As businesses continue to progress through the 21st century, they look very different from businesses a century ago, or even just a decade ago. Oftentimes, this evolution is accompanied by structural changes in an organization, such as a company reorganization. However, recently, these structural changes have resulted in the elimination of the COO role.
Statistically, nearly 60% of the world’s leading companies operate without a COO. This, in turn, results in less leadership and decreased productivity from the CEO that is there. Consequently, CEOs can feel overwhelmed and be met with time limitations resulting in not being about to get everything or even enough accomplished.
Unfortunately, this can also lead to financial ramifications as well. For instance, companies lose anywhere from 20 to 30% annually due to inefficiencies. On top of that, there are implicit costs as CEOs may also spend too much time dealing with day-to-day operations rather than long-term strategic planning.
Fortunately, solutions have arisen to help the nearly two-thirds of companies that are without a COO and looking to add one. Some companies offer services that can match your business with a COO. Additionally, these services may also offer to train them to be the perfect fit for the job.
Source: Diane Integrates
