Chief executive officer is the position of the most senior corporate officer, executive, administrator, or other leader in charge of managing organizations such as company or nonprofit institution. The Chief Executive Officer of a corporation reports to the board of directors and is charged with maximizing the value of the entity.
The CEO’s job is like no other in the organization. Senior executives are ultimately responsible for every decision and action of every member of the company, including those decisions and actions of which they are not aware. Not surprisingly, research shows that between 35% and 50% of all CEOs are replaced within five years. That is a costly proposition for any organization, for no company can lose its leader without losing some sense, even temporarily, of its identity and direction.
CEOs have lot to manage at given point in time. As a CEO there lot of things to face and here are some challenges faced by them:
Hiring the Perfect Talent: – Employees are the backbone of the company. CEO need employees with the right skills, from problem-solving skills to creativity, in order to drive growth.
Managing Customer Relationships: – Customer Relationship Manager approach to manage a company’s interaction with current and potential customers. According to a survey 58% of Chief Executive Officer believe that a lack of a trust in their business will negatively impact their business growth.
Awareness towards Cyber Threats: – Technology not only bound within customer relationship and management growth, it also leads towards new risk. As the technology increases with rapid growth likewise the risk also increases. So for which the CEO has to be well prepared and be well up-to date.
Staying Competitive:- In today’s competitive world all are growing in a rapid speed. So the CEO has to be aware of the competition but don’t allow it to overtake their vision. So the CEO has to improve their product and services and should get the proper feedback from the customer.
Consumer Expectations: – Companies may use marketing strategies to promote their customer service and how it will meet consumer expectations. Consumer has high expectations, regarding customer services.
Maintaining Work Balance: – Maintaining good balance and having good life is need of everyone. So every Chief Executive Officer need to struggle to achieve all this. So the CEO must manage efficiency with new boundaries.