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Today and beyond: The next generation challenges the status quo of family business

PwC’s Global NextGen Survey 2022 – Thailand Report

Crises can happen at any time. Some are obvious but some are invisible to the eye, and no businesses, whether large companies or modest family operations, can be fully prepared for their shocking economic impacts. But how are NextGens rising to challenge, and what roles are they playing to make changes in their companies?

The second edition of PwC Thailand’s NextGen Survey 2022 will try to answer these questions by offering insights into how NextGens are navigating the challenges of succession, their leadership roles, ESG impacts and digitalisation. 

The survey also addresses family expectations and how these young leaders manage them. It also discusses what skills they’re interested in expanding to ensure their relevance within the business. 

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“This pandemic has forever changed the global economy, with risks rising at an unprecedented level. Many people are forced to change their behaviours with the accelerating digitalisation and sustainability trends. It’s a challenging scenario but also a test of leadership for NextGens to secure their place in the family business.”

Niphan Srisukhumbowornchai
Entrepreneurial and Private Business Leader,
Tax and Legal Partner, PwC Thailand

Explore the survey findings

Deciding which areas to prioritise is no easy task. When asked about key priorities, nearly two-thirds of them see business growth (63%) as a top priority, followed by expansion into new sectors or markets (50%). This aligns with their global peers who also seek long-term success for their family businesses.  

 

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Thai NextGens showed a willingness to take the pandemic as an opportunity to sharpen their skills and gain new expertise and/or additional education for the benefit of their family businesses.

The pandemic has also made them become more committed to their family businesses and has revealed the need to upskill their leadership capabilities. This is higher than their global peers at 28%.

 

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For Thai family businesses, ESG is no longer an option if they plan to expand into international markets. By bringing NextGens to the lead, family businesses have an opportunity to achieve their ESG agendas.

The survey found that Thai NextGens believe their business has a responsibility to fight climate change (68% vs 36% for current generation), which is in line with their global peers (71%).

 

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Thirty-five percent of Thai NextGens believe their family businesses have strong digital capabilities, higher than the current generation at 28%. Also, 33% believe the current generation doesn’t fully understand their business’ digital opportunities and risks.

 

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In the Thailand experience, NextGen and current generation leaders have shown greater synergy, as shown by the Thai NextGens’ increased commitment towards family business (45%), higher than global at 43%.

 

Explore the findings in more detail

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Contact us

Niphan Srisukhumbowornchai

Entrepreneurial and Private Business Leader,
Tax and Legal Partner, PwC Thailand

Tel: +66 (0) 2844 1000