Business Executive Responsibilities and Duties
© 2012 by Aurelio Locsin.
The term “business executive” can apply to almost anyone working in an office from clerks in charge of administrative details to engineers who design manufactured goods. However, the definition can be narrowed to managers in charge of seeing their areas of responsibility succeed, whether they’re in charge of departments or entire corporation. The duties of these higher-level professionals differ from those of the workers they supervise.
The primary duties of business executives are to develop goals and find methods of reaching those goals, often by analyzing a variety of reports, such as customer services, performance ratings and financial statements.
- They select projects and determine their schedules, prepare budgets and approve expenditures, and negotiate and sign-off on contracts.
- They also meet frequently with department heads to coordinate tasks, and may rely on the services of administrative staff to complete their heavy workloads.
- Although they may have ascended to their current jobs from technical positions, such as sales or engineering, they mostly leave technical duties to their subordinates so they can concentrate on planning.
Skill with people is important for business executives because they deal with individuals and groups throughout the day.
- They interview job applicants, approve their hiring and determine the duties of employees.
- They must ensure that new-hires are trained as quickly as possible to contribute to the workflow, as well as lead and motivate existing workers to perform at the highest levels.
- If necessary, they can also fire workers. However, they can also reward top performers with salary increases, higher incentives or promotions to positions of greater responsibility.
The duties of business executives vary by job title.
- The highest position belongs to chief executive officers who retain ultimate responsibility for the success of their enterprises. In large organizations, they are often assisted by chief operating officers who see to daily functions.
- Chief financial officers are responsible for the money flowing into and out of the company, and ensures that taxes are paid accurately and on time.
- And chief information handle data technology such as computer hardware and software, and network communications.
- Business executives may go by industry-specific titles such as mayors in charge of municipalities or university presidents who handle colleges.
The salaries of business executives differ by job title.
- As of May 2011 according to the Bureau of Labor Statistics, chief executives earned a mean $176,550 per year, or $84.88 per hour. Their compensation was often the highest in an organization because they shouldered the greatest burden.
- Operations managers averaged an annual $114.490, or $55.04 hourly.
- For the top managers, finance showed $120,450 yearly, or $57.91 per hour; information systems boasted $125,660 per year, or $60.41 per hour; and sales compensation was at $116,860 annually, or $56.18 hourly.
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