What Does A CEO Do All Day | Tasks & Responsibilities
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Even though CEO is a highly popular term in the modern world, most people still bumble CEO and owner due to a lack of helpful definition and differences between the two positions. In reality, founders and owners can be CEOs, but still, it is best to know the difference between these terms when we talk about large corporations with many employees.
The CEO plays an essential role in how a company operates and reaches its goals. For example, CEOs that can lead the company to success would have excellent communication skills, a vast range of connections for any purpose, critical thinking, work under pressure and interpersonal communication skills. Their positions include a broad list of crucial responsibilities, including hiring employees for high-level roles in their companies. However, the tasks of CEOs don’t stop with this responsibility. Since some believe that CEOs just monitor the whole process while drinking coffee all day long, this article hopes to clear the picture and show a regular day of a company’s CEO according to the day of the CEO of Interexy.
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What is a CEO (Chief Executive Officer)?
First things first – who is that mysterious CEO? The chief executive officer (CEO) is the top position in a company and is responsible for implementing existing plans and policies, creating a plan to achieve goals the company sets, improving the company’s financial strength, supporting digital business transformation as well as setting all vital standards in an organization.
Being the leader of a company, the CEO is almost the first person responsible for the company’s success or failure. This is why this position includes various functions, such as operations, finance, marketing, sales, development, human resources, legal, compliance and technology, while also responsible for catering for the needs of employees, clients, investors and other stakeholders.
In today’s world, the CEO position most often works for for-profit businesses whose size in terms of employee numbers or revenue justifies this highly-valued title. However, some non-profit businesses like the idea of labeling their most paid person as the CEO. Any corporation must have CEOs or other chief officers and boards of directors by law.
What is the Salary of a CEO?
The salary of the CEO depends on many factors, where the size of the company is the key one. So the difference between small businesses and large organizations can be felt. However, the one thing is clear – CEO is probably the highest-paid position at any company, where the CTO also shares the same revenue.
According to the latest reports, The average salary for the CEO in the US is $127,549 per year and $25,000 profit sharing per year. In Europe, an average CEO gets more than €5 million per year in salary plus bonuses. Employees with the same position in Canada get $95,000 per year or $48.72 per hour.
In addition, CEOs of famous companies get popularity as a bonus. The press always stays informed about their lives, as they usually attend various meaningful meetings, conferences, fashion shows and dinners with other celebrities.
What are the Main Responsibilities of a CEO?
Now you know who the CEO is and how much this person makes per year in various regions. Now let’s explore what are the responsibilities of the CEO in a regular company. It is worth noting that tasks may vary from company to company, but we collected the most common ones below:
1. Board Administration and Support
A CEO is responsible for supporting operations and administration of the board by advising and informing members, connecting Board and staff, as well as supporting the Board’s evaluation of the chief executive in the long term.
2. Program, Product and Service Delivery
These three key things that every CEO should be responsible for include many subtasks, like overseeing and monitoring quality, design, marketing, promotion, selling, communication and delivery of programs, products or services the company offers to clients.
3. Finance, Tax, Risk and Facilities Management
Being at the top of the company, the CEO performs yearly analysis to create and advise budgets for Board approval of the organization’s resources. The CEO also takes the responsibility for risks both related to finance and quality, so this person organizes the process within those budget guidelines according to current laws and regulations.
4. Human Resource Management
Even though every company has its own HR department, the CEO also joins the hiring process, especially when the company needs top management. This person attends technical interviews and participates in the final decision. Later, the CEO should effectively manage and support exciting human resources to deliver quality work and cater to employees’ needs. The CEO organizes the process based on personnel policies and procedures that fully conform to current laws, regulations and the company’s policy.
5. Community and Public Relations
In most cases, the CEO is the face of the company who should create positive and fruitful connections and is responsible for how the company looks in the eyes of the media, people and stakeholders. The CEO is the first person who should precisely know the company’s mission and bring it to the community by talking with the press, giving interviews, attending events and organizing relationships outside of the company.
This resonates with non-profit organizations, yet both may need fundraising and investors. The CEO oversees fundraising organization, planning and distribution, including identifying resources needed, presenting the idea to investors, researching funding sources, creating strategies to approach funders, as well as administrating fundraising records and documentation.
Related Chief Positions
While the CEO term is a buzzword that we have all heard at least once in life, there are several related positions with similar responsibilities but still some differences. Let’s explore what the difference between all of them is.
What is a COB?
A Chair Of the Board (shortly COB) has the most power and authority within the board of directors. The person provides leadership to the company’s officers and executives. The COB ensures the company’s duties to shareholders are being met and covered by acting as a bridge between the board and upper management.
What is a CFO?
A Chief Financial Officer (shortly CFO) is the person that also stays at the top of the company and is responsible for managing the company’s financial operations and strategy. The CFO is under the CEO while also having substantial input into the company’s investments, finance structure, management as well as a long-term business strategy.
What is a COO?
A Chief Operating Officer (shortly COO) is the name of the person who is responsible for overseas and managing ongoing business operations within the company. The COO is also under the CEO and is usually the second or the third person at the top of the organization.
What is a CTO?
The Chief Technology Officer (CTO) is the person within an organization who manages and oversees all technological processes and creates relevant policies. To get the CTO position, the person should have excellent tech and business knowledge needed to align tech-related decisions to deliver the company’s goals.
What Does the CEO Do All Day?
Responsibilities and differences are clear; now, let’s explore what does a CEO do all day?
Start Day with Energy
Any successful CEO of the company starts the day with some activity to avoid procrastination. Since the work is really hard and requires lots of attention and concentration during the day, CEOs prefer to go to the gym and practice yoga or meditation, which helps to boost mental sharpness and fill the body with the energy needed.
Some CEOs also prefer to read journals or news to stay informed about everything that is going on in the world or related niche and bring fresh ideas to the company. It is also vital for these people to have breakfast before work and drink coffee, tea or juice to feel refreshed, balanced and energized.
The Work Day
Once the CEO enters the office, they usually have vital meetings in the first half of the day. These conferences and important calls can be with stakeholders, founders, CTOs, employees and HR departments to check how the company meets the rocks, what issues have been faced and how they can be resolved. CEOs usually meet with their executive assistants to go through their agenda for the day and then engage in a team huddle with the top department.
Being at the top of the company, CEOs have to meet with the team in the morning to support and implement processes when required. This is why the working day usually starts at 8 a.m and meetings can be performed till 2-4 p.m. During this half of the day, CEOs can also attend interviews with potential candidates.
The Pending Work
During the other half of the day, that can be till 7-8 p.m, CEOs perform manual and pending work that is as essential as calls. This may include checking finances, speaking with investors, and founders of the company, monitoring the progress, creating plans, answering emails, and calls, organizing interviews, planning for the next day and more things like these.
Night for Family
CEOs know that the balance between work and life is essential. This is why once CEOs leave work, they usually spend time with friends, family and relativities to maintain mental health, support overall well-being and relax.
Interexy is a well-known app and web development company that is also on the list of top Dubai & Miami top blockchain development companies. We provide a vast range of development services and cover over 15 industries, including Fintech, blockchain, NFT, healthcare and more.
We always deliver highly-targeted resources to each and every project, meaning the product is done by engineers with specific relevant experience and unique skill sets. Our clients value transparency, speed, top-notch quality and easy communication. And that’s all we achieved thanks to our CEO.
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The CEO is the key to the success of any company. It is the leader in the organization that keeps all processes running smoothly, organizes the whole work of every employee, controls finance questions and also takes risks when faced. This guide shows you what are the main responsibilities of a CEO and what a CEO does every day. If you are looking for a trusted development partner, book a free call with our experts!