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Group 1 Succession Planning Report

To: Ms. Marvel, CEO LSN Inc.

From: Succession Planning Committee

Date: 7 November 2023

Subject: Succession Planning

Dear Ms. Marvel

Q1: Introduction (Sean)

The five positions LSN plans to supersede with new talent are critical to the continued success and achieving biotech industry growth in the future. Global expansion and the introduction of cosmetic and food products will test LSN’s leadership in new ways. A conscientious and systematic approach finding new leaders is a critical element to ensuring success for these goals. Succession Planning is the process of documenting an organization’s approach to talent management and required skills that align with the demands associated with leadership positions in the company (Gale, 2013). This document does more than finding a person that can merely perform the tasks associated with a job, it influences the culture of the entire organization. Succession planning will speed the transition of transferring leadership personnel while increasing the capabilities of new hires that will permeate throughout the company (Trapp, 2014).

Customer-Centricity, Innovation, Knowledge, and Sustainability are LSN’s core values. A generic succession plan may identify senior employees that can fill a position based on experience and tenure. However, this will not ensure new a leader’s approach will align with LSN’s values. Gale’s article (2013) indicates that looking to the past for models for achieving goals is a mistake in succession planning. Employees with tenure within the company may be rigid in their perspectives and disregard the value of diversity. The precedent for diversity in leadership is evident through the philosophy of relational leadership; positive change is likely to be achieved when leaders promote diversity and provide clear purpose (Komives & McMahone 2007). A published LSN Succession Plan will provide a clear purpose for tomorrow’s leaders that reinforce the company’s values through competencies like diversity, collaboration, and cultural intelligence. Investment selecting leaders is a necessary element to ensure transition success (Flowers, 2017).

Q2: Leadership Competencies Review (Hannah)

A review of LSN’s values was conducted in order to develop competencies that support each value. Below is a list of the competencies that support Customer-Centricity, Innovation, Knowledge, and Sustainability:

Customer centricity:

1. In terms of trustworthiness, it involves the ability to inspire trust in others through equitable decision making and personal conduct.

2. When it comes to global/cultural intelligence, this means being committed to understanding how the needs of groups and individuals change by region and employing situational leadership to apply the necessary skills to any environment.

3. Additionally, being resilient, optimistic, and energetic is essential.

Innovation:

1. To value diversity means embracing different perspectives, facilitating change, and adapting to changing needs.

2. Effective innovation also involves skills such as problem solving, managing change, taking risks, and being adaptable.

3. Collaborative individuals cultivate thought and synergize teams to achieve fresh outcomes.

Knowledge:

1. A focus on developing others is about enhancing their knowledge, adding value through technical skills, and increasing their capacity to learn.

2. Encouraging learning and cultivating talent are key aspects of knowledge development.

3. Giving and receiving feedback, reflecting on experiences, sharing information, and making meaning out of life events, relationships, and self-understanding are all part of the process.

Sustainability:

1. Sustainability entails cultural sensitivity, ethical considerations, and the ability to set vision and strategy.

2. It also involves a sense of caring and the ability to inspire a shared vision.

Q3: Succession Planning Alignment (Sarah)

Q4: Succession Plan and Strategy Alignment (Farrin)

Q5: Strategic Thinking and Succession Planning (Sean)

Strategic Thinking is a mindset that focuses on opportunities and anticipating obstacles to ensure an organization achieves success while executing short-term and long-term goals (Bianca, n.d.). LSN’s strategic goals have been established to maintain flexibility in order to respond to a dynamic market. The main elements of that strategy are company profitability through expansion in the middle east and product development while ensuring care for the planet through sustainability. Effective strategic thinking provides clear goals for employees that delineate responsibilities within the organization (Bianca, n.d.). LSN’s strategy is clear and when applied to the succession of key positions will reinforce company values and influence the performance of all employees.

Strategic thinking in the succession planning process is important to ensure the four main areas of business are accounted for when selecting new leaders; market, customers, competition, and company (Horwath, 2017). It is important to consider how LSN’s values (customer-centricity, innovation, knowledge, and sustainability) are fulfilled by leadership candidates when developing a succession plan. Specific competencies within each value provides a framework of how each value will be achieved. These competencies should be analyzed through the four main areas of business to determine suitability to acheive LSN’s strategic goals. Once competencies have been selected and publish, talent management packages and recruiting efforts will be purposefully guided in alignment with LSN strategy.

Q6: Key Leadership Positions and Competency Alignment (Group)

Q6.1.
Sales Director, Middle East- Saudi Arabia (Sean):

LSN’s European Division can no longer keep up with the demands of the middle-east market. Expanding LSN to incorporate a brand-new Saudi Arabia location will serve to achieve the goal of maximizing company profitability. In addition to this goal, prospective hires for this position must be trusted to operate within the existing cultural norms (business and social) while fulfilling the LSN priority of sustainability. The following competencies are provided as necessary skills to develop and select prospective selectees:

1.
Global/Cultural Intelligence: The ability to understand the environment and how needs of groups and individuals change within each region. Situational leadership is essential to observing changing needs and when to employ different skill sets to appeal to customers and employees alike (Canwell, Dongrie, & Neveras, 2014). Traits like punctuality, patience, and professional appearance are important to most cultures, but are held in higher regard within Saudi Arabia. In addition to these key traits, the prospective Sales Director-Saudi Arabia must be prepared to interact with the more unique cultural characteristics of the Middle East. Saudi’s business culture is defined by tough negotiatons, hierarchal decision making, changes to agreed business decisions, observance of social norms to avoid offense, hesitation to reveal negative business information (Commisceo Global Consulting Ltd., n.d.). Cultural Intelligence will ensure this position is fulfilled by a person who is committed to education of local norms and changing personal behavior to achieve goals while preserving business relationships.

2.
Trustworthy: The ability to inspire trust in others through equitable decision making and personal conduct (Komives & McMahone 2007). Charisma, competency, and character are essential personal traits/skills within this competency.

3.
Problem Solving: The ability to forecast obstacles, develop effective solutions, and manage change (Leadership Competencies, 2008). This position may require a certain level of risk acceptance, problem solving and decision making are skills that will enable this competency.

4.
Collaborative: The ability to cultivate thoughts through synergizing diverse teams to achieve fresh solutions for tomorrow’s obstacles.

Q6.3.
Vice President, Headquarters Operations- Miami, FL (Hannah):

The Vice President of Headquarter Operations seeks a candidate who embodies a unique blend of qualities. They should possess a moderate level of risk tolerance, allowing them to make calculated decisions that balance potential challenges with opportunities, thus optimizing the central operational hub. High cultural intelligence (CQ) is crucial, enabling them to connect and work effectively with people from diverse backgrounds, an increasingly valuable skill in modern

Q6.4. Executive Director, North American Division- Chicago, IL (Farrin):

Q6.5. Director of Finance- Miami, FL (Farrin):

workplaces. Moreover, this role demands a strength in leading multiple generations and diverse teams, fostering an inclusive culture that promotes employee well-being and organizational success.  Effective communication of a shared vision is paramount, as the VP must inspire and unite various audiences around a common goal. Collaboration and team building are foundational competencies, facilitating the formation of cohesive, high-performing teams to manage day-to-day operations efficiently. Furthermore, the ability to value diversity is fundamental, given the ever-increasing diversity in workplaces. Conflict resolution skills are also essential, ensuring a harmonious work environment and the continuity of essential operations within the headquarters.

Q7: Succession Plan Relevance in the Future of Biotech (Hannah)

Strategic thinking is undeniably important to the success of a business for several compelling reasons, as highlighted in Bianca’s article. First and foremost, it enables a company to seize windfall opportunities that can lead to rapid growth. By constantly focusing on problem-solving, strategic thinking allows an organization to identify and address persistent operational issues, ultimately optimizing its performance and cost-efficiency. Moreover, the creation of a clear and well-defined strategy is a hallmark of strategic thinking. This strategy not only guides the business owner but also provides employees with a clear understanding of their roles in achieving company goals, whether short-term or long-term. This clarity fosters alignment and a shared vision, facilitating the pursuit of strategic objectives.

Perhaps most crucially, strategic thinking empowers a business to be proactive rather than reactive. In an ever-changing economic landscape, the ability to plan and respond to present conditions concurrently is invaluable. This approach enables a business to make informed decisions to navigate challenges such as declining consumer demand or rising supply costs. By having a deliberate strategy in place, a company ensures that its decisions are proactive and well-informed, safeguarding its resilience when the market takes a downturn. Overall, strategic thinking is the compass that helps steer businesses toward success by seizing opportunities, solving problems, defining a clear direction, and remaining proactive in a dynamic business environment (Bianca, n.d.).

References

Bianca, A. (n.d.). 
Why is Strategic Thinking Important to the Success of Business?. Bizfluent. https://bizfluent.com/why-is-strategic-thinking-important-to-the-success-of-business.html 

Cross Cultural Management Guide for Saudi Arabia. Commisceo Global Consulting Ltd. (n.d.). https://www.commisceo-global.com/resources/management-guides/saudi-arabia-management-guide 

Comstock, Anthony. (2014). 
Critical Skills, Leadership. Funk & Wagnalls New World

Encyclopedia.

https://eds-s-ebscohost-com.ezproxy.umgc.edu/eds/detail/detail?vid=1&sid=6726d4b9-5e00-4721-99e5-253abcbff040%40redis&bdata=JnNpdGU9ZWRzLWxpdmUmc2NvcGU9c2l0ZQ%3d%3d#AN=co191600&db=funk

Flowers, J. F. in. (2017, October 10). 
9 Tips for Effective Succession Planning. Council on Accreditation. https://coanet.org/2017/10/9-tips-for-effective-succession-planning/ 

Gale, S. F. (2013, March 11). 
Succession Planning Roadmap. Workforce.com. https://workforce.com/news/succession-planning-roadmap/ 

Horwath, R. (2017). 
The Strategic Thinking & Strategic Planning Process . 
YouTube. Retrieved November 5, 2023, from https://www.youtube.com/watch?v=2XOF84drZwE&t=76s. 

Komives, Lucas, & McMahone, (2007). The Relational Leadership Model.
BMGT Week 2

Learning Resource. https://learn.umgc.edu/content/enforced/347722-001034-01-2192- OL16381/The%20Relational%20Leadership%20Model.pdf?_&d2lSessionVal=MjUeANbANENHSwpnRFXAnSeZ2

Leadership Competencies. (March 1, 2008).

https://www.shrm.org/ResourcesAndTools/hr-topics/behavioral-competencies/leadership-and-navigation/Pages/leadershipcompetencies.aspx

Trapp, R. (2014, June 9). 
Successful Organizations Need Leaders at All Levels. Forbes. https://www.forbes.com/sites/rogertrapp/2014/03/23/organizations-need-leaders-at-all-levels/?sh=2649e0943ab1