As companies grow, the demands on the CEO and their time become increasingly complex. To help alleviate some of this pressure, many organizations are now hiring a chief of staff (CoS). A CoS is responsible for a variety of tasks that depend on their previous professional experiences, leadership abilities and the priorities of their director. They often travel with the CEO and have enough authority in the organization to replace them during meetings with other executives and staff members.
The chief of staff has a unique relationship with their director, acting as a facilitator for their key initiatives. They may be asked to lead strategic projects, carry out reports and analyses for investors, or serve as a strategic advisor to senior managers. This role has become increasingly popular in the past five years, especially among Silicon Valley start-ups. The classic organizational level in terms of titles (manager, director, vice president, senior vice president, etc.) doesn't exist (yet) for a chief of staff.
Interestingly, the size of the company doesn't seem to make a significant difference in terms of the seniority of the CoSs that these companies hire. When it comes to compensation for a CoS, it can be difficult to compare due to the wide range of responsibilities and backgrounds of those working in the profession. However, many CoSs are offered equity in addition to their salary as an incentive for taking on such an important role. The responsibilities of a chief of staff are vast and varied. They must be able to manage multiple tasks at once while also providing support to their director.
They must be able to think strategically and have excellent communication skills. Additionally, they must be able to work well with other executives and staff members. In terms of equity, it is not uncommon for CoSs to receive equity as part of their compensation package. This is often seen as an incentive for taking on such an important role within an organization.
Equity can come in many forms such as stock options or restricted stock units (RSUs). Overall, the role of a chief of staff is becoming increasingly important in organizations of all sizes. They are responsible for managing multiple tasks while also providing support to their director. Additionally, they may receive equity as part of their compensation package.
