Giving NextGens a licence to operate

The young bloods are ambitious and profoundly committed to the family business. They want to lead. They want to add value to the business. They want to secure the family legacy in the digital age. But when the business is facing challenges, they feel that they’re not allowed to participate in the decision-making circle, resulting in the feeling of being held back and not having a licence to operate.

The survey found that Thai NextGens want to run business and feel that they can help add more value in skills development (83%), international exposure (59%) and peer-to-peer networking (48%). Skills development is also at the top of the mind of global (61%) and Asia Pacific (62%) young leaders. However, they aren’t sure about leadership. A majority of Thai NextGens (76%) report that their current level of experience within the family business constrains the impact they would like to have, compared to 63% in Asia Pacific and 59% globally.

Asking Thai NextGens for self-assessment, the top three skills they feel competent in are problem solving and strategic thinking, operations, and leadership. These respondents believe that these skills are essential to the future role they want to play in the business. To develop these skills, NextGens attend college/university/business school (62%), participate in conferences or seminars (62%) and learn from their peers (62%).

NextGens are looking for greater support and trust to run the family business. After all, it is current generation leaders who give them the licence to operate, getting them involved in the decision-making circle. To help NextGens unlock their full potential, the parents need to provide options for them to develop their experience and knowledge, and then let them run a business in their own way, showing that they are trusted and supported in driving the business.