There is a common notion that all business owners are CEOs. However, not all those who found a business go on to be the CEOs of the company. A CEO should have an excellent business understanding, a broad skills base, industry knowledge, and relevant educational qualifications to run their business or company smoothly.
CEOs are both born and made. Some CEOs are born into a family business and groomed for the position, while others get to that position through years of work and networking. CEOs usually perform many tasks and have varying responsibilities, but they are often not on the production side. Still, they are involved in making certain decisions that will affect how their businesses will run and prosper.
Here is everything you should know about becoming a CEO in Canada, one of the most welcoming economies in the world. There are many industries in which one can be a CEO, but for this article, we will focus on how to be a CEO of a manufacturing company. Still, the steps are often very similar across industries.
To become a successful CEO, you should have the requirements related to your level of education to perform the tasks and responsibilities expected from you. Typically, a university degree or a college diploma in engineering, commerce, business administration, or any other related discipline is required for CEOs of manufacturing companies.
Universities and colleges offer training and specialization in a specific functional area or product through internships and other part-time opportunities.
Licensing and Other Professional Requirements for CEOs
Specific licenses or other professional requirements are required to become a CEO in Canada. Therefore, these are not under any classification, thus allowing CEOs to have different bases of experience in managing businesses and companies from one industry to another.
However, experience plays a huge role in becoming a CEO. This includes several years of experience as a middle manager in utilities, transportation, goods production, or construction. This is always required for those who want to become a CEO in a manufacturing company in Canada. In addition, those holding senior management positions in finance are usually required to have a professional accounting designation.
CEO Skills, Knowledge, and Other Requirements
Aside from the related educational and professional requirements for this job, CEOs must have the relevant skills, knowledge, and other requirements and specializations to perform well in their positions.
CEOs are expected to have skill sets, including selecting middle managers, directors, or other executive staff. They are also tasked with delegating the needed authority and creating the best working conditions for people around them.
They represent the company or delegate to others who will represent the company on their behalf when doing negotiations or other official functions.
CEOs are also expected to establish objectives for the company, think of policies and programs, and approve or reject programs and policies. They should also authorize and organize the central departments, establish them, and assign associated senior staff positions.
CEOs are expected to have high knowledge on topics concerning and related to their manufacturing companies and associated businesses. These topics include business management, communications and transportation, engineering and technology, electrical and electronics, building and construction, and processing and production. Lastly, they should have excellent communication skills, both verbal and written.
CEO Salary, Wages, and Demands For Job Opportunities
One of the fascinating things people think about CEOs is that they have high salaries and compensation packages simply because they lead a company and many people work under the company. In reality, CEOs earn the same as the other professions in Canada.
CEOs working in Canada earn up to $46.71 an hour, the standard average hourly salary. However, some CEOs can make up to $159.72 an hour, depending on their expertise, years of experience, and skills.
CEOs who work in Ontario earn up to $161.54 an hour, making them the highest-earning CEOs in the country. On the other hand, CEOs working in Nova Scotia earn as low as $12.95 an hour, the lowest recorded average hourly wage in the country. However, other provinces and territories had no records of their hourly wages.
Remember that these are for the basic salary package. This does not include the perks, bonuses, and incentives CEOs receive from their job. They also go on business trips, have a lot of paid time off, and other benefits.
However, they can always negotiate their salary packages. This also depends on how big or small the company is. If the company can afford it, it will most likely go with the salary package the CEO wants. A lot will also depend on the company’s performance.