The youngest GM in the history of Major League Baseball is, Theo Epstein who held the position for Boston Red Sox at the age of 28.
Normally, a GM has to report to and work under the supervision of the Vice President (VP) or Chief Executive Officer (CEO), depending on the top level hierarchy of the organization. In some cases, the company president or the CEO may as well carry out the duties of a general manager.
The duties in this job description mainly include managing and coordinating work of process managers working under the GM. His duties also comprise devising and planning of company policies, and discussing them with the top management for final approval. A general manager develops guidelines of operation for certain processes, which are directly under his authority.
He has to devise and set up an annual budget and fiscal plan, and present it before the board of directors. He has to prepare elaborate reports of the functioning of all the departments under his authority, and submit reports to the top management for performance review.
A general manager can even play an important part in recruiting and training the managers under him. Imparting training to new practice managers regarding how to increase employee performance, is also his responsibility.
Industry Specific Duties
The duties and responsibilities vary from the place of work and also the industry where the services are being provided. Here are a few industry specific responsibilities of a GM:
- To carry out proper analysis on the market research data.
- On the basis of the analysis report, to develop an effective marketing strategy that takes into account all the marketing mix aspects.
- To develop and maintain good customer relations.
- Managing and coordinating with the third party advertising and marketing agencies.
- To review financial statements, sales reports, purchase reports and keep a track of the same.
- Analyze areas where cost cutting can be done.
- To play an active role in purchase negotiations.
- To strengthen the company's funding base.
- To adhere to the company's finance policies.
- To conduct regular audits.
- To keep oneself updated with the latest MIS systems and also to train other employees.
- To develop and design new information systems that will also help to expand customer base.
- To update the IT governance strategy and development process for keeping up with the market scenario.
- To negotiate and maintain the SLA (service-level agreement) of all the products of the firm.
- To conduct regular IT audits.
- To manage the overall lodging arrangements of the hotel.
- To initiate activities for improving customer satisfaction.
- To coordinate with the head chef for the catering menu and other related activities.
- To ensure that the overall quality standard of the hotel is maintained.
- To conduct training sessions for the staff on regular basis.
- To closely monitor the daily financial activities.
- To deal with the customers and maintain healthy relations with them.
- To present the company's proposal for a project and discuss it with the customer.
- To monitor the construction project progress.
- To coordinate all the activities related to the project.
- To monitor the inflow of the raw materials needed for the project.
- To plan the monthly production activities and monitor them.
- To supervise the manufacturing activities in the plant.
- To plan all the resources needed for timely production.
- To participate in the budgeting activities related to the plant.
- To coordinate with the other departments.
Skills and Salary
A GM should obligatorily have prerequisites such as good leadership and management skills, business communication skills, etc. He also needs to be a quick, but cognitive thinker and decision maker. Problem solving skills are a must in handling complex responsibilities. He has to handle a lot of stress, while handling the overall management of the organization.
The salary of these top level executives undoubtedly makes a place in the higher range, and depends on how big the company is and what all operations are being handled. The mean annual salary estimate of a general manager as per Bureau of Labor Statistics is $114,490, as of May 2011. The level of expertise, experience in management and industry are very crucial factors in determining the remuneration. Moreover, with the basic pay, GMs are also eligible for other benefits meant for top management personnel.