Succession Planning Report Part One - Group 1

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Succession Planning Report - Part One Pauline Adams, Melissa Aguilar, Edwin Oglesby, Edris Taylor BMGT 365: Organizational Leadership Professor Weiskopf January 30, 2024

1 Introduction Succession planning is a process designed to identify and develop individuals within an organization to assume key roles and responsibilities when current leaders or employees in critical positions leave or transition out of their roles. A strategic instrument that will guarantee that LSN has a pool of capable executives to step into important roles as they become available and assure the company's future success and leadership is an efficient succession plan. Planning for succession will reassure colleagues, workers, and shareholders that the company will continue to operate regardless of what happens to top leadership. Assuring organizational sustainability and successful transitions are two essential components of succession planning (Flowers, 2017, para 2). Knowledge, creativity, sustainability, and customer-centricity are critical leadership qualities for LSN. These skills outline LSN's growth and leadership aspirations in the wellness and health space. The succession plan will identify the people who have the skills required for LSN to continue growing and succeeding by matching it with the particular leadership capabilities. Succession Planning as part of Mission, Vision, and Strategy LSN’s mission and vision statement aims to attain market leadership while also promoting the overall health and well-being of individuals, through the provision of natural, affordable, and effective products (LSN Company Profile, para 15). Aligning a succession plan with the mission and vision of a company is essential for ensuring that leadership transitions support the organization's goals and values. In order to accomplish this, LSN requires a strategic leader who possesses the ability to envision the future, even in the face of current challenges, and who can align with the organization’s mission and vision (Rowe & Nejad, 2009, para 19). It is

2 crucial that successors in each role actively contribute towards the achievement of the mission and vision goals, as this alignment will foster a robust and cohesive organization, well-positioned for sustained growth within the industry (Trapp, 2014, para 11). LSN’s strategy is centered around the identification of top-tier candidates, within the aim of surpassing all expectations in terms of the corporation’s growth potential and expansion into new markets. LSN places a strong emphasis on adaptability, employing a flexible three-year planning pattern that prioritizes innovation, competitive advantage, quality control, and environmental responsibility. The succession plan should align with this strategy by identifying leaders who can play a pivotal role in the company’s expansion into Saudi Arabia while upholding high standards of quality and environmental obligation. These leaders should also possess the ability to drive innovation in product development and embrace flexibility and quick decision-making to effectively respond to evolving market preferences (LSN Company Profile, para 16). The succession planning process heavily relies on strategic thinking as a foundational element. Strategic thinking is crucial in the Succession Plan for LSN, as it needs to provide “a specific guide to the goals and objectives showing success or failure of the strategy and satisfaction of the larger set of objectives” (Week 3 Mission, Vision, Values, and Goals). This involves proactively anticipating the future leadership needs, identifying suitable successors, and ensuring their development aligns with LSN’s strategic goals. By employing strategic thinking, LSN can effectively place capable leaders in positions that will guide the company towards its objectives and be ready to step into roles as required (Bianca, 2021).

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3 Recommendations Sales Director, Middle East “In addition to essential leadership competencies, global leaders face special challenges that require additional competencies. To clarify, a global leader is commonly defined as someone that cultivates business in a foreign market, sets business strategy at a global level and manages globally diverse and diffused teams” (McCall, M., & Hollenbeck, G. 2002). The leadership competencies most important for the position of the Sales Director in the Middle East include, but are not limited to the following: ● Global/Cultural Intelligence- this position will require the ability to understand, adapt to, and work effectively in diverse cultural contexts. “The business culture in Saudi Arabia is, on the whole, conservative. It's important to maintain a proper degree of formality and treat everyone with respect” ● Cultural Interest and Sensitivity- this position will require the ability to understand, appreciate, and adapt to diverse cultural perspectives. “Cultural sensitivity is important with Saudi Arabia’s attitude toward risk dramatically impacted by the negative ramifications of failure on both the individual and the group” ● Valuing Diversity and Difference- this position will require the ability to recognize, appreciate, and leverage the unique qualities, perspectives, and contributions of individuals with diverse backgrounds. Embracing the Saudi culture will allow for relationships to be cultivated and nourished, which will also help in the success of LSN.

4 ● Open-minded and Flexible in Thought and Tactics- this position must consider new ideas, perspectives, and information without rigid adherence to preconceived notions or biases. It involves being receptive to different viewpoints and continuous learning. Director of Research and Development (R&D) “When selecting and developing leaders, HR professionals should consider the competencies that the individual possesses and compare those to the ones that need further development for success in a leadership role. By looking at his/her current competencies and comparing those to the skills necessary to fill a leadership position, organizations can make better informed decisions in hiring, developing, and promoting leaders” (McCall, M., & Hollenbeck, G., 2002). The leadership competencies most important for the position of the Director of R&D include, but are not limited to the following: ● Solving Problems and Making Decisions- this position must be able to define problems, gather relevant information to understand the underlying factor contributing to the problem, collaborate, evaluate, prioritize, and make decisions to resolve issues. ● Setting Vision and Strategy- this position must understand organizational goals, collaborate with stakeholders, assess trends, set strategic goals, allocate resources, and establish metrics and key performance indicators. ● Resilient, Resourceful, Optimistic and Energetic- this position must be able to learn from setbacks, maintain morale, be creative in problem-solving, have a positive outlook, and drive initiatives for change. ● Enhancing Business Skills and Knowledge- this position must be able to be aligned with LSN’s goals, be familiar with market trends, budget and allocate resources for return on

5 investments, plan for the long-term, manage projects, train, and deliver clear expectations to the team. “By using a competency approach, organizations can determine what positions at which levels require specific competencies” (McCall, M., & Hollenbeck, G., 2002). Utilizing a competency approach is a strategic and systematic way for LSN to identify and define the skills, knowledge, and attributes that employees need to perform effectively in specific roles and at various levels. This approach helps align individual and organizational goals, streamline talent management processes, and promote a consistent standard of performance. VP Headquarters Operations The Vice President is a key leadership role responsible for driving the growth and strategic direction of LSN. This role involves developing and executing strategies to expand business markets both nationally and internationally, identifying new opportunities, and creating relationships that contribute to LSN’s overall growth and success. The incumbent shall collaborate closely with cross-functional teams inside the company to shape the company’s long- term vision and drive sustainable growth. The following competencies are needed for this position: ● Proven track record of success in business development, strategy, and leadership ● Strong understanding of market dynamics, industry trends, and competitive forces ● Preferred knowledge of insurance, release of information, and/or medical records ● Excellent analytical, problem-solving, and decision-making skills

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6 ● Exceptional communication and interpersonal skills for building relationships and negotiating agreements ● Ability to lead and inspire a team, fostering a collaborative and results-driven environment ● Demonstrated ability to think strategically and execute tactically.

7 Executive Director, North American Division The following learning qualities are critical for this position: being resilient and upbeat, respecting diversity, creating a vision and plan, and communicating effectively. The Executive Director must be a skilled communicator in order to effectively communicate the company's objective and goals without becoming overly technical. By fostering harmony and forging emotional connections, the executive director should demonstrate an attachment style of leadership (Stevenson, n.d., para 10). Additionally, the executive director must be able to read individuals to determine whether they are a suitable match for the business, its mission, and its current plan of action. Director of Finance The Director of Finance should have the ability to expand their knowledge of financial processes, acquire valuable technical and business skills, effectively lead change management initiatives, and demonstrate exceptional problem solving abilities. Furthermore, the Director of Finance must be proficient in managing the company’s budget and developing an annual budget plan. This role necessitates a director who can efficiently multitask and proactively strategize the business’s budget on a yearly basis and well in advance. Additionally, overseeing a team of planners who possess strong budgeting skills and can accurately track expenses and identify prospects within the company is a crucial aspect of this position. Summary In order to pursue its objective of matching leadership with the organization's vision, purpose, and strategic goals, LSN needs to have the suggested skills listed for each of the five roles. The position of Sales Director in the Middle East is crucial for the company’s growth and must obtain the knowledge, skills, vision, and awareness in order to conduct business in a region

8 that is extremely culturally diverse. “Deeply religious, culturally conservative and geographically challenging, The Kingdom of Saudi Arabia can be tough for foreigners ( Cross Cultural of Management for Saudia Arabia) . Recognizing and integrating cultural awareness into succession planning can enhance the effectiveness of leadership transitions and contribute to the overall success of the LSN. The position of Director of R&D plays a pivotal role in a LSN’s growth, contributing significantly to its innovation, competitiveness, and long-term growth. “The greatest and most successful organizations in the world, over many years and decades, would think ahead and encourage great strategic thinking at least somewhere in their business plans'' ( Strategic Thinking) . By actively developing these business skills and knowledge areas, the Director of R&D can bridge the gap between technical excellence and strategic business leadership. This approach ensures that R&D efforts are not only innovative but also aligned with overarching LSN’s goals, contributing to the sustained success of LSN. The Vice President of Headquarter Operations must possess competences in relationship- building, communication, leadership development, and cultural awareness in order to enable departmental coordination and harmonize distinct subcultures. To respect business principles and lead LSN in North America into the future, the Executive Director for the North American Division has to possess the following competencies: appreciating diversity; defining a vision and plan; communication skills; and optimism and resilience. In order to balance financial strategy prudently and ensure financial stability and growth, the Director of Finance must possess the competences of learning more about financial processes, value-added technical or business skills, managing change, and problem-solving. The development, innovation, and sustainability of LSN are contingent upon these leadership abilities, which makes these suggestions crucial to the long-term prosperity and progress of the organization.

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9 References Bianca, A. (2021, Jan 1). 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 for Saudi Arabia . (n.d.) Commisceo Global. Retrieved January 28, 2024 from https://www.commisceo-global.com/resources/management- guides/saudi-arabia-management-guide Flowers, J. (2017, Oct 10). 9 Tips for Effective Succession Planning. Council on Accreditation. https://coanet.org/2017/10/9-tips-for-effective-succession-planning/ Life Science Nutraceuticals, Inc, Company Profile. UMGC. Mission, Vision, Value and Goals . University of Maryland Global Campus. https://leocontent.umgc.edu/content/scor/uncurated/tlp/2211-tlp610/learning-topic-list/ mission-vision-values-and-goals.html Rowe, G. & Nejad, M. (2009). Strategic Leadership: Short-Term Stability and Long- Term Viability . Ivey Business Journal. https://iveybusinessjournal.com/publication/strategic-leadership-short-term-stability-and- long-term-viability/ Stevenson, H. (n.d.). Leadership Style, Emotional Intelligence, and Organizational Effectiveness. Cleveland Consulting Group. https://www.clevelandconsultinggroup.com/articles/leadership-style-emotional- intelligence-organizational-effectiveness.php Strategic Thinking: 11 Critical Skills Needed . Center for Simplified Strategic Planning, Inc. Retrieved January 28, 2024 from https://www.cssp.com/CD0808b/CriticalStrategicThinkingSkills/ Trapp, R. (2014, Mar 23). Successful Organizations Need Leaders At all Levels . Forbes. https://www.forbes.com/sites/rogertrapp/2014/03/23/organizations-need-leaders- at-all-levels/?sh=590b8203ab17

Succession Planning Report Part One - Group 1

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