As per the results of a recent survey conducted by United Overseas Bank (UOB) in collaboration with Singapore Management University’s Business Families Institute (BFI@SMU), most Asian family businesses see talent recruitment and development as the main challenge to securing long-term success. A total of 192 business families in seven Asian countries, namely China, Indonesia, Malaysia, Myanmar, Philippines, Singapore and Thailand participated in the survey.
The survey found that companies are hiring professional managers from outside the family to secure skills in financial management, regional expansion and human resources. However most respondents simultaneously placed great emphasis on values such as commitment, integrity and trust, which they believe underpin the long-term financial and strategic decisions made by their leaders. It also found that Asian business families have conservative risk appetites even though their “ambitions are big”, favoring stable returns over riskier growth options. Some of the other key findings include:
- Leadership: Asian business families view talent development as key to long-term sustainability.
- Business growth: Asian business families are looking to innovate and to increase productivity to drive future business growth
- Succession Planning: Asian business families appreciate the value that professional managers bring to the business even when they are focused on developing family members as successors.
Source: Business (SPH Websites), November 03, 2015 & The Straits Times on November 03, 2015