What does UM mean in OCCUPATION & POSITIONS

Upper management's responsibilities include setting organizational goals, formulating strategies, monitoring progress towards those goals, creating policies, and making all major decisions. They are also responsible for hiring and managing staff and reporting back to the board of directors.

Generally, upper management includes executive officers such as the chief executive officer, president and vice presidents; board members; middle managers; and other senior staff with roles in decision-making.

To become part of upper management, you need to have a combination of experience, knowledge and education related to a particular field or industry. Building relationships with key contacts can be beneficial in gaining opportunities to join this level of leadership in business organizations. Additionally, having certain interpersonal skills such as communication, problem solving and planning can help you stand out from other candidates.

The frequency of communication between lower levels of staff and upper management can vary depending on the size and structure of an organization. In general, regular communication is important so that lower level employees can provide updates on their progress towards organizational goals and objectives. This communications should cover successes as well as any challenges that may arise along the way for resolution by upper managers.

Common challenges faced by members of upper management include facing external pressures from shareholders or regulatory bodies; managing multiple internal stakeholders with competing interests; dealing with employee engagement issues; keeping up with technological innovations; responding quickly to changing market conditions; recruiting or retaining top talent; staying current on best practices in terms of corporate governance; and ensuring compliance with applicable laws.