The C-suite. An executive club like no other. The C-suite refers to the senior most executives in an organization — where “C” stands for “Chief” club. The most influential group within an organization, the C-suite hierarchy is sacred, as they operate just one step below the board.
Considering the size of the organization, C-suite executives in a company can number anywhere between four to 15 or more. As the chiefs of every department, they are in charge of guiding their teams to achieve organizational goals. They provide direction, tackle crises, and appoint competent people to positions of authority to keep the ship running.
The C-suite is made up of exceptional leaders – each the best in their arena and typically, the highest-paid experts in the company.
Let us take a look at the traditional C-suite roles and what they entail.
Chief Executive officer (CEO)
At the top of the food chain is the CEO. The CEO is the highest ranking employee in every organization and responsible for helping the company navigate choppy waters. Workers look to the chief executive for leadership on all aspects, including providing strategic, financial, and operational direction. A CEO is the public face of the company and serves as the liaison between the board and other stakeholders.
A C-suite hierarchy begins with the CEO as he or she directs the company towards achieving its overall goals and objectives. A CEO’s job begins at the intersection of creativity and innovation. CEOs often receive lucrative remuneration packages and a host of benefits. Elon Musk is the highest paid CEO of 2022, raking home $6.7 billion in annual compensation.
Average Pay Scale – Between $612,100 and $1,043,400
Chief Operation Officer (COO)
The Chief Operating Officer is tasked with managing the day-to-day operations of an organization. The COO is typically second-in-command, after the CEO, and ensures that the business strategies developed by the company are properly executed. As the chief operating officer, he or she works closely with all business heads to support day-to-day activities.
In the absence of the CEO, as per the C-suite hierarchy, the COO takes charge of running the business and coordinates with all other chief executives. The COO is also responsible for implementing policy changes and communicating them to employees. During her tenure as the COO of Facebook, Sheryl Sandberg was one of the most recognized leaders in the business world.
Average Pay Scale – Between $294,000 and $612,158.
Chief Financial Officer (CFO)
As the person holding the purse strings in an organization, the chief financial officer is responsible for managing the financial health of the firm. The CFO closely tracks expenditure and income to identify strengths and weaknesses and proposes corrective action where necessary. The financial officer also studies economic trends to predict future impact on sales, growth, and the company’s bottom line.
CFOs are renowned for their analytical and managerial skills, as risk management is a major part of their duty. CFOs also direct the preparation of financial reports, including balance sheets, shareholder reports, tax returns, income statements, and regulatory reports. Before becoming the CEO of PepsiCo, Indra Nooyi served as the CFO of the beverage company.
The CEO, COO, and CFO make up the holy trinity of every organization.
Average Pay Scale – Between $320,500 and $538,700
Chief Technology Officer (CTO)/ Chief Security Officer (CSO)
The world is digitized, and to keep up with the times, every company needs a Chief Technology Officer. The technology officer oversees the development of technology for the company’s daily operations, products, and puts systems in place to guard proprietary data from cybercriminals.
The CTO, also called the CSO in some firms, works with the C-suite executives to set clear IT goals to track, analyze, and monitor technology performance metrics. As the CTO of Verizon Media, Rathi Murthy is an inspiration for women in the technology space.
The chief security officer oversees all system architecture and identifies new areas for digital transformation.
Average Pay Scale – Between $244,339 and $304,131
Chief Marketing Officer (CMO)
In the modern age, a chief marketing officer helps a company control its narrative in the media. The CMO spearheads the company’s marketing strategy, keeps tabs on what is trending and coordinating and circulating all materials representing the company.
The CMO is expected to have a keen understanding of the company’s customers’ psyche and use marketing channels to build brand awareness, community, drive engagement. They are also responsible for positioning the company’s product front and center. Ann Lewnes is CMO of Adobe and responsible for marketing some of the most popular tools we use, like Photoshop, Illustrator, and After Effects.
Average Pay Scale – Between $294,719 and $415,038.
Chief Human Resources Officer (CHRO)
Taking note of the role of the chief human resources officer, some organizations have christened the portfolio to Chief Evangelist or Chief People Officer. That is how important a CHRO is to an organization’s well-being. From hiring to exit, a human resources chief executive takes care of the complete lifecycle of an employee in a firm.
A CHRO is critical to the success of an organization. It’s a decision that makes or breaks the image of the firm. The human resource officer develops and implements programs to inspire, train, and retain employees. Former Google HR chief Lazlo Block was instrumental in shaping Google’s policies in attracting, developing, and retaining exceptional people, and forming them into Googlers.
The chief evangelist works closely with upper management to prioritize the needs of the employees under their care.
Average Pay Scale – Between $283,580 and $385,140.
In the last few years, the C-suite hierarchy has evolved to include more chief executives. Some companies even appoint a chief executive for every vertical, as senior leaders are responsible for business decisions that shape the fate of the company. Exceptional leadership and problem-solving capabilities are the hallmarks of any C-suite executive.
