Every organization has certain goals and aims, and several people work together and match each other to meet those goals. Planning, arranging, managing, regulating, and sustaining are the secrets for organizational development and development. At the department level, these jobs are done by the supervisory level people and the junior management. Who is the person taking care of the overall planning and management at the organizational level? Well, he is the executive director of the company! An executive director is likewise called the chief executive officer of an organization, or the managing director, who looks after the management of administration, production, advertising, operational, quality, and numerous such elements which make up the business structure of the organization.
Planning and managing work in intermediary with the board of directors is the core task of the executive director. It is along these lines that the executive director carries out all the other tasks and duties. We will certainly now proceed to get a reasonable idea of the executive director job description.
Interesting, isn’t it?
The executive director’s function is a vital one. He is among the key members of a company, and every choice made by the executive director has a large influence on the overall business of the company. The following are the responsibilities of an executive director.
Board Of Directors: Expanding The Circle
Setting aside Funds: Another task of the executive director of a not-for-profit organization is making sure that excellent use is finished in the money that has been raised. The director has to allot money for various functions and ensure that monetary aid reaches the needy.
Cost-effective running, maximum efficiency, and made best use of revenues are the main areas of issue of a managing director.
The first task of an executive director is to develop strategies and developmental prepare for the well-being of the organization.
He has to collaborate with the board of directors, vice president, senior vice president, etc., for the development and application of such programs.
To lead the entire company is the most crucial duty of the executive director. As a leader, he needs to concentrate on all the core functions of the organization.
He has to make sure that the developmental programs are developed in a way to satisfy the organizational goals and goals.
An executive director has to look after the overall management of the human resource department, quality, and operations department.
He has to work on the management succession planning of the company, to ensure that a capable management is in location to manage all the work effectively.
He likewise has to keep numerous officials as well as greater management and personal files, and produce them when needed to the board of directors.
The executive director needs to be informed and be in control of everything in the organization, from assets, budget plan, planning, profit/loss, finance, training, technological advancements, etc.
He will certainly be required to chair all the high-level conferences, and report to the chairman of the board of directors.
Last however not the least, he has to have excellent management qualities and set a great example to the personnel of the whole company.
After getting an idea of the job description of executive directors, let us now look at their salary range. Executive directors work under a great deal of pressure, as each and every single decision taken by them matters a lot to the entire business as well as its stakeholders. Being from the top management level, executive directors earn a good-looking salary. Those with less than 1-year experience make around $50,000 – $70,000, whereas those with about 1 – 5 years experience earn about $65,000 – $75,000. Executive directors with 5 – 10 years experience are paid in the range of $75,000 – $100,000, and the ones who have actually worked for anything in between 10 – 20 years (or more) at the planning and management level, earn somewhere around $100,000 – $150,000. These are just the approximate salary varieties, the overall average for the United States being around $120,000. The specific salary relies on the experience, size and kind of employer, efficiency, and most significantly the academic qualifications, which is mostly a master’s degree in business administration and management.
Executive directors are not directly involved in the operational and quality work, they have a large impact on the working and functioning of these departments. This is because, managing, preparing developmental plans, and the overall organizational control is in their hands. There are major profession potential customers in this field, as every organization requires sensible thinkers, sensible organizers, and efficient supervisors move them to higher heights. As an executive director, you need to be qualified and capable enough to deal with large duties, which is never ever a simple thing.