Career Field Analysis of Top Executive - Case Study Example

Career Field Analysis: Top Executive Sahira Cintron UFID: 0133-7194 Career Coach: Mr. Derek Guffin February 26th, CAREER FIELD ANALYSIS: TOP EXECUTIVE Introduction You can find top executives in small, middle, or large organizations their duties and tasks vary widely depending on the size of the organization they own or work. Firstly, the tasks a top executive is to carry out departmental or organizations goals, policies, and procedures. Secondly, direct and oversee an organization’s financial and budgetary activities. Thirdly, managing general activities that are aimed at making and availing products and services respectively. Fourthly, the executive consults with other executives, staff, and board members on issues that involve general operations. Lastly, negotiate or approve contracts and agreement, and appoint department heads and managers (Bureau of Labor Statistics, 2012). Typical Career Path Most positions for top executives are filled via promotion of lower level and experienced managers when openings occur with most promoted from the organization itself. It is possible, in such industries as transportation or retail trade, for those lacking University degrees to become managers by working their way up (Shea, 2010). Upward advancement can be sped up by taking part in training programs within the company to gain more knowledge in operations and policy. The manager can also help their career towards top executive positions by familiarizing themselves with management techniques in programs, which are sponsored by various trade associations and the industry. Executive development programs can also facilitate the promotion of managers to higher executive positions, for managers with experience in fields such as engineering and accounting. Advancement to top executive positions, for instance executive vice president, can occur for general managers if they take up a similar position in other firms or their own firms. Executive officers also often gain board membership at one firm or more or even as chair of the director board. Finally, a top executive may form their own firms or take up independent consultant jobs (Shea, 2010). Trends The career of top executive positions has evolved because of changes in the management structure, age, and size of companies. Compared to 1980, only 20% of companies that were in the Fortune 100 list were still in it in 2010 (Shea, 2010). This highlights the shift to a service economy in the US. The rise of the financial service sector and a corresponding drop in the manufacturing sector is especially striking. There is also a flattening of corporate hierarchies with significant change in distribution of job responsibility among executive positions between 1980 and 2010Most companies now have 3 tiers, i.e. VP level, EVP level, and CEO. Middle and top tier positions declined by 5% and 6% respectively with lower tier positions expanding by 10%, which supports the idea of corporate hierarchy flattening (Shea, 2010). Salary Information In the American economy, top executives earn among the highest salaries. Salary levels, however, vary with the level of responsibility, location, size, and type of the company, and length of service. In May 2011, the average annual earnings for operations and general managers were $77,200. The median 50% earned from $52,000 and $118,000 (Forbes & Piercy, 2011). Earnings between operations and general executives vary significantly based on specific responsibility. Median earnings per year for industries that had a high representation for operations and general executives in May 2011 were; Computer systems design and related services $117,730 Management of companies and enterprises $99,670 Building equipment contractors $83,080 Depository credit intermediation $76,060 Local government $68,590 Chief executive Earnings ranged around $140, 400 in 2010 with salaries varying by industry and level and type of responsibility. Executives in non-profit sectors ranged from lows of $88,006 and $700,000, as well as dividends, stock options and other bonuses for those in the profit sector (Forbes & Piercy, 2011). Skills Used One skill required by top executives is self-mastery that allows the executive to make up their minds better. Skills that are included, for one, to have self-mastery are self-control, self-improvement, motivation, resourcefulness, and wisdom. Another skill is leadership that is essential if the executive is to expect their subordinates to follow their lead (McGovern, 2009). It takes time to perfect and requires effective use of skill and mental development techniques. Skills required for good leadership include group facilitation, communication skills, power and influence, and character. Management is yet another skill that is required for wise resource allocation and takes years to be fine-tuned. Top executives also require technical skills in order to understand the existing competencies and future ones in IT and general technology (McGovern, 2009). Focus here is on information technology and specialized expertise. Women and Minorities Women and minorities in top executive jobs increased in the FY2012 with women making up 31% of senior executive positions from 29.4% in 2008. African-Americans accounted for 6.7% of executive positions, increasing from 6% in 2008. Minority and women proportions in general schedule grades thirteen to fifteen went up to 9.4% and 7.9% (Forbes & Piercy, 2011). Minorities were representative of a 5% increase in top government executive jobs in the US, in FY 2012 from 2010. African-Americans accounted for 10% of executive positions in top executive government jobs, Hispanics made up 5%, Native Americans made up 0.5% while multi-racial people made up 0.2% (Forbes & Piercy, 2011). Executive positions at company level had more women and minorities than federal institution executive positions. Becoming Employed Top executives had approximately two and a half million jobs in the year 2011. Top executive positions are to be found in all industries; although those industries that provide services employ 8/10 with government being the highest employer (Forbes & Piercy, 2011). Detailed occupation for top executives was distributed as shown; General and operations managers 1,807,000 Chief executives 444,000 General and operations managers 1,807,000 Chief executives 444,000 Legislators 66,000 (Forbes & Piercy, 2011) Typical Job Notices A job notice for a senior account executive in the transport industry had a description that required candidates to meet expansion needs. The position’s purpose was for planning, managing, and developing the firm’s financial reporting, pay roll functioning, tax management, budgeting, and accounting so as to guide the management in making decisions. The principle accountabilities included management of the budget process, ensuring accurate and timely preparation of reports for financial management, ensuring that there is efficient management of payables to create cordial relationships with vendors, ensuring that all tax obligations are met, ensuring financial policy compliance, and efficient procurement process management by liaising with the operations manager. Education, knowledge and experience requirements were University degrees with full qualifications in CIMA, CPA, or ACCA, 5 years experience, and experience in financial management. Behavioral competencies required were personal integrity, strategic thinking, results orientation, flexibility, assertiveness, and thoroughness. Work Conditions Top executives usually have support staff close to their offices and spacious offices. Most top executives work long hours that include weekends and evenings. There is also substantial travel to local, regional, national, and international offices to monitor operations, as well as interact with other executives, staff, and customers (Forbes & Piercy, 2011). The working conditions for most top executives will vary with budget and size. Time that they spend work can also vary from a few hours in one week to sixty or more. Similarly, some top executive jobs require short travel while some involve long travel, for instance, to attend organizational sessions. Legislators and chief executives work full time all year round. As well as working their usual schedules, top executives are normally called on to take care of emergencies, even during their leave. Education/Training Formal education for top executives varies according to the nature of responsibilities. Most have a bachelor’s degree in BA with, for instance, a brokerage top executive will need a strong education background in finance and securities while top executives for departmental stores will require retail trade experience. In the public sector, top executives need a background in liberal arts and public administration (Forbes & Piercy, 2011). Others may need a background that relates to their jobs, for instance a top executive in the health sector may need a graduate degree in BA or health services administration. For top executives in government, a bachelor’s degree is required with most having a master’s degree with one in public administration required, such as a course in legal and financial management. Experience can be gained through working in support positions for management, which allows for them top gain personal contacts. Certificate/Licensure Top executives can attain certification through advancement. This can be accelerated via taking part in training programs that will allow them to attain extensive knowledge of operations and policy of the company (Forbes & Piercy, 2011). Those aspiring for top executive positions can also pursue certification by attending seminars and conferences that aid in them gaining contact networks. The Institute of Certified Professional Managers carries out a certification program that can be earned through the completion of related training followed by passing a certification exam. Those who complete it receive a credential as a certified manager available for all managers, including top executives. While it is not necessary to attain this certification for top executives, it gives top executives valuable skills in management. Affiliations One professional organization that top executives can affiliate to is the Association of Executive and Administrative professionals that include top executives, executive secretaries, administrative assistants, administrative professionals, and executive assistants (Bauer, 2009). Membership of the association aids the top executive in having a successful and rewarding work life. By joining the association, the top executive, will access many benefits that help them in career and professional development and career advancement. The association also possesses an administrative job bank that helps top executives to identify jobs if they are looking to change jobs. Their salary survey also allows the executives to compare salaries between organizations and positions. Their annual conference allows for exchanging information with one’s peers and the association. They also help the executives to keep-up-to-date with technological changes (Bauer, 2009). Finally, their newsletter, “the Executary” gives the executives information on their field on the website. Outlook The top executive positions have seen recent keen competition due to its prestigious nature and attractive pay. Since the occupation is ever growing, many openings occur every year as executives move jobs to various positions or to their own operations (Bauer, 2009). However, top executives leaving their jobs do so for other top executive positions, which limit the number of openings for those entering the positions. Top executive employment is expected to increase in the same range as all other occupations in 2013. Projected employment is expected to grow variedly for various industries, which reflects changes in employment by industry over the 2011-2012 periods. For instance, growth in the service industry is expected to grow more than other industries, especially in business services. However, there is a projected slow down in real industry, insurance, and finance, as well as manufacturing industries (Bauer, 2009). Lifestyle Impact For most professionals aspiring for top executive positions, the desire and challenge to successful, as well as prestige and status are the driving force. However, a downside to the impact of the job on the lifestyle exists in the long working hours that the average between 55 and 70 hours per working week (Bauer, 2009). Since trips are time sensitive, the top executive needs to maximize on opportunity and time, which draws away from their personal life. Top executives are also required to be on guard always since most employees are not relaxed around top executives. Therefore, they need to be wary of their subordinates, who may be after their jobs, which could lead to loneliness at the top. Finally, their family life is affected by time spent alone in hotel rooms in different countries and cities, combined with stressful and long working hours. Conclusions The job of a top executive is demanding in both educational and certification requirements. However, these requirements are worth it with the prestige and rewards inherent in the profession. The profession also has a positive future-outlook with minorities and women gaining more representation. However, the job has a negative impact on the executive’s home and family life. Occupational and Educational Questions 1. Regarding the typical career path of a top executive, is it more advisable to rise through a companies ranks or to seek employment at another firm after gaining experience? 2. I read about the trends toward service industry. However, what is the outlook for the technology sector as far as a top executive jobs are concerned? 3. While researching on job notices, I found that top executive jobs are not specified on collective job websites. Are there job sites that specifically cater for top executives? 4. Is a certification by secondary bodies essential for getting a job as a top executive? References Bauer, Eva-Maria. (2009). Top Executives Work Relationship and Work-Family Balance : Taxonomy Development and Performance Implications. Wiesbaden : Springer Fachmedien. Bureau of Labor Statistics, U.S. Department of Labor. (2012).Occupational Outlook Handbook. Accessed from; www.bls.gov/ooh/management/top-executives.htm On 24 February Forbes, Benjamin. & Piercy, James. (2011). Corporate mobility and paths to the top : studies for human resource and management development specialists. New York : Quorum Books. McGovern, Terry. (2009). An Empirical Analysis of On-the-job Executive Development . Ann Arbor: ProQuest. Shea, Donna. (2010). The road to the top : an analysis of career development among Boston banking executives. Waltham : Bentley College, Institute for Research and Faculty Development. Read More