Danish Insulin Producer
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Novo Nordisk A/S is a Danish insulin producer, which has impressive business practice results. The company is present in more than half of all countries with production facilities on four continents. It is constantly changing the future of diabetes care. Therefore, this paper mainly focuses on the research of Novo Nordisk’s strategy and management.
The business chosen for this research is a transnational corporation Novo Nordisk A/S. The company is the leader of the international diabetes care market, which has long historical roots. The company is well-known for being innovative both in the products it makes and the business activity. Novo Nordisk has won multiple awards for the quality of insulin, social activity and providing the best work conditions for employees.
Mission statement of Novo Nordisk is “to be the best in our businesses and a challenging place to work” (Novo Nordisk, 2012). It describes the company’s dedication to providing insulin of the best quality and to care about its employees. Novo Nordisk’s mission is strongly connected to the vision the company has, which foresees being the leading company in diabetes care segment. The mission statement is based on core values of Novo Nordisk’s way of business; it is the set of rules Novo Nordisk uses in business practice. The values include being accountable to the management, employees and society, being responsible, honest and ambitious.
The main value is being innovative and acceptable to changes. Moreover, Novo Nordisk demands every employee to work to the highest standard (Novo Nordisk, 2012).
Strategic goals of the company are exceptionally clear. First of all, it is defeating diabetes by providing the ways and progressive methods of its early detection, prevention and cure. The company does not only focus on insulin production, but it takes an active part in collaborating with different healthcare institutions (Novo Nordisk, 2012). Additionally, implementing sustainability and innovativeness of Novo Nordisk’s business practice is one of the core strategic goals (Morsing & Oswald, 2005).
Novo Nordisk is an extremely responsible company. Its serious approach to social responsibility is proved with active social performance. The company’s management board sets high purposes for developing their business in a socially friendly way. It concerns social and human rights abidance and considers health and safety issues by supporting the Universal Declaration of Human Rights initiated by United Nations. The company voluntarily educates people about diabetes; it helps to cope with the disease in specially equipped schools. Environmental responsibility of the company is emphasized by providing annual environmental reports, minimizing emissions and ecological impact (Novo Nordisk, 2012).
Management team of Novo Nordisk has two separate branches. Organizational structure of the company consists of the Board of Directors and the Executive Management. The Board of Directors includes 11 people. Its responsibility is to control the company’s performance, regulate organization and management and to work on the company’s strategy. The Executive Management includes five people and is responsible for everyday operations in the company. It is supervised by the Board of Directors. Another managing body is shareholders. They are authorized to make decisions and participate in voting at general meetings of the board (Novo Nordisk, 2012).
Novo Nordisk management team is also presented with nine executive committees, which assist the Board of Directors and the Executive Management in specific spheres: The Development Portfolio Committee, The Environment & Bioethics Committee, The Disclosure Committee, The Health Policy Committee, The Working Environment Council, The European Works Council, The Global People Board, The Risk Management Committee, and The Business Ethics Steering Committee (Novo Nordisk, 2012).
Employee recruitment at Novo Nordisk is a well-planned and responsible process. The same standards are complied when selecting people for top and lower management levels. Recruitment process is aimed for choosing right candidates with appropriate skills, experience and potential. Staffing department and hiring managers from Novo Nordisk Line of Business work in cooperation on every job application. Human Resources is the last link, which decides on offering a job interview for a candidate, chosen by hiring managers. There are three levels of interviews, which successful applicants need to pass (Novo Nordisk, 2012).
Novo Nordisk values its employees as the most valuable asset. Therefore, it does everything possible to provide attractive places of work and to advance a career. The company reaches its goals by providing equal opportunities, offering personnel development programs, developing employees’ skills and abilities and encouraging an initiative. Professional coaching and mentoring are provided in a special Novo Nordisk Training Center. Global standards are applied by the company in human resources activity. Remuneration packages and conditions of employment are highly competitive. Workplaces at Novo Nordisk support healthy lifestyles and comply significant requirements. One of the company’s slogans is “a job here is never just a job” (Novo Nordisk, 2012), which shows the company’s cares about its employees. In 2010 Novo Nordisk was awarded for offering the best training programs by American Society for Training & Development 2010, “Best Awards” (Novo Nordisk, 2012).
Therefore, Novo Nordisk has a highly developed business strategy and management body. Novo Nordisk`s business strategy is efficiently planned; it is based on the valuable set of rules and goals. The main advantage of organization structure and management is providing competitive and attractive workplaces for employees.