A primary duty of an executive manager, regardless of title, is to carry out the mission, vision and objectives of the firm. For a CEO, this is a more general duty that includes oversight of each department in their functions. Functional or division executive managers have a more focused approach in carrying out goals related to finance, marketing or the like. The purpose of company goals and strategies is to align all departments and employees in their work. As an executive, you have responsibility to maintain focus of the people you manage.
Executive Team Leadership
As a small business owner or CEO, you likely are the executive team. However, executives in other companies usually collaborate as a team. You typically meet weekly to discuss progress toward goals, necessary adjustments in strategy or executive and new opportunities to increase revenue or minimize costs. Additionally, executives in a public company have responsibility to meet with company boards to discuss ethical standards, corporate direction and finances.
Finance and Budgeting
A key distinction between executive managers and front-line managers is that executives typically have much greater financial responsibility. A CEO has overall responsibility for the way the company uses its resources. A finance officer oversees inflow and outflow of money. Divisional executives have more specific oversight of their budgets. Along with setting budgets and allocating funds as needed, executives usually engage in contract negotiations with suppliers, business partners and buyers. You also review financial reports to make financial strategy decisions and revenue or cost adjustment decisions.
Policy Development and Enforcement
A human resource director or manager is also commonly treated as an executive management position.This is because of the executive level role in developing company policies and procedures, including those related to employee management. Executives develop policies and procedures and the HR department normally formalizes them in policy manuals or employee handbooks. As an executive manager, you also have responsibility for communicating core policies down the organizational hierarchy through regional, district, store and department level managers. Over time, executives interact with these managers to ensure collaboration and compliance with policies, which helps in the development of the organization's culture.