Despite functioning behind the scenes, COOs are extremely useful in the corporate world. COOs act as the second-in-command to the CEO, providing support when the CEO feels overwhelmed, isn’t getting enough done, or is burnt-out.
However, many COOs struggle to make a strong impact. There are various reasons for this. For one, many COOs are stepping into the role without a real job description or title. There can be a lack of clarity around the role that makes success difficult.
Other modern challenges create additional roadblocks for COOs. External challenges include compliance functions, supply chain disruptions, and employee turnover. Internal challenges include unengaged teams, information silos, and isolation.
Despite these obstacles, there has been an overall rise in COOs, with a resurgence of 16% between 2018 and 2022. With this in mind, it becomes even more important that companies are providing adequate support for COOs.
Luckily, there are solutions. One tool to support COOs is coaching. Coaching can improve clarity, boost accountability, keep the company aligned, and accelerate results. Across the board, coaching can increase performance. In fact, individual performance can increase up to 70%, and team and organizational performance also see improvements.
Peer groups are another way to equip COOs with useful skills. There are four key benefits of engaging with peer groups. First, these groups can improve decision-making capabilities by reducing harmful biases and nurturing diverse networks. Second, peer groups can increase goal attainment by 95% through recurring meetings. Third, COOs can develop a better eye for growth opportunities and innovation through an exposure to diverse perspectives. Finally, peer groups contribute to continuous learning and professional growth.
COOs have enormous potential to increase efficiency and profit, but often struggle due a lack of support and training. Dedicated resources to ensuring that COOs have a varied toolbox can make a big difference, and COO coaching and peer groups are two examples of how to achieve this.
Source: Diane Integrates
