What does a chief operating officer do?
A chief operating officer (COO) oversees an organization’s day-to-day operations, working with departmental leaders to ensure each internal process maximizes efficiency, utilizes resources wisely, and strives to meet company goals. These individuals are found in companies of varying sizes across a multitude of industries. Typically, they work closely with the chief executive officer (CEO) and report to them directly.
Chief operating officer skills and qualifications
A successful chief operating officer possesses a variety of skills and qualifications to perform their job duties. These desirable skills can include:
- Strong leadership skills, including the ability to motivate, foster trust, make tough decisions, and guide team members
- Top-notch workplace communication skills, enabling them to share information with team members and stakeholders, listen for valuable feedback, and impart the organization’s goals and strategies in a way that is understood
- A thorough understanding of internal operations, including the ability to plan, coordinate, and oversee these processes while identifying areas that can be streamlined or improved
- Financial acumen, including fiscal planning, setting budgets, understanding financial reports and data, and engaging in company decisions that support organizational goals
- The ability to think strategically, identifying areas for growth and possible hurdles while developing strategies and actionable steps to reach company goals and overcome challenges
- Business continuity management skills, including the ability to navigate industry challenges by quickly identifying and assessing possible risks and making effective decisions to mitigate risk
- Excellent project management skills, including task assignment, time management, and budgeting, enabling the COO to coordinate multiple simultaneous projects from start to finish
- An ability to analyze data to make more sound decisions and improve an organization’s overall performance
Chief operating officer experience requirements
Typically, Canadian employers require prospective chief operating officer candidates to possess a minimum of 10 years of experience in senior management. Some large organizations require at least 15 years of experience. Ideally, the right candidate will have previous experience working with C-suite executives, a proven track record in project management, and a thorough grasp of business processes. You may also wish to select a candidate who has worked with organizations the same size as your own.
Chief operating officer education and training requirements
Chief operating officers possess a bachelor’s degree in business, finance, economics, operations management, or a related field. Some hold a Master of Business Administration (MBA). There are COO positions that may require industry specialization. For example, the chief operating officer of a technology company may benefit from having courses in IT. You may wish to look for candidates with additional training specific to your industry.
Chief operating officer salary expectations
According to Indeed Salaries, the average salary for a chief operating officer in Canada is $130,686 per year. This salary can vary depending on the employee’s experience, the organization’s location, and the company.
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Chief operating officer job description FAQs
What is the difference between a COO and a CEO?
While both positions often work together in concert, they differ in both their ranking and duties. The CEO is a company’s top executive with the COO reporting directly to them. As such, the CEO has the final word when it comes to decision making. The CEO creates an organization’s brand identity, sets goals, and engages in long-term planning. The COO focuses on daily operations, ensuring that employees and processes are working in tandem to reach said goals.
What should you look for in a chief operating officer resume?
Ideally, your top candidate will have extensive leadership experience. They will have previously held a Director or VP of Operations position, preferably in your specific industry. Their resume will quantify their achievements by providing numbers and percentages that demonstrate how they increased productivity or decreased expenses. They will focus on how their skills and efforts had a positive effect on their previous company’s performance. This information will also guide your chief operating officer interview questions.
Who reports to a chief operating officer?
While business structures can vary according to size and industry, the COO is second in command, outranked only by the CEO. As such, several positions report to the chief operating officer including the vice president of operations and the director of HR. In some instances, the chief financial officer (CFO), chief technology officer (CTO) and the VPs of other departments, like sales and marketing, may also report directly to the COO.
How do you make your chief operating officer job description stand out?
Job applicants are attracted to detailed job descriptions. By painting a clear picture of your organization and highlighting what makes your organization special, you can yield greater interest. By including details such as the number of employees and current company goals, you can typically attract more high-quality candidates. Being open about salary information and benefits can also be an enticement.
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