Role of Second in Command (2IC)
2IC represents a term borrowed from the British military and means “second in command.” In the business, the second in command (2IC) is the next person in line to lead the business In the absence of a company owner or CEO.
2IC meaning in management is a key part of an exit strategy. It builds continuity within the current management system and allows for an evacuation plan if the manager is no longer available. This article will give the readers a clear view of the importance of a second in command(2IC) management system.
Introduction to 2IC System
Earlier, the word “2ic” was used to indicate a Deputy Commandant in the UK Army and Royal Naval Operations and was used by the British military forces. 2ic applies to businesses to a “second-order” after the CEO or the owner and can manage the business without the CEO. In case the CEO/Founder is unavailable or not present for the company to operate, companies usually create a second in a command role.
The goal is to reinforce the team by maintaining the 2ic role. A team’s success relies on the CEO or the shareholder; this helps increase shareholders’ trust to add a 2ic. It also helps the company owner leave the company, knowing that it will keep operating even in their absence. The most standard practice is in large firms, where the CEO ages or hires a director of different leadership skills to assist the company’s running.
2IC Role Meaning
Many CEOs designate a 2ic when they want to create a long-term plan, build an entity to sell, or increasing their profits. In this case, the CEO needs a knowledgeable person who will effectively run the company, even in his / her absence. The 2IC has to be someone with good leadership track records or someone the CEO will trust. The 2ic manager will serve as the Chairman, manage the organization’s daily activities, assign control, and maintain peace in all business divisions. However, the CEO/founder will have to be held accountable, and the latter must be informed of the business’s affairs.
Sometimes 2IC has a more general meaning, not just CEO related. For example, the assistant manager 2ic meaning is that the assistant manager has his/her replacement “second in command” when the main assistant manager is not present.
2ic roles and responsibilities are:
- Managing the company by the following the CEO plan
- Managing the relationship with the CEO daily
- Keep the CEO informed at all times for all major problems.
- Establish a formal method of communication with the CEO and employees
- Accomplish business targets given by CEO
So, how to be a good 2ic?
The 2ic will know what direction the business will follow to achieve its goals by understanding the CEO’s view of the Business. The 2ic may use the ambition to set monetary goals, such as the margins of sale and profit, enabling the enterprise to start activities in other regions in the future, such as creating an international company in the next 10 years. The 2ic will start by asking the CEO what the organization is doing and what they should do. Different fields, such as business and market conditions, client infrastructure, customer support, etc.
2ic salary in the US
Vice President (VP) or 2ic with 1-4 years of experience earns an average of $100K annual salaries based on statistics in 2020. A mid-career Vice President (VP), Operations with 5-9 years of experience earns an average total compensation of $115K based on statistics in the US in 2020.
So, as we can see, 2IC, meaning in a company has two important duties – the business’s management in the absence of the CEO and the management of the company and the managing director. These duties make the position difficult as the 2IC will handle the company’s day-to-day affairs and appear to be responsible for keeping the CEO on track.