general. You will have to sort out any problems that arise between your company and its suppliers.
Finally, you will probably have to go out and meet important people from other companies. Then try and persuade them to do business with your company rather than one of your competitors.
How Much Does an Executive Vice President Make?
Your salary will depend on what kind of company you work for and how big it is. If you work for a big multinational corporation like IBM or Microsoft, you can expect to earn a basic salary. It is somewhere between $70,000 and $100,000 per year (which is roughly between £41,000 and £65,000).
However, most companies will pay additional benefits. Like bonus payments and stock options – which can make up a large part of your total salary package. So you could earn much more than this depending on how well you perform in your job.
Many companies also offer free health care and free food at their offices – something that many staff finds very attractive!
You usually need at least 10 years of experience in your field before you can even think about achieving this position. But it is a good idea to start moving up the corporate ladder as soon as possible. For you to become an Executive Vice President as soon as possible.
Conclusion
Executive Vice Presidents are in charge of overseeing their dept as well as ensuring that everyone else works well together.
They also have to deal with external relations. Making sure that their company is doing well and that it is getting enough business.
It takes at least 10 years to be an Executive Vice President. But if you want to reach this position, it is worth the effort!
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