1. Please provide leadership competencies/ Source for Chief Financial Officer (LSN) Overview: This leader oversees the day-to-day operations of the finance department. This leader is expected to aid i
BGMT 365 – Group Deliverable #2 – Succession Planning Table – Part One Directions: For each of the five open positions at Life Science Nutraceuticals, Inc. (LSN)., identify the leadership competencies most needed for a successful leader in that position. Under “source” identify the source (from course materials) that you will use for support of this competency. Sources may be from Weeks One, Two and Three. One example is provided for you. Position Leadership Competencies Source Sales Director, Middle East (Saudi Arabia) – candidates chosen for this position need to be high CQ (culturally intelligent), fairly conservative, not highly risk tolerant, willing to build relationships and is trustworthy) (key points to the skills needed are highlighted) Global/Cultural Intelligence Canwell, Stockton, Dongrie, & Neveras, 2014, p. 12 Director of Research and Development – candidates chosen for this position need to be highly risk tolerant, embraces change, celebrates mistakes, encourages innovation, and believes in the creativity of the team over the individual (key points to the skills needed are highlighted) VP of Headquarter Operations – candidates chosen for this position need to be moderately risk tolerant, high in CQ(cultural intelligence), whose strength is in leading multiple generations, leading diverse teams, being inclusive, and great at communicating a shared vision to various audiences (key points to the skills needed are highlighted) Executive Director, North American Division – candidates chosen for this position need to be comfortable with situational and transformational leadership styles, who is skilled at cultivating teams, who believes that leadership exists at all levels, is a strategic thinker, and is comfortable leading change (key points to the skills needed are highlighted) Director of Finance – candidates chosen for this position need to be highly conservative and more risk averse than risk tolerant, who can easily articulate the vision, mission, and strategy, and has courage to speak up when he/she feels the mission and vision are in danger of being ignored. (key points to the skills needed are highlighted)
1. Please provide leadership competencies/ Source for Chief Financial Officer (LSN) Overview: This leader oversees the day-to-day operations of the finance department. This leader is expected to aid i
BGMT 365 – Group Deliverable #2 – Succession Planning Table – Part One Directions: For each of the five open positions at Life Science Nutraceuticals, Inc. (LSN)., identify the leadership competencies most needed for a successful leader in that position. Under “source” identify the source (from course materials) that you will use for support of this competency. Sources may be from Weeks One, Two and Three. One example is provided for you. Position Leadership Competencies Source Sales Director, Middle East (Saudi Arabia) – candidates chosen for this position need to be high CQ (culturally intelligent), fairly conservative, not highly risk tolerant, willing to build relationships and is trustworthy) (key points to the skills needed are highlighted) Global/Cultural Intelligence Canwell, Stockton, Dongrie, & Neveras, 2014, p. 12 Diversity (build and maintain relationships) (Comstock, 2021) Honesty/Integrity (Kirkpatrick & Locke, 1991, p. 49) Cultural interest and sensitivity (SHRM, 2008) Director of Research and Development – candidates chosen for this position need to be highly risk tolerant, embraces change, celebrates mistakes, encourages innovation, and believes in the creativity of the team over the individual (key points to the skills needed are highlighted) Strategic Thinker (Bianca, n.d.) Open communication and collaboration (Morgan, 2015) Innovative (Morgan, 2015) Creativity / Originality (Kirkpatrick & Locke, 1991, p. 56) VP of Headquarter Operations – candidates chosen for this position need to be moderately risk tolerant, high in CQ(cultural intelligence), whose strength is in leading multiple generations, leading diverse teams, being inclusive, and great at communicating a shared vision to various audiences (key points to the skills needed are highlighted) Executive Director, North American Division – candidates chosen for this position need to be comfortable with situational and transformational leadership styles, who is skilled at cultivating teams, who believes that leadership exists at all levels, is a strategic thinker, and is comfortable leading change (key points to the skills needed are highlighted) Director of Finance – candidates chosen for this position need to be highly conservative and more risk averse than risk tolerant, who can easily articulate the vision, mission, and strategy, and has courage to speak up when he/she feels the mission and vision are in danger of being ignored. (key points to the skills needed are highlighted)
1. Please provide leadership competencies/ Source for Chief Financial Officer (LSN) Overview: This leader oversees the day-to-day operations of the finance department. This leader is expected to aid i
PRINCIPLES OF MANAGEMENT 4.3 The Roles of Mission, Vision, and Values Learning Objectives Be able to define mission and vision. See how values are important for mission and vision. Understand the roles of vision, mission, and values in the P-O-L-C framework. Mission, Vision, and Values Mission and vision both relate to an organization’s purpose and are typically communicated in some written form. Mission and vision are statements from the organization that answer questions about who we are, what do we value, and where we’re going. A study by the consulting firm Bain and Company reports that 90% of the 500 firms surveyed issue some form of mission and vision statements (Bart & Baetz, 1998). Moreover, firms with clearly communicated, widely understood, and collectively shared mission and vision have been shown to perform better than those without them, with the caveat that they related to effectiveness only when strategy and goals and objectives were aligned with them as well (Bart, et. al., 2001). A mission statement communicates the organization’s reason for being, and how it aims to serve its key stakeholders. Customers, employees, and investors are the stakeholders most often emphasized, but other stakeholders like government or communities (i.e., in the form of social or environmental impact) can also be discussed. Mission statements are often longer than vision statements. Sometimes mission statements also include a summation of the firm’s values. Values are the beliefs of an individual or group, and in this case the organization, in which they are emotionally invested. The Starbucks mission statement describes six guiding principles that, as you can see, also communicate the organization’s values: Provide a great work environment and treat each other with respect and dignity. Embrace diversity as an essential component in the way we do business. Apply the highest standards of excellence to the purchasing, roasting and fresh delivery of our coffee. Develop enthusiastically satisfied customers all of the time. Contribute positively to our communities and our environment. Recognize that profitability is essential to our future success (Starbucks, 2008). Similarly, Toyota declares its global corporate principles to be: Honor the language and spirit of the law of every nation and undertake open and fair corporate activities to be a good corporate citizen of the world. Respect the culture and customs of every nation and contribute to economic and social development through corporate activities in the communities. Dedicate ourselves to providing clean and safe products and to enhancing the quality of life everywhere through all our activities. Create and develop advanced technologies and provide outstanding products and services that fulfill the needs of customers worldwide. Foster a corporate culture that enhances individual creativity and teamwork value, while honoring mutual trust and respect between labor and management. Pursue growth in harmony with the global community through innovative management. Work with business partners in research and creation to achieve stable, long-term growth and mutual benefits, while keeping ourselves open to new partnerships (Toyota, 2008). A vision statement, in contrast, is a future-oriented declaration of the organization’s purpose and aspirations. In many ways, you can say that the mission statement lays out the organization’s “purpose for being,” and the vision statement then says, “based on that purpose, this is what we want to become.” The strategy should flow directly from the vision, since the strategy is intended to achieve the vision and thus satisfy the organization’s mission. Typically, vision statements are relatively brief, as in the case of Starbuck’s vision statement, which reads: “Establish Starbucks as the premier purveyor of the finest coffee in the world while maintaining our uncompromising principles as we grow (Starbucks, 2008).” Or ad firm Ogilvy & Mather, which states their vision as “an agency defined by its devotion to brands (Ogilvy, 2008).” Sometimes the vision statement is also captured in a short tag line, such as Toyota’s “moving forward” statement that appears in most communications to customers, suppliers, and employees (Toyota, 2008). Similarly, Wal-Mart’s tag-line version of its vision statement is “Save money. Live better (Walmart, 2008).” Any casual tour of business or organization Web sites will expose you to the range of forms that mission and vision statements can take. To reiterate, mission statements are longer than vision statements, often because they convey the organizations core values. Mission statements answer the questions of “Who are we?” and “What does our organization value?” Vision statements typically take the form of relatively brief, future-oriented statements—vision statements answer the question “Where is this organization going?” Increasingly, organizations also add a values statement which either reaffirms or states outright the organization’s values that might not be evident in the mission or vision statements. Roles Played by Mission and Vision Mission and vision statements play three critical roles: (1) communicate the purpose of the organization to stakeholders, (2) inform strategy development, and (3) develop the measurable goals and objectives by which to gauge the success of the organization’s strategy. These interdependent, cascading roles, and the relationships among them, are summarized in the figure. Figure 4.5 Key Roles of Mission and Vision First, mission and vision provide a vehicle for communicating an organization’s purpose and values to all key stakeholders. Stakeholders are those key parties who have some influence over the organization or stake in its future. You will learn more about stakeholders and stakeholder analysis later in this chapter; however, for now, suffice it to say that some key stakeholders are employees, customers, investors, suppliers, and institutions such as governments. Typically, these statements would be widely circulated and discussed often so that their meaning is widely understood, shared, and internalized. The better employees understand an organization’s purpose, through its mission and vision, the better able they will be to understand the strategy and its implementation. Second, mission and vision create a target for strategy development. That is, one criterion of a good strategy is how well it helps the firm achieve its mission and vision. To better understand the relationship among mission, vision, and strategy, it is sometimes helpful to visualize them collectively as a funnel. At the broadest part of the funnel, you find the inputs into the mission statement. Toward the narrower part of the funnel, you find the vision statement, which has distilled down the mission in a way that it can guide the development of the strategy. In the narrowest part of the funnel you find the strategy —it is clear and explicit about what the firm will do, and not do, to achieve the vision. Vision statements also provide a bridge between the mission and the strategy. In that sense the best vision statements create a tension and restlessness with regard to the status quo—that is, they should foster a spirit of continuous innovation and improvement. For instance, in the case of Toyota, its “moving forward” vision urges managers to find newer and more environmentally friendly ways of delighting the purchaser of their cars. London Business School professors Gary Hamel and C. K. Prahalad describe this tense relationship between vision and strategy as stretch and ambition. Indeed, in a study of such able competitors as CNN, British Airways, and Sony, they found that these firms displaced competitors with stronger reputations and deeper pockets through their ambition to stretch their organizations in more innovative ways (Hamel & Prahalad, 1993). Third, mission and vision provide a high-level guide, and the strategy provides a specific guide, to the goals and objectives showing success or failure of the strategy and satisfaction of the larger set of objectives stated in the mission. In the cases of both Starbucks and Toyota, you would expect to see profitability goals, in addition to metrics on customer and employee satisfaction, and social and environmental responsibility. Key Takeaway Mission and vision both relate to an organization’s purpose and aspirations, and are typically communicated in some form of brief written statements. A mission statement communicates the organization’s reason for being and how it aspires to serve its key stakeholders. The vision statement is a narrower, future-oriented declaration of the organization’s purpose and aspirations. Together, mission and vision guide strategy development, help communicate the organization’s purpose to stakeholders, and inform the goals and objectives set to determine whether the strategy is on track. Exercises What is a mission statement? What is a vision statement? How are values important to the content of mission and vision statements? Where does the purpose of mission and vision overlap? How do mission and vision relate to a firm’s strategy? Why are mission and vision important for organizational goals and objectives? References Bart, C. K., & Baetz, M. C. (1998). The relationship between mission statements and firm performance: An exploratory study. Journal of Management Studies, 35, 823–853. Bart, C. K., Bontis, N., & Taggar, S. (2001). A model of the impact of mission statements on firm performance. Management Decision, 39(1), 19–35. Hamel, G., & Prahalad, C. K. (1993, March–April). Strategy as stretch and leverage. Harvard Business Review, 75–84. Ogilvy, Retrieved October 27, 2008, from http://www.ogilvy.com/o_mather. Starbucks, retrieved October 27, 2008, from http://www.starbucks.com/aboutus Toyota, retrieved October 27, 2008, from http://www.toyota.co.jp/en/vision/philosophy. Toyota, retrieved October 27, 2008, from http://www.toyota.com/about/our_values/index.html. Walmart, retrieved October 27, 2008, from http://www.walmart.com.
1. Please provide leadership competencies/ Source for Chief Financial Officer (LSN) Overview: This leader oversees the day-to-day operations of the finance department. This leader is expected to aid i
Why Is Strategic Thinking Important to the Success of Business? by Audra Bianca Missing Opportunities Strategic thinking helps you recognize and take advantage of windfall opportunities. If you’re always thinking about what problems your company faces, you have little time left to plan for the future. Windfall opportunities are those that could result in rapid business growth, such as a chance to recruit away disgruntled workers from your competitor or buy out inventory from a competitor’s liquidation sale. Focusing on Problem Solving Strategic thinking also encourages you to take a long view of your company’s business model and operations. Your company could have persistent operational problems that prevent it from maximizing success, so you and your employees must think critically about the root causes of problems. For example, you could study overhead costs such as printing, looking for the core reasons why your business wastes paper and toner. Then you can revise your policies and procedures so printing is no longer a drain on your overhead budget. Creating a Clear Strategy Employees also benefit from the strategic mind-set of a small-business owner. A business strategy should clearly explain to employees what roles they play in reaching company goals. Some strategic plans are short term, outlining how your company will achieve an end goal in a few months’ time. Other plans, such as your strategic plan, explain how your company will realize long-term goals over five or 10 years. Being Proactive If you’re planning ahead and addressing present business conditions simultaneously, you can choose appropriate actions when the economy shows early signs of trouble. Plan for how your business will succeed in tougher times. If consumer demand is decreasing or supply costs are rising, you can begin cutting costs in your overhead budget, ensuring that your overhead will not cripple you when the market declines. Without a deliberate strategy, your business decisions will be reactive instead of proactive. Strategic Management Vs. Strategy by Audra Bianca Strategy When you hear the term “strategy,” you might think of a plan addressing a question like this: How can the business achieve a certain level of profits this year? A strategy is not a plan, nor is it a way of aligning resources toward specific goals. A major difference between a strategy and a plan is that a business needs just one strategy, a single, targeted combination of business operations that will produce a profit. The strategy may not always be effective during ebbs and flows in the business cycle, but it defines a business. Strategic Management A business can have a strategic plan with clear goals to guide business operations over a period of one to 10 years. The company leadership can align budget dollars toward a body of strategic goals. Strategic management is how leaders implement the business’ strategy and the current strategic plan. Leaders must monitor employees, teams and other organizational units for achievement of specific targets along the way. They must direct employee activities and expenditures according to the plan. Small Business Strategy If you’ve ever written a business plan, somewhere you defined exactly how you planned to achieve a profit after recovering your startup expenses. Your strategy could also evolve over time if you redirect your business focus to different markets or change offerings of products or services. Learn how to explain your business strategy to potential investors, lenders and customers. You can build their interest in your business by explaining how your company turns a profit by fulfilling a specific consumer need. Strategic Management Advantage As a small-business owner, you enjoy the advantage of running your business strategically because of the scale of the business. Get closer to day-to-day operations and influence what employees do according to your business expertise. Being close to customers and the line workers who serve them in your company permits you to make changes every day that will make customers more satisfied. You want to make it easy for customers to buy more of what you sell. For help with strategic management, you might need to hire people with vast experience in your industry and familiarity with your business model. Importance of Mission Vision in Organizational Strategy by Audra Bianca If you’re looking for how to plan differently for your small business, consider developing or revisiting your organizational strategy. It’s a plan showing how you will intentionally organize business operations around a mission and vision. The plan will also need appropriate short-term and long-term goals. Overview Businesses should use a systematic approach to planning their organizational strategy. You could research and select from among different organizational strategies, but the mission and vision are common to many of them. A mission is a statement of the purpose of your company, including how it serves a specific need in a target market. A vision is a statement of what your company aspires to achieve, usually an overarching objective or long-term goal. Pre-planning Considerations In the beginning of the planning process, before setting the company’s mission and vision, consider the internal and external environments in which you operate. For example, your analysis might include deciding which advantages your company has over competitors and then you should decide which strategic options to use to make the most of those advantages. Picking the best options means you’re maximizing your advantages, not just sitting back and trusting the status quo to carry you forward successfully. Importance of Mission The mission is a statement that helps employees and customers understand why the company exists. You might have a mission that’s similar to that of other companies in the same market, such as providing pizza to local customers. Or, your business could have a unique mission, such as selling a one-of-a-kind product that customers can’t buy anywhere else. Update the mission when your company shifts away from current product or service offerings to new markets. It’s important to keep the mission at the focus of organization strategy so you aren’t wasting resources on extraneous business activities. Importance of Vision Employees may understand the mission of your company, but the vision will also link the mission to strategic business goals. A well-written vision will frame those strategic goals in a meaningful context, explaining to employees why those goals are good for business. For example, your vision may be to become your region’s most preferred source for home-delivered pizza. Some businesses will use the strategic goals as long-term targets and will also describe their business model in more general terms. The final strategy is a roadmap for the staff, and they should work towards the business goals incrementally to attain your vision.
1. Please provide leadership competencies/ Source for Chief Financial Officer (LSN) Overview: This leader oversees the day-to-day operations of the finance department. This leader is expected to aid i
Jul 8, 2015,12:08am EDT The 5 Types Of Organizational Structures: Part 2, ‘Flatter’ Organizations Jacob Morgan Contributor Leadership I write about and explore the future of work! This is part two of a five part post that explores various types of organizational structures that either already exist in today’s business landscape or are starting to emerge as viable options for the future of work. Each post will explore one of these structures and then I’ll provide a final summary post on all five. These concepts and ideas are taken from my book, The Future of Work: Attract New Talent, Build Better Leaders, and Create a Competitive Organization. The five types of organizational structures that I will explore are The traditional hierarchy (part 1 is already available) Unlike the traditional hierarchy which typically sees one way communication and everyone at the top with all the information and power; a “flatter” structure seeks to open up the lines of communication and collaboration while removing layers within the organization. As you can see there are fewer layers and that arrows point both ways. Obviously an very simplified way to look at this type of a company but hopefully it gets the point across. For larger organizations this is the most practical, scalable, and logical approach to deploy across an entire company. This is the model that most large (and many mid-size) organizations around the world are moving towards. It’s true, some form of hierarchy still does exist within this model but that isn’t necessarily a bad thing in this case. In flatter companies there is still a strong focus on communication and collaboration, improving the employee experience, challenging the status quo around traditional management models, and the like. But instead of completely reinventing the entire company and introducing a radical new structure and approach to work, it achieves similar results in far shorter term and with much less effort and resource allocation. It’s important to point that this type of model cannot exist without a few crucial things. The first is a robust set of technologies that act as the central nervous system of the company. These technologies help make sure that employees can collaborate and access each other and information anywhere, anytime, and on any device. The second thing this model requires is an understanding by executives and managers that employees don’t need to work at your company, they should want to work there and as a result everything should be designed around that principle. The third thing that is required is an understanding that managers exist to support the employees and not vice versa. This also means that senior leaders focus on pushing the power of  authority down to others instead of pushing down information and communication messages. The fourth and final thing I’ll mention about this model is that the organization must accept that the way we work is changing and must therefore be comfortable with things like flexible work arrangements, getting rid of annual employee reviews, and challenging other outdated ways of working (there is more to be said about this but that’s why I wrote a whole book on the subject!) Companies like Cisco, Whirlpool , and Pandora , and many others are actively implementing this approach. I’ve interviewed executives at all of these companies and with the exception of Whirlpool have been inside of their offices. At Cisco for example employees have complete freedom and flexibility to work when, where, and how they want to work. At Whirlpool they got rid of traditional job titles and instead created four types of leadership roles that every single employee fits in. Whirlpool also has a robust innovation program that lets any employee contribute. Pandora has a whole team devoted to focusing on the employee experience which takes into account the values of individuals, the ways people work, and the physical environment that people actually work in. This is the model I fully expect to see more of and based on the conversations and work I’m doing, this is by far the most widely adopted. In part 3 of this post I’ll explore the completely flat structure, stay tuned! Jacob Morgan is a keynote speaker, author (most recently of The Future of Work), and futurist. To have Jacob speak at your event, to get access to his videos, podcasts and articles, or to subscribe to his newsletter you can visit TheFutureOrganization. Jacob Morgan Follow Jacob is an Author, speaker and futurist. His latest book, The Future of Work: Attract New Talent, Build Better Leaders, and Create a Competitive Organization, explores…
1. Please provide leadership competencies/ Source for Chief Financial Officer (LSN) Overview: This leader oversees the day-to-day operations of the finance department. This leader is expected to aid i
Jul 15, 2015,03:01am EDT The 5 Types Of Organizational Structures: Part 4, Flatarchies Jacob Morgan Contributor Leadership I write about and explore the future of work! This is part four of a five part post that explores various types of organizational structures that either already exist in today’s business landscape or are starting to emerge as viable options for the future of work. Each post will explore one of these structures and then I’ll provide a final summary post on all five. These concepts and ideas are taken from my book, The Future of Work: Attract New Talent, Build Better Leaders, and Create a Competitive Organization. The five types of organizational structures that I will explore are: Somewhere in between hierarchies and flat organizations lie flatarchies. These types of companies are a little bit of both structures. They can be more hierarchical and then have ad-hoc teams for flat structures or they can have flat structures and form ad-hoc teams that are more structured in nature. Organizations with this type of structure are very dynamic in nature and can be thought of a bit more like an amoeba without a constant structure. The most common type of example with this structure is a company with an internal incubator or innovation program. In this type of an environment the company operates within an existing structure but usually allows employees to suggest and then run with new ideas. Ideas that company allows employees to move forward with usually result in separate teams being formed. Lockheed Martin, the aerospace company, was famous for launching their skunkworks project which was responsible for the design of the SR-71 spy plane. Google, 3M, Adobe, Linkedin, and many other companies all have internal innovation incubators where employees can try to get their ideas funded and then developed into new products or services. However to do this, new teams must be formed which oftentimes must operate with far more autonomy, more resources, and much less bureaucracy. This type of a structure can work within any type of company large or small. However a flatarchy is to be thought of as a more temporary structure which creates isolated pockets of new structures when needed, such as in the case of developing a new product or service. This is starting to become more common as organizations around the world invest more time and money into creating innovation programs that look beyond a set R&D department. It’s not hard to imagine having a permanent structure as a “flatter organization” which then gives employees the opportunity to create special teams when needed. This model is quite powerful yet also more disruptive than the other structures explored. The main benefit here is the focus on innovation which is quite a strong competitive advantage in the future of work. Jacob Morgan is a keynote speaker, author (most recently of The Future of Work), and futurist. To have Jacob speak at your event, to get access to his videos, podcasts and articles, or to subscribe to his newsletter you can visit TheFutureOrganization.