Have you ever heard about Senior Management vs Executive Management? What are their contributions to a company? Keep your interest, since this is the focus of this article.
Introduction
Senior Management is one of the most important positions in a company. Without it, a company is almost impossible to run. This section is created by the founders of a company for their convenience and also to take care of the major issues in their business. Senior Management consists of important people such as the CEO, CTO, COO, etc.
On the other hand, Executive Management takes care of day-to-day operations in a company. Its members are responsible for the smooth running of a department. They are also responsible for creating a productive and healthy environment for their employees.
Senior Management vs Executive Management: Key Differences
Definition
As we already mentioned above, Senior Management consists of strategic-level management positions such as CEO, CTO, COO, CFO, etc., while Executive Management includes middle-level management positions such as head of departments or operations.
Senior Management includes strategic level management positions such as CEO, CTO, COO, CFO, etc. While Executive Management includes middle-level management positions such as head of departments or operations.
Responsibilities
Responsibilities of Senior Management:
- Preside over strategic level decisions and functions in a company.
- Create and implement strategies and policies.
- Review budgets and control expenses.
- Decide on restructuring the company.
Responsibilities of Executive Management:
- Direct all operational activities in a department or business unit.
- Ensure that deadlines are met and targets are achieved on time with minimum supervision from higher authorities.
- Maintain smooth communication with staff members and colleagues through meetings and daily interaction with them.
Senior Management and Executive Management Skills and Qualifications
Senior Management
Senior-level positions such as CEO, COO, CFO, CTO, etc., require a higher set of skills and qualifications. These positions include:
- Strong business knowledge and experience. A person who is applying for these positions should have extensive knowledge about the business model of an organization and its markets.
- Strategic planning skills: Since Senior Management is responsible for making strategic decisions, the candidates must be good at strategy planning and execution. They should be able to analyze various options before making a decision and execute those decisions properly.
- Excellent leadership skills: These positions require excellent leadership skills as these persons are supposed to lead the organization as well as employees working under them in the best possible way. They should be able to inspire confidence among their employees as well as the customers of the organization.
Executive Management Skills and Qualifications
The members of Executive Management don’t require that much qualification or experience as Senior Management does. Because they take care of day-to-day operations in a company. They should be able to lead their teams and motivate them to achieve company goals with minimal supervision from higher authorities. Their responsibilities include:
- Leading daily operations in a department or business unit o Leading daily operations in a department or business unit
- Ensuring smooth communication with staff members
- Ensuring smooth communication with staff members
- Leading meetings with team members
- Leading meetings with team members
- Ensuring that deadlines are met and targets are achieved on time with minimal supervision from higher authorities
- Ensuring that deadlines are met and targets are achieved on time with minimal supervision from higher authorities
- Recognizing performance-related issues in a timely manner o Recognizing performance-related issues in a timely manner
Conclusion
In this article, we discussed the difference between Senior Management vs Executive Management. We also discussed the responsibilities, qualifications required for these positions, along with some examples so that you can get a clear idea about these two positions.
No Responses