It is very essential to understand the Strategic role of top level management in any organisation. In today’s business environment every organisation is working strategically. immaterial of the size, length and breath of the organisation doing things strategically becomes basic element for any organisation in that case. Hence here we have discussed the strategic role of top level management in this article.
To understand the strategic role of top-level management first we need to understand the purview of top management. It is essential to know which level is considered as top-level. let us have a view on this first.
What is top-level management:
Top management consist of the top-level executives of the organisation who takes the whole responsibility of the organization. The top-level management designs/ formulates various policies and strategies for the effectiveness of the organisation. It also defines the mission, vision, goals and objective of the organisation which frames the direction of operation to the entire enterprise. Top level management includes highest ranking executives like CEO, CFO, VP, MD, COO, President etc.
Strategic role of top-level management:
The top-level management is highly responsible for the success or the failure of any organisation. They are the entity who draws the direction of the operation to the business. Hence they play majorly a strategic role in the organisation. Few of the strategic roles of top level management include:
The top-level management frame and design the organisation policy mission vision, goals objectives etc. They need to frame all these things strategically aligned with the business to run a successful enterprise.
The top-level management must give a proper direction in the operations of the business are triggered towards. It should keep in mind all the strategies aligned with e mission and vision of the business.
All the strategies to be adopted by the business must be developed with utmost care by the top-level management. The top-level management must consider all the dynamics of the market related to the business before developing a strategy. Proper strategy must be developed for all functional areas of a business.
The staffing of key positions in the organisation must be done by the top-level management. The staffing must be done strategically by analyzing the KSA (Knowledge, Skills and Attitude) of an employee. They must also analyse whether the KRA (Key result area ) of the given position matches the KSA.
Strategic Decision Making:
All the major decisions are taken by the top-level management. It is always advisable that the decisions must be taken strategically to effectively utilize the available resources and bring the desired outcome.