Top-Level Management

Core Characteristics

High level managers tend to have a substantial amount of experience, ideally across a wide variety of functions. Many
become part of an executive team through mastering their functional disciplines across various roles, become the Chief
Operations Officer (COO), Chief Marketing Officer (CMO), Chief Technology Officer (CIO or CTO), Chief Financial
Officer (CFO) or Chief Executive Officer (CEO).

Top management teams are also often industry experts, having a close association with the long term trajectory of the
businesses they operate in. They often benefit from being charismatic, powerful communicators with a strong sense of
accountability, confidence, integrity and a comfort with risk.

Responsibilities

The primary role of the executive team, or the top-level managers, is to look at the organization as a whole and derive
broad strategic plans. Company policies, substantial financial investments, strategic alliances, discussions with the board,
stakeholder management and other top-level managerial tasks are often high-risk high return decision-making initiatives
in nature. Top-level management roles are therefore often high stress and high influence roles within the organization.

TOP LEVEL MANAGEMENT ROLES IN A COMPANY

The Chief Executive Officer (CEO) is the person who reports to the board of directors. This manager is the highest
ranking manager in the organization. The CEO develops the strategy of the company and is response for its success. Part
of the CEO’s responsibilities include meeting other top level managers and ensuring their areas of work are in line with
his vision. The main role of this manager is to macro manage and provide vision. The CEO usually leaves operations and
performance details to the middle level management.

The Chief Operating Officer (COO) is the second-ranking manager in a company. This professional is response for the
daily operations of the organizations. The COO reports directory to the CEO. The typical work of this manager is
‘behind-the-scenes’ and is usually focused on implementing the CEO’s vision by using available company resources.
The COO is also in charge of monitoring results, efficiency and performance.

The Chief Financial Officer (CFO) manages on a macro level the organization’s finances. The CFO meets with other
top level management to discuss and approve financial plans and budgets. Probably the most important function of the
CFO is ensuring that financial controls meet all regulations, payment obligations and tax reporting.

The Chief Information Officer (CIO) oversees the technological needs of an organization. This specialist determines
how computer systems and networks are implemented and maintained. The CIO frequently meets with the COO and
CFO to discuss forecasts and technological requirements. A successful CIO must come from information computing
background, as he must manage the use of hardware, software and networks in a company. Here’re some of the other
responsibilities chief information officers have:

 Data security

 Networking needs

 Outsourcing computing needs

 Seminar and conference attendances

Functions of top level management:
The main functions of top level management are as follows:
(a) Determine objectives for the organisation: Objectives may relate to profit, business growth, survival, prestige,
competitive pricing, marketing method, widening the area of sales, relations with workers, customers, public etc.

(b) Frame the policy: To frame the policy and chalk out the plans to carry out the objectives and policies. Policies may
relate to different aspects of the organisation. For example, production policy deals with the quality, product variety,
scheduling of production to meet the market demand etc.
1) Market policy: this policy deals with such matters as advertising and sales promotion techniques, pricing product,
channel of distribution, commission, discount, placements, training, remuneration promotion, appraisal of performance
etc. of the personnel.
2)Financial policy: This relates to the procurement of funds, source of finance, management of earning, etc.

(c)Organisational Frame Work: Top management determines the organisational structure for the purpose of executing
the plans that have been laid down. Execution of plans is necessary to carry out the objectives and policies.

(d)Assemble the Resources: For the purpose of executing the plans, the resources of men, machines, materials and
money have to be assembled. This again is the task of top management.

(e)Control the operations through organisation: Controls the top management regarding operations through budgets,
cost and statistics quality control and accounting devices.