A lot of people want to know who is managing directors? what is their role in a company? what is their salary? and a lot of things. in this article, we are going to discuss these topics.
Who is managing directors?
A managing director plays a lead role in an organization. They are the people on whom a lot of responsibilities of a firm are dependent.
What is the role of a managing director?
- Direct and control the work and resources of the company and ensure the recruitment and retention of the required numbers and types of well-motivated, trained, and developed staff to ensure that it achieves its mission and objectives.
- Prepare a corporate plan and annual business plan and monitor progress against these plans so that the company attains its objectives as cost-effectively and efficiently as possible.
- Provide strategic advice and guidance to the chair and members of the board, to keep them aware of developments within the industry so that the appropriate policies are developed to meet the company’s mission and objectives and to comply with all relevant statutory and other regulations.
- Establish and maintain effective formal and informal links with major customers, relevant government departments and agencies, local authorities, key decision-makers, and other stakeholders generally, to exchange information and views and so that the company is providing the appropriate range and quality of services.
What is the main importance?
- Firstly, they develop and maintain research and development programs. They ensure that the company remains at the forefront in the industry, applies the most cost-effective methods and approaches, provides leading-edge products and services, and retains its competitive edge.
- Likewise, they Prepare, gain acceptance, and monitor the implementation of the annual budget so that budget targets are met, that revenue flows are maximized and that fixed costs are minimized.
- Similarly, they Develop and maintain an effective marketing and public relations strategy. Their goal is to promote the products, services, and image of the company in the wider community.
- Represent the company in negotiations with customers, suppliers, government departments, and other key contacts to secure for it the most effective contract terms.
- Develop and maintain Total Quality Management systems throughout the company so that the best possible products and services are provided to customers.
- Develop, promote and direct the implementation of equal opportunities policies in all aspects of the company’s work.
- Oversee the preparation of the annual report and accounts of the company and ensure their approval by the board.
- Develop and direct the implementation of policies and procedures so that the company complies with all health and safety and other statutory regulations.
What is their salary?
That is to say, it is a common question for our new generation what is the salary of managing directors?
There are different salary panels for different directors like:
Account executive $21000-$26000
Senior account executive $25000-$27000
Account manager $27000-$36000
Senior account manager $32000-$40000
Account director $44000-$57000
Associate director $53000-$75000
Managing director $108000-$160000
Also read: Mexican real estate market in America
As a result Managing director, everyone serves as the company`s leader, responsible, success, Performance, and Strategies of the business. Firstly you will Manage all business operations and Venture and on the other hand, you will report to the owner and board of directors for instance.
For more information: All about Managing Director under Companies Act, 2013