Team Deliverable 2 - Succession Planning Part One - Group 7

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TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 1 Team Deliverable 2: Succession Planning—Part One 11/07/2023 BMGT 365 7380 Organizational Leadership Dr. Irwin, Professor

TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 2 Introduction As LSN evolves, leadership changes can be mitigated through a carefully executed succession plan that coaches and mentors the next generation of leaders. With the upcoming lucrative expansion opportunity for Saudi Arabia and interest in the new development of cosmetic and food lines, a succession plan will help steer future LSN leaders in the direction of success. By implementing a well-developed, formal succession plan, the company will experience organizational sustainability while preserving continuous business operations (Flowers, 2017, “Why Participate in Succession Planning?” para. 1). Through succession planning, LSN will encourage a seamless leadership transition. Within the next 12–24 months, LSN plans to fill five key leadership positions, making succession planning indispensable. For over 100 years, LSN’s vision to help consumers achieve maximum health and well-being using only the most natural sources has been guided by four core values: Customer-Centricity, Innovation, Knowledge, and Sustainability. The first core value, customer-centricity, focuses on creating positive customer experiences. The leadership traits require team members to be dedicated to the company and place a premium on speed, flexibility, and the ability to lead in uncertain situations (Stockton et al., 2014, “Developing 21 st Century Leadership Skills,” para. 2). The core value of innovation requires LSN leaders to have the competency to bring their team together. As a cohesive unit, employees are empowered and inspired to develop new ideas and approaches to their work, express creativity, and collaboration (UMGC, n.d., “Differences Between Management and Leadership,” para. 2). The third core value, knowledge, requires leaders who possess a commitment to lifelong learning, which enables leaders to initiate and foster change (Kirkpatrick & Locke, 1991, p. 55). By fostering a lifelong commitment to learning, leaders will maintain flexibility and adaptability and demonstrate in-depth and up-to-

TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 3 date knowledge of the company, industry, and technical matters. The final core value of LSN is sustainability. Leadership competencies that align with sustainability include an understanding of ethics, the ability to exhibit integrity, and promoting diversity and inclusion. LSN leaders are expected to be competent in global leadership, in addition to their ability to demonstrate flexibility, open-mindedness, cultural interest, and sensitivity (SHRM, 2008, “Essential Leadership Competencies,” Fig. 2). Succession Planning as part of Mission, Vision, and Strategy It is important that LSN align its succession plan with its mission and vision. Each of these aspects relates to the purpose, values, and future growth plans of an organization. Along with communicating an organization’s purpose and values, the mission and vision statements create a target for strategy development and provide a bridge between the mission and the strategy (UMGC, n.d., “Key Roles of Mission and Vision,” paras. 2–3). The succession plan outlines the leadership competencies that LSN requires of its employees to ensure the mission and vision statements are met. Combined, these aspects should reflect the organization’s goals while keeping the best interests of its business, consumers, employees, and stakeholders in mind. Whereas the mission and vision statements detail the reasons behind the existence of an organization, the strategy should be directly based on LSN’s vision, since the strategy intends to achieve the vision, thereby satisfying LSN’s mission (UMGC, n.d., “Mission, Vision, and Goals,” para. 3). It is important to develop the succession plan with clear and constant communication about LSN’s strategy. A well-developed succession plan, together with the mission and vision, will help communicate LSN’s purpose to its stakeholders, ensure goals and

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TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 4 objectives are met, and determine whether the strategy is on track (UMGC, n.d., “Mission, Vision, and Goals: Conclusion,” para. 1) In addition to LSN’s mission, vision, and strategy, the succession plan should incorporate strategic thinking. Through strategic thinking, LSN will be able to achieve its goals more rapidly, as well as benefit from recognizing and taking advantage of windfall opportunities (Bianca, 2021, “Missing Opportunities,” para. 1). Strategic thinking will ensure LSN has well-trained, experienced, motivated, and capable talent ready and able to step into key positions as needed. As it defines the manner in which an organization accesses, views, and creates its future, strategic thinking is an extremely effective and valuable process (Center for Simplified Strategic Planning, Inc., 2008, para. 1). The skills used in strategic thinking, such as focus, flexibility, and the ability to be proactive, will benefit LSN as part of its succession planning. Recommendations The position of sales director requires an individual who possesses a strong commitment to diversity and inclusion. More importantly, the Sales Director of LSN should possess global and cultural intelligence and the competency to conduct business in Saudi Arabia (Stockton et al., 2014, p. 12). While working in Saudi Arabia, the Sales Director must demonstrate self- awareness, adaptability, and flexibility. As a leader, the sales director must utilize cross-cultural communication skills and have a stable personal life with added technical skills (SHRM, 2008, “Global Leadership Competencies,” para. 2). A combination of multiple leadership competencies will ensure the sales director can successfully and effectively conduct cross-cultural business.

TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 5 The Director of Research and Development (R&D) is a high-profile position within LSN and requires a leader who demonstrates various leadership competencies. This position will be required to lead a team of scientists and innovators; therefore, the person must present themselves as a strategic leader (Rowe & Nejad, 2009, “The Strategic Leader Defined,” para. 3). As a strategic leader, the Director of R&D must be capable of controlling, coordinating, and carrying out various research tasks with other departments throughout the various LSN worldwide locations. In addition to excellent communication skills and a willingness to take risks, this position requires an individual to be aware and perceptive of the business environment and future opportunities (Center for Simplified Strategic Planning, Inc., 2008, para. 6). The Vice President of Operations is required to report to the President and CEO of LSN; therefore, they must demonstrate professional confidence and effective communication skills. As VP, this individual will oversee various departments, including R&D, HR, IT, and Finance, and will manage politics and influence others (SHRM, 2008, “Essential Leadership Competencies,” fig. 1). The primary leadership competencies that a VP should possess are the ability to supervise others while valuing diversity and inclusion. In addition to supervising others, the VP of LSN must be able to incorporate team-building activities, boost morale, and maintain employee satisfaction (Indeed, 2023, “Top 10 Leadership Traits,” para. 10). The fourth position, Executive Director, will be responsible for the North America Division. The two main leadership competencies of the Executive Director of LSN is the ability to ensure organizational sustainability and increase transactional success (Flowers, 2017, "Why Participate

TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 6 in Succession Planning?" para. 1-2). This position requires an individual who is capable of maintaining flexibility, adaptability, and effective communication. According to Rowe & Nejad, successful leaders create a synergistic combination of managerial and visionary leadership (2009, "Strategic Leadership Constrained,” table 1). The Executive Director is faced with spearheading the future direction of LSN; therefore, this leader must be able to recognize and take advantage of windfall opportunities (Bianca, 2021, "Missing Opportunities," para. 1). The final position to be filled will be Director of Finance. While this position does not require the applicant to have a background in finance, it is required that the leader be competent in strategic planning and able to see the overall big picture of the company’s future. The Director of Finance must remain open-minded and flexible in their thoughts and tactics (SHRM, 2008, “Global Executive Competencies,” fig. 2). The complexity of this position requires leaders who demonstrate accountability and are committed to lifelong learning. The Director of Finance at LSN will be required to use strategic and financial metrics to measure the overall effectiveness of the organization Maloney, 2019, “5 Ways Leaders Can Produce Long-Term Organizational Effectiveness,” para. 2). Summary: LSN is currently at an exciting point for the company’s future, but due diligence must be shown to ensure the company reaches the current goal of a $50 billion triple bottom line. Succession planning shows due diligence for the future by accounting for the reality that eventually leadership will need to be replaced and identifying the next generation of leaders to fill those spots when the need arrives (Gale, 2013, para. 2). Identifying the leadership competencies for

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TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 7 each position that is expected to become vacant in the next 12-24 months is about building up this pipeline of leaders by creating a list of must-have skills for the next leader in that position to succeed. In return for identifying these skills, LSN can now identify current employees to put in the pipeline, or the organization can work towards putting in place a leadership program that bolsters the company’s ability to create a pipeline for the future (Trapp, 2014, para. 6).

TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 8 References Bianca, A. (2021, January 1). Why Is Strategic Thinking Important to the Success of Business? https://bizfluent.com/why-is-strategic-thinking-important-to-the-success-of-business.html Center for Simplified Strategic Planning, Inc. (2008). Strategic Thinking: 11 Critical Skills Needed. https://www.cssp.com/CD0808b/CriticalStrategicThinkingSkills/ Flowers, J. (2017, October 10). 9 Tips for Effective Succession Planning . Council on Accreditation. https://coanet.org/2017/10/9-tips-for-effective-succession-planning/ Gale, Sarah Fister (March 11, 2013). Succession Planning Roadmap . Workforce.com. https://workforce.com/news/succession-planning-roadmap/ Indeed (2023, June 30). Leadership traits: 10 top qualities of effective leaders. https://www.indeed.com/career-advice/career-development/top-leadership-traits Kirkpatrick, S., & Locke, E. (1991, May). Leadership: Do traits matter? Academy of Management Executive, 5 (2), 48-60. Maloney, D. (2019, June 17). Organizational effectiveness: The X factor for company success. Slack. https://slack.com/intl/en-in/blog/transformation/organizational-effectiveness- company-success Rowe, G. & Nejad, M. H. (2009, September/October). Strategic leadership: Short-term stability and long-term viability. Ivey Business School Foundation.

TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 9 https://iveybusinessjournal.com/publication/strategic-leadership-short-term-stability-and- long-term-viability/ SHRM (2008, March 1). Leadership competencies . https://www.shrm.org/ResourcesAndTools/hr-topics/behavioral-competencies/leadership- and-navigation/Pages/leadershipcompetencies.aspx Stockton, H., Dongrie, V., & Neveras, N. (2014, March 7). Leaders at all levels . Deloitte Insights. https://www2.deloitte.com/us/en/insights/focus/human-capital-trends/2014/hc- trends-2014-leaders-at-all-levels.html Trapp, Roger (March 23, 2014). Successful Organizations Need Leaders At All Levels . Forbes. https://www.forbes.com/sites/rogertrapp/2014/03/23/organizations-need-leaders-at-all- levels/?sh=6be30953ab17 UMGC (n.d.). Week 1: Differences between management and leadership . Document posted in UMGC BMGT 365 7380 online classroom, archived at https://leocontent.umgc.edu/content/scor/uncurated/bmgt/bmgt365/learning-topic-list/ differences-betweenmanagementandleadership.html UMGC (n.d.). Week 1: What's New? Contemporary approaches to leadership style . Document posted in UMGC BMGT 365 7380 online classroom, archived at https://leocontent.umgc.edu/content/scor/uncurated/tlp/2211-tlp610/learning- resourcelist/what-s-new-contemporaryapproachestoleadershipstyle.html UMGC (n.d.). Week 3: Mission, Vision, Values, and Goals . Document posted in UMGC BMGT 365 7380 online classroom, archived at

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TEAM DELIVERABLE 2: SUCCESSION PLANNING – PART ONE 10 https://leocontent.umgc.edu/content/scor/uncurated/tlp/2211-tlp610/learning-topic-list/ mission-vision-values-and-goals.html

Team Deliverable 2 - Succession Planning Part One - Group 7

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