Not every Chief Executive Officer (CEO) has the same set of challenges, responsibilities, and pay. You may be a CEO of a startup company earning as much as a management trainee of a Fortune 500 organization. It actually depends on the scale of business. However, one thing which is the same in every CEO position is that filling that position is not easy by any means.
A mid-market CEO would be a lot different than a mammoth corporation’s CEO. It is generally a matter of resources that the head of a company can utilize to keep them in the position of power and make sure of profitability in the business at the end of the day.
Generally, a Fortune 500 CEO would benefit from large resources at their disposal. The organizational structure would be more systematic, allowing them to have a more precise and specified role. This allows them not to be caught up with tasks which they are not meant to do since they have hired an actual professional for it.
When a top corporation’s CEO does not have to do all the work, they benefit from the factor of specialization. They can rather focus on their own role and employ their own skills and abilities to make the business profitable. They would also have multiple kinds of training that would prepare them for the job role.
Every Fortune 500 organization cherishes its head of the company by offering them on-the-job and off-the-job training. It carries a new exposure and learning opportunities which benefit them as a professional. They are also given hefty compensations, allowances, first class accommodation, security protocols, luxurious vacations, handsome salaries, and other stellar benefits. It gets really high status from that point.
Meanwhile, a mid-market CEO is only entitled to a few shares of benefits from the list above. They are not living as much of a glamorous life. In fact, any C-suite executive in a Fortune 500 company would be paid better and have more benefits.
It makes it much harder for a mid-market CEO to ensure business success, primarily because they are responsible for more things. They have to ensure profitability, cut down costs, and balance overheads, as well as ensure a healthy work culture. In other words, they work twice harder and on areas which do not generally concern them. These additional roles are better handed over to another professional only if a mid-market CEO is able to afford one.
However, a lot of this is changing ever since an enterprise called CEO Connection came into being. It is a networking platform especially for mid-market CEOs where they have networking opportunities with other CEOs. The platform also offers resources and seminars for the training of such CEOs. It can be assertively said that CEO Connection is playing a major role in nurturing the mid-market CEOs who often find it difficult to resourcefully invest in themselves.