In many leading companies around the world, second-in-command positions are becoming more and more popular. In fact, nearly 50% of these organizations hire chief operating officers, or COOs to assist the CEO. Many of these roles do not have a specific job description. Instead, the job of the COO can vary based on factors like CEO needs, company stage, and leadership team strengths. There are several different types of COOs recognized across industries, all boasting different levels of involvement and contribution. However, all who fill this position are sure to make a positive impact on the success of a company.
In order to be a successful COO, one must be organized, adaptable, and motivated to push the company forward. It is because of this that it is difficult to fill a true COO role; So much so that 75% of total entrepreneurs and CEOs currently operate without a true second-in-command. Between 2018 and 2022, there was a 16% resurgence in COO presence, however, many companies still struggle to properly train and prepare their new hires. When COOs are not properly equipped to do their job, the entire organization suffers. Companies lose up to 30% of their revenue every year due to inefficiencies, much of which can be avoided with proper COO coaching.
Although both internal and external challenges for the modern COO still exist, having a true second-in-command is very valuable for all parts of a company. Motivated individuals that lean into their roles as a COO will be the most successful in the modern workplace, changing the landscape of today’s business world for the better.
Source: Diane Integrates
