When someone mentions the title CEO, everyone automatically thinks about the power and big money. But what exactly is CEO’s job and how much are CEOs paid?
Although you may think that the CEO’s responsibilities go beyond the level, according to the research made by the Journal of Management, CEO only plays a little role in the company’s business management. To be exact, it is only 5% of the whole company’s responsibility. But as low as it may seem, this 5 % are actually the biggest part of every company’s business.
According to Stever Robbinson, Inc, the real job description of CEOs is actually everything bosses earlier had to do in order to improve or allow the firm to fall apart. According to this site, CEOs have four main chores: Setting the strategy and the direction, setting the company’s value and behavior of employees, building and leading the working team, and allocating capital. This also includes hiring and firing employees, dealing with the publicity and the law etc. So, if you decide to apply as the CEO in some company, be ready to do multiple chores for the less time that everyone else needs to do one chore.
So how much are CEOs paid for this much responsibilities? The data collected from Equilar showed that CEOs made $22,6 million in 2014 and $19,3 million a year later. It may seem a bit decreasing, but CEOs still earn approximately 373 times more than the average worker. And for all these duties, it really isn’t over raging. But, surprisingly, Portland’s city council voted last year to impose the taxes for the company based on CEO’s salary. Why and how? These are the questions that only Portland’s city council can answer, but all publicity-traders companies that do business in the city are paying their taxes this way now.
And how high would taxes be for companies that hired some of 11 highest paid CEOs in the world if they were doing their business in Portland?