Despite being an important role, the second-in-command at a company often flies under the radar, taking on the role without an official title or sufficient support.
Second-in-commands, or the COO, support CEOs. More than 40% of the world’s leading companies have a COO, but lack a standard job description, leading to confusion and reduced resources for the COOs.
Recently, COOs are resurging, with the position rising up to 16% between 2018 and 2022. Second-in-commands and COOs are critical for the company, especially when the CEO feels overwhelmed, isn’t getting enough done, or works on areas of the business that drain their energy. When this happens, the COO can step in and take on some of the work, preventing burn-out.
COOs are not only useful to the CEO as an individual, but also to the company as a whole. In fact, companies lose 20% to 30% of their revenue every year due to inefficiencies. This is why it is important to provide more support to COOs, who can boost efficiency. Currently, COOs struggle to be effective due to pressure and inadequate training. In fact, COOs are only spending 1/3 of their time on long-term strategic planning, preventing them from making a full impact.
In order to take advantage of the COO role and make the most of the company’s assets, upskilling and coaching are important in helping COOs develop new skills. With extra training and support via COO coaching, COOs can make a huge impact on a company’s success, making them valuable players.
Source: Diane Integrates