Succession planning is the process through which an organization prepares the future leadership for their roles in the organization (Goldsmith, 2014). Succession planning plays a significant role in ensuring organization production and operations continuity and retention of organization knowledge. Succession planning is the process through which an organization identifies its future leaders and lays down elaborate measures that seek to prepare the leaders for their future roles (Goldsmith, 2014). A good succession plan should be realistic and focused on aligning the organization future leaders with the organizational strategic plan (Fuller & Green, 2017). Succession planning for Biotech requires the leaders to be aligned with the key leadership competencies that are necessary for the operations and organizational decision making. Biotech requires leaders who are visionary and creative to ensure that they meet the organization vision of creating natural, effective, affordable and safe products that improve the health of the organization consumers. Future Biotech leaders should have significant knowledge and understanding of natural products that can be used to improve and promote health and also be convinced on the value of natural products compared to the use of drugs in maintenance and promotion of health.
Succession Planning as Part of Mission, Vision, and Strategy
Biotech succession planning should be aligned with the organization mission and vision by ensuring that the new leaders are aware of the organization vision and mission (Goldsmith, 2014). Every future decision and strategic plan for Biotech should be anchored on the organization mission and vision. The organization mission and vision are the pillars to an organization decisions and also culture and the leaders of tomorrow should be able to understand and live up to the organization mission (Satel, 2014). In the succession planning table, the need to inculcate culture and ideals of the organization can be possible through a three months mentoring and coaching program in which the new leaders work under an experienced leader to pass their years of knowledge and experience from leading the organization to their future successors.
Strategic thinking is the system of organization thinking through which the organization vision is developed and implemented to promote sustainable organization development and customer satisfaction. The new leaders should be encouraged to be strategic thinkers by taking account of the big picture or the long-term scenario. Strategic thinking requires the new leaders to have positivity, creativity and be aware of the organization culture and vision at all time during decision making (Gilmore, 2007).
Director of Finance
A future director of finance in Biotech should be aware of the critical areas that need more investment and which can yield a high return on investment. The director of finance plays a significant role in the implementation of the organization vision by directing the budget towards areas such as research that can help create a new natural solution for health and help Biotech achieve its vision. Proper accounting and budgeting skills can ensure that the organization finances are shared in accordance with priority and all areas are well funded to ensure sustainable development (Leadership Core Competencies. n.d.).
An executive director is a leader who has a significant influence on the direction that the organization takes. An executive director should have a good understanding of the organization vision and mission. An executive director is responsible for strategic organization decision making which creates the direction of the organization to be in line with the organization vision of ensuring sustainability in production and sales (Walsh, 2014).
VP of Headquarter Operations
This position is responsible for directing activities and relationships in the organization headquarters. As such, a vice president of operations should be aware of the different operations and people who are responsible for getting things done in the organization (Gilmore, 2007). A good operations vice president should assist the operations manager in aligning the organization activities to make sure that they are in line with the organization vision and mission.
Director of Research and Development
A research and development director position is a very important executive position that plays a significant role in ensuring that the organization remains productive, sustainable and on course towards accomplishing the organization vision and mission. A good research and development director should be a strategic thinker and result oriented by pushing the research and development department to create organization products that promote health and are affordable to the consumers (Walsh, 2014).
A director of sales decides on how, where and when the organization products will be sold. A sales director should be able to cooperate with other organization departments such as the research and production department to ensure that products that are brought to the market are customer centered by giving the customer feedback to other organizational departments which promotes continuous improvement and development of Biotech products (Gilmore, 2007).
The above recommendations for Biotech's succession planning are important to the organization because they are aimed at helping the organization align its future leaders with the organization vision and mission. The recommendations establish how the leaders should approach strategic decision making and also the necessity of coaching and mentoring to ensure that Biotech leadership knowledge and experience is passed to the future leaders.
Gilmore, B, (2007). Integrating Strategic Thinking into your Organization for Long-Term Competitive Advantage - Leadership Advance Online, School of Business & Leadership, Regent University, Virginia Beach, Virginia. Retrieved from https://www.regent.edu/acad/global/publications/lao/issue_11/gilmore.htm
Leadership Core Competencies. (n.d.). Retrieved from https://www.fsa.usda.gov/Internet/FSA_File/leadership_core_competencies.pdf
Walsh, P. (2014, May 20). Are You A Strategic Thinker? Test Yourself. Harvard Business Review
Satel, G. (2014, June 1). To Create Real Change, Leadership Is More Important Than Authority
Goldsmith, M. (2014, July 23). 4 Tips for Efficient Succession Planning. Harvard Business Review. Retrieved from https://hbr.org/2009/05/change-succession-planning-to
Giles, S. (2017, October 25). The Most Important Leadership Competencies, According to Leaders Around the World. Retrieved from https://hbr.org/2016/03/the-most-important-leadership-competencies-according-to-leaders-around-the-world
Fuller, J. N., & Green, J. C. (2017, October 29). The Leader's Role in Strategy - A Peer-Reviewed Academic Articles | GBR. Retrieved from https://gbr.pepperdine.edu/2010/08/the-leaders-role-in-strategy/
Walsh, R. (2018, August 20). The 5 Most Important Competencies for Function Leaders. Retrieved from https://www.ccl.org/blog/5-important-competencies-function-leaders
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