1) A description of how the Succession Plan Biotech should be aligned with its m
ID: 397165 • Letter: 1
Question
1) A description of how the Succession Plan Biotech should be aligned with its mission and vision. (Current Company Vision: To help provide everyone with the healthiest life possible in the most natural of ways. Current Mission: To develop products that are safe, effective, affordable and natural with the customer’s health always their primary goal.)
2) A description of how the Succession Plan should be aligned with Biotech’s strategy. (BIOTECH BUSINESS PHILOSOPHY AND STRATEGY Biotech has determined its long-term goal planning pattern should be no longer than 3 years. Three years seems more flexible than the seven-year planning pattern previously used as change in the business climate is making it imperative to be more flexible. The need for innovation and competitive advantage ideas are the main focus for the next two years along with the company’s commitment to becoming a triple bottom line company. Sustainability both for profit and planet is foremost in the minds of the leadership. The development of a triple bottom line company is in the best interest of the company because of the need to keep a strong natural product image link to the community and the desire for the company to be socially responsible. Protection of the suppliers and control over product quality is critical to the development of a sound “life product.)
3) A description of how strategic thinking should be used as part of the succession planning process.
Explanation / Answer
Successive Planning and Strategy
Succession planning is a part of the process of preparing for the future of your company. Does this mean you should only plan a succession path for your CEO? We suggest that virtually every key position and key person in your organization is a candidate for a succession plan. The important impact is that it is virtually impossible to successfully promote someone unless there is a trained person to take over the position being vacated. To effectively implement a succession plan, you need to include/consider a number of elements:
Strategy for Succession Planning:
First, realize that one size doesn’t fit all. There are different approaches which may be used, depending on the situation in each company. In some cases, a company may have to move some people along quickly, in order to expose them to a broad range of experiences, and possibly to fill vacancies. In others, a deeper involvement in selected departments or disciplines may be indicated. Some of this will depend on the culture and processes of the company.
In yet other cases, decisions about the process will depend on the individual’s capabilities and competencies, and the structure and operations of the company. In virtually all situations, your ability to educate and promote will depend on the capabilities and strengths of the people who currently occupy the key positions.
Succession Planning Benefits:
With a well-thought-out succession planning process, your company earns a number of clear pluses:
Situations in which ownership and operations or management responsibilities are vested in the same people can be devastating to a family or closely held corporation if not handled wisely. While difficult, the duties of management and the family/stockholder relationships must be kept separate for the good of both the stockholders and the corporation. Private relationships which interfere with the effective operation of the company can only be harmful and non-productive.
Business considerations should take precedence over family considerations when it comes to the welfare of the company. Private, family matters should never interfere in or be a part of the business. Failure to adhere to this advice can often lead to unfortunate or even calamitous situations which can tear a closely held company apart.
These may be difficult situations, and may require an impartial source to mediate. In any case, clear, objective, unambiguous guidelines and goals should be set in writing so that the junior members of the family firm may have specific expectations of where they might go, how they are expected to progress, and the standards by which they will be judged.
Succession Planning in Simplified Strategic Planning:
As in the deployment and utilization of any strategic resource, the development of your key people must be considered as you plan for the future of your company. It is certainly worth considerable time and effort to discuss the company’s needs and current capabilities thoroughly, as a Strategic Issue, and possibly as a part of Strategies - Internal Development. If you do not have a formal procedure for succession planning, you may want to create an Objective which mandates the development and installation of a Succession Planning process which fits the needs and preferences of your specific company.
To be realistic, succession must be planned years in advance of expected needs. To properly train a successor, the firm needs sufficient time to expose the people to the full spectrum of opportunities within the firm, as well as any desired or required outside education/experience expected.
For example, if someone is expected to be a general manager, the number of departments, the types and ranges of technologies and processes, and the level of knowledge about the company procedures and policies, markets and customers, suppliers, employees, contractors, etc., will determine the time and depth of involvement. Additional factors, such as past experience and current knowledge that the individual brings to the process, will also affect the succession time frame.
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