As you are aware, I was chosen to join the team responsible for strategic planning to help them access the exit strategy the company is laying out. I'm excited to share information about potential collaborators and their sway over the company and the intended audience. We are all aware that change is a constant in organizations, and the success of the change will depend on how well employers and employees can adjust. Businesses must also carefully choose the people who will spearhead the change. All other interventions will have access to the market if the right leaders are chosen to influence the community (Breuer et al., 2018). Introducing the drug to the market will require supportive influence from both the internal and external markets for our business. We'll begin by choosing a team of leaders who lead the other team and give their subordinates feedback. These leaders need traits and abilities that improve the organization's reputation. Their organizational expertise, which can be gauged by the years they have worked there, will be crucial in this process. Additionally, it will be necessary for them to be enthusiastic because it will affect how well they perform. The last factor is their role, which largely affects the process because they will use their expertise to encourage participation.

The first person selected is Omar, who is the Manufacturing Director. Omar manages three departments; Supply Chain Strategies, Middle Eastern Operations and North America Operations. He is also managing 12 manufacturing plants that have 580 hourly workers. He has served the organization for three years, but his job satisfaction is rated at the highest level. Omar influences three areas in this organization; manufacturing, supply chain and operations.

I chose Omar because his influence in manufacturing is enough to provide the organization with information about the capacity and the size of the market it can serve. He is also in a position to advise the business on regulatory standards and market demand. This leader manages supply chain individuals who are in a position to understand cost-saving products. The department will be at the forefront in selecting the best partners to work with and how to satisfy their customers. Operations will also be able to take the lead in quality and regulatory adherence.

The other person to be included in this coalition is John, the Research Director. John supervises 3 Research Lab Managers and manages over a hundred research scientists in three countries' research labs. John has served the company for 22 years and has 15 years after promotion. Within that period, his performance was commendable, as he earned the highest performance rating. John influences all departments in the organization because research is broad, and every section in the organization does research and requires a hand from the research department.

I selected John, Research Director because of the need for market understanding. John is responsible for the research work in the whole organization, and his performance is satisfying. The research team will provide the organization with situation analysis results that would inform the directors of what to expect in the market. The team will also research the risks in the market and advise on possible ways to mitigate the risks. Additionally, the team can forecast future trends in the business world and advise on the best steps to approach the expected change. John is also well informed on what causes failures as business merges. He is in a position to advise at any point when he realizes an action that would lead to the failure of the organization's sales plan.

The other person chosen is Chris, the Sales Executive in the company. Chris supervises sales representatives. He manages over 150 sales representatives around the world. He has been with the organization for ten years and served four years after getting promoted. His performance has been within the average rating. He influences all aspects of sales, including finding new customers, working on customer retention and improving the services offered.

I chose Chris because of his leadership and management skills. He has experience in integrated acquisitions he did at his previous work. Also, his sales experience will boost the drug's marketing and the organization's branding. He also influences the work by leading sales representatives who will aid in marketing in different locations.

For the team to work efficiently, we must set up some strategies to aid them. The first is to set clear roles for each person. The team will understand what responsibilities are within their purview if roles are well defined (Ali et al., 2021). Additionally, they will be able to respect one another's roles, which will help the team function more harmoniously. Another strategy would be having trust in the team. All leaders should avoid micromanagement as much as possible because it can discourage their extra efforts. Also, master conflict resolution, because this is a change in the organization and the team, may not adapt at the same rate. Also, the team will encounter many challenges in the new market, but you should resolve the issues as a leader.

One way to instill a sense of urgency in the players is to inform the team members about the importance of urgency. They will understand that the urgency originates from the outcome goals and the consequences of delay (Rousseau & Deschacht, 2020). Make the matter personal to all members by painting a picture of what impact the results of the change would have on their jobs.

These strategies will build trust in all employees because they will feel engaged and their views valued. They will be trusted in all activities by making decisions and implementing them on the ground with the help of their leaders.

The company has a diversified workforce, with male employees accounting for a slightly higher percentage of the total population than female employees. According to the course scenario, six females are participating against fourteen males. Most employees are between 18 and 40, with those above 50 constituting the smallest percentage within the employee group (Employees over 50 years of age are only 2). According to the data, most workers are still in their "young" age bracket, in their 30s. The organization needs to have a diverse age demographic mix to achieve equilibrium and balance in the performance of its many obligations and responsibilities. In addition to exchanging work-related experiences and information, employees of varying ages contribute significantly to the organization's overall success. This is primarily because the younger employees benefit from the older employees' influence on their personal growth and professional advancement.

The proportion of married and single people in the workforce is relatively balanced. Employees in this category include those who are married, those who are single, and those who have been divorced. The workers can readily learn about social concerns and share their experiences when they get together. The degree to which individuals can minimize discrimination influences how well they are suited to work in an organization and how efficiently they can do their jobs. In the current context, the workforce demographics reveal that they have people working there who come from a wide range of age groups and social backgrounds. According to the data presented in the current case scenario regarding employee demographics, the company employs people from various educational backgrounds. In addition, the personnel have varying levels of expertise and have worked in various capacities across various organizations and businesses. There is a wide range of experience levels because of the age and educational background of the workers. A combination of different levels of experience and education helps develop the professional balance necessary for efficiently carrying out the assigned tasks and obligations.

I have chosen a bar chart to represent the demographics of the workers. In addition to the ease of data interpretation, I chose this style of representation for its visual appeal.

Attrition decreases someone's strength, usefulness, or competence through persistent and consistent work pressure. In this instance, the corporation has multiple attrition causes. Poor job satisfaction and salary are the leading cause of employee turnover in a firm. Based on the employees' credentials and degrees of experience, the job's pay is modest. Even having advanced degrees, the personnel are not compensated as competitively as other businesses or administrations in the same industry. In addition, the company needs more occupation chances to expedite the development and progress of its staffs. The inadequate openings at work hinder the success and development of individuals. In this situation, only a small number of employees can be promoted. Significantly few employees have held the same post for more than ten years, indicating a scarcity of opportunities to accelerate employee growth. In addition, a lack of employee engagement contributes to employee turnover. Because there are insufficient possibilities for their growth and development, it is possible that the employees need to be more motivated. Inadequate salary, a lack of incentives, and a sluggish advancement process are significant contributors to employee turnover in a firm. Equally, the firm appears to have a terrible workplace culture. The work values must satisfy the workers' requirements and promote their individual and proficient growth. In the case scenario, the staffs work in a culture that is insensitive to their wants and responds unproductively to their desires.

Since their last promotion, those who have departed the organization have taken varying amounts of time. Lack of promotion or the existence of slow advancement is a factor in employees' decisions to leave an organization. Even though this issue needs to be more well-defined in the presented data sheet, it indicates the organization's casual approach to employee advancement.

Typically, employees leave an organization at age sixty. The data indicates that the company still employs a 59-year-old employee. The employee can presumably leave the company when they reach departure age, which is frequently 60 years old, reliant on corporate policy. In addition, there is no set sum of years a worker is projected to labor for the organization before exit or resigning.

The attrition research findings show that several factors affect an employee's decision to remain with a firm. The facts reflect my current employment status and indicate why I may soon pursue alternative opportunities. First, the findings indicate that employees value their workplace treatment. Most employees who have remained with the firm the longest have gotten training or enough financial compensation. For instance, the results indicate that the rate of acquittal decreases proportionally to the amount of training provided by the company. Similarly, most of the organization's acquittals receive minor compensation. To prevent employee turnover in the future, the firm must emphasize the necessity and significance of continual training and acceptable compensation.

Using the present information and statistics on attrition, it is expected that more current employees will depart the firm for other opportunities. In addition to low pay for most employees, there is minimal emphasis on training and possibilities for individual employee growth and development. As a result of the circumstance, the organization will likely have employees unsatisfied with the work environment. In this instance, dissatisfaction would be the primary reason most employees would leave the firm.

Attrition suggests that employees' well-being and personal growth and development are crucial for strengthening their stability in a firm. The absence of adequate compensation and an efficient work setting raises the likelihood of employee attrition rate.

The prospective purchaser necessitates a corporation with talented, driven, and well-trained staff. In this instance, the prospective purchaser will base their purchase choice on the attrition data. The facts may deter potential purchasers since they need to portray a company set for success.

Improving employee training effectiveness, consistency, and regularity is the first step an employer can take to increase their dedication and productivity. According to the sheet's data, inadequate training is the primary reason for excessive organizational attrition rate. The results indicate that the business should generate more possibilities for evolution and expansion to lower turnover concerns. Lastly, the firm might enhance its compensation system or approach to expedite efficacy and efficiency.

Johnson & Johnson (J&J) would be the likely buyer for the life sciences company. J&J specializes in pharmaceutical products, consumer health products, and medical devices. It is known for manufacturing various products, including Neutrogena skincare products, Tylenol pain reliever, Acuvue lenses, and Band-Aid. Johnson & Johnson operates in sixty countries, with its products sold in over 170 nations. The company is headquartered in New Jersey, United States.

J&J manufactures healthcare products and offers related services for medical devices, pharmaceuticals, and consumer health markets. The company operates in the following sectors: pharmaceutical, medical devices, and consumer health. The pharmaceutical sector deals with medical areas, including neuroscience, pulmonary hypertension, oncology, neuroscience, and immunology. The medical device segment deals with products designed for the surgical, orthopedic, eye health, diabetes care, and cardiovascular fields (Forbes, 2022).On the contrary, the consumer health segment comprises baby care products, beauty products, pharmaceuticals, women’s health products, and oral care items.

Johnson & Johnson manufactures different products. Common products in the pharmaceutical segment include Invega, Edurant, Remicade, Concerta, Xarelto, Invokana, and Balversa. Common medical devices include Catalys, Carto 3 System, Actis Stem, Acuvue, Band-Aid, and TearScience. On the other hand, consumer health products include Neutrogena skincare products, Carefree, Stayfree, Johnson’s Baby, and Tylenol. Its geographic areas include Europe, the United States, Asia, and Africa.

Johnson & Johnson serve different customers globally. The company targets households for personal care products, home care products, and healthcare products. J&J also targets healthcare facilities and organizations for the purchase of medical devices and pharmaceuticals. Generally, Johnson & Johnson operates in the pharmaceutical industry. It also operates in the consumer goods and medical device industries. Its key competitors include Merck, Procter & Gamble, Unilever, and Bristol Myers Squibb.

Johnson & Johnson has steadily reported remarkable financial performance. In 2019, Johnson & Johnson’s revenue amounted to $82.06 million (Mikulic, 2022). In 2020, the company generated $82.58 million in revenue. In 2021, Johnson & Johnson’s revenue increased to $93.77 million. Revenue growth signifies an increase in sales volumes and business success.

Despite generating huge revenues, the company’s expenses have increased, especially in Research and Development (R&D). In 2019, Johnson & Johnson’s R&D expenses amounted to $11.36 million. The figure escalated to $12.6 million in 2020. In 2021, R&D expenses escalated further to $14.71 million. Johnson & Johnson’s operating expenses have also increased yearly. In 2019, the company’s operating expenses amounted to $64.73 billion. The figure increased to $66.08 billion in 2020, a 2.1% increase from the previous year's estimate. In 2021, operating expenses escalated to $70.99 billion, a 7.4% increase from the previous year's estimate.

Nevertheless, J&J is a profitable company. In 2019, the company reported a total of $15.12 million in net profits. The amount dropped to $14.71 million in 2020. However, in 2021, the company recorded a total of $20.88 million in net profits. That was a significant improvement from the previous year's estimate.

In early 2021, President Biden declared a collaboration between Merck and Johnson & Johnson to produce the COVID-19 vaccine. Merck is very proficient in vaccine manufacturing. Therefore, this partnership would improve J&J manufacturing capacity. Since 2020, the company has worked directly with health authorities, governments, and other entities to help eliminate the pandemic. Merck was the ninth company to join J&J's global manufacturing network (Johnson & Johnson, 2021). That collaboration enabled J&J to deliver the COVID-19 vaccine globally. It also reflects the organization’s mission: “Bringing science and sense of sight to life through world-class innovation and customer experience.”

J&J has been instrumental in fighting epidemics and pandemics for years. In 1918, for instance, the company played a significant role in fighting the Spanish flu – the most severe pandemic of the 20th century. Reports show that Johnson & Johnson started mass producing vaccines to fight the epidemic. Such notable events can be attributed to the company’s innovativeness – the skill and ability to produce new things.

J&J is the most appropriate choice for life sciences organizations. The company has constantly recorded remarkable financial performance over the years. In 2021, it was ranked 36 on the Fortune 500 list of the leading United States firms by total revenue. Besides that, J&J is the most valuable pharmaceutical corporation globally, with a market value of 10.9 billion U.S. dollars (Rees, 2020). Furthermore, J&J has a AAA credit rating, reflecting the organization’s huge market presence, high-profit margins, and high capacity to meet if financial obligations.

J&J stands out from the crowd. Its financial performance demonstrates stable and persistent growth in revenues and net profits. The company invests more in research and development, explaining its increasing R&D expenses. Investing in R&D facilitates the production of new products/services, allowing the company to stand out in competitive markets. R&D also offers powerful insights and knowledge and helps to improve existing processes, especially where costs can be reduced, and efficiency increased.

The life sciences organization has already performed various steps to complete the acquisition process. These entail 1) acquisition planning, 2) determining the criteria for selecting potential buyers, 3) identifying key players in the market, 4) performing competitor research, and 5) choosing the prospective buyer (refer to figure 1).

The life sciences organization would also need to perform other tasks over the next one year to complete the acquisition. The first step is planning the transaction. The company’s CFO (Chief Financial Officer) would be responsible for the task. It may take around two months to complete everything. The second step is performing company analysis to acquire more information. A business analyst will perform the second task. It may take around one month to complete the process. The third step is signing the LOI (letter of intent). The CEO (Chief Executive Officer) will sign the document. That might take only two months. The fourth step entails performing due diligence, which a business advisor will perform. It might take at least three months to complete everything. The next step is drafting the contract. The company’s legal department would be responsible for this task, which may take thirty days to complete. The other step is financing the acquisition. The CFO will be in charge of the financing process. The task might take at least thirty days. The last step is joining the two companies. The company’s executives will be in charge of the task, which might take three months.

Figure 1: Gantt chart

The first step in the change management would be creating a sense of urgency on the need for immediate acquisition for life sciences organisation. Some stakeholders may be reluctant to accept the change because of the need to maintain status quo and may have resistance to the new change (Jain, 2019). As a result, it is crucial to communicate the need for acquisition of the organisation by J&J. To create sense of urgency, stakeholders need to be informed on the current state of the organisation and the potential benefits that will be missed if the acquisition is not completed.

After creating the sense of urgency, driving the change initiative is not a one-person job. different stakeholders have to play critical roles to ensure smooth acquisition of the organisation. The guiding coalition comprises of people chosen to steer the transition process. The guiding coalition will oversee the complete acquisition process. They will impact critical stakeholders including employees by informing them on the impact of the acquisition. The guiding coalition will perform a number of tasks including acquisition planning, identifying key players in the market and potential buyers, performing competitor research and choosing the prospective buyer. The projected timeline for the tasks is approximately 3 months.

The strategic vision is the business will change following the acquisition. This because the vision of the company might have contributed to its constant growth and profitability. Furthermore, operations of the organisation will be changed to align with the J&J company if the acquisition succeeds. Changes in operations implies that some functional areas will be scraped and new functional units introduced (Jain, 2019). As a result, the acquisition may force some of the employees to be laid off. In addition, based on the workforce analysis, employees adding more value to the business will be retained.

Sharing a common vision is imperative for the success of an organization. Effective communication of the vision to employees helps employee to understand the primary goal of the organisation. In this case, to enlist a group of employees to get employees united around the common vision, the leadership will need to explain the vision to employees in way that they feel connected to the main goal of the organisation.

The potential barrier for the acquisition is change resistance. Some shareholders may be reluctant to welcome the change due to the fear of uncertainty that comes with a new change. To remove this barrier open communication is important to help stakeholders understand the importance of the change (Jain, 2019). Also, engaging employees throughout the process is important to make them understand the importance and feel part of the organisation. Also, to keep employees motivated about the process, it is important to create short-term wins.

Periodic assessment of the process is important. It helps the organisation to understand if it is on the right track to meeting its goals or not. In addition, setting SMART goals helps a business to effectively track the progress of the project. Lastly, communicating short-term wins is important to motivate employees. Periodic meetings will be held weekly to update stakeholders on the short-term wins of the project.

Based on the fact that business has shown constant growth and profitability since its inception, it is hard for the business to succeed in the current competitive pharmaceutical industry. Therefore, acquisition of the business is the most viable option for the business. Since the business has failed to be successful under its current status, the business will need to adopt a new vision and method of operations following acquisition. The business will incorporate the vision and the mission of the buying company into its operations. J&J will need to align the operations and vision of the new company to its existing strategic plan.

However, the potential risk for maintaining the existing employees and the organizational culture is that it may not be compatible with the strategic goals and operations of the buying company. Another potential risk associated with acquisition is overpayment. The buying company may overvalue the company it wants to buy and thus end up spending more money to buy a low valued organisation. Overvaluation of undervaluation can be addressed by conducting due diligence prior acquisition. The third risk is integration issues. The acquired company may not fit into the organizational culture of the buying company (Gavin, 2019). In this case, the business may require a different organizational approach that requires the business to overhaul its existing structure, which can be costly and time consuming. The resolve the issue of integration, the company should implement organizational culture and mode of operations that work for both companies.

Reference