Experts project that around the world in the creative work environment.” Universum conducts coming decade, family businesses worth trillions the annual Ideal Employer Survey, the world’s largest of dollars will change hands as baby boomers and global research project on Millenials, with more Gen-Xers hand the reins over to the next generation, than 700,000 taking part. the Millenials. The concern among many, especially Millenials also, the data reveals, want to get for businesses in Asia, is that succession planning ahead quickly and believe they have the skills to is not taking place as much as it should. lead right from the get-go, although they expect There are many reasons for this. Primarily, and need a lot of support, training, coaching because in Singapore and most parts and mentorship to do so. of Asia, most family businesses are How they feel about taking relatively young compared to their over the family business depends parallels in the US and Europe, largely on how entrepreneurial many of whom have been around they are, and whether this means Marielle Reussink for more than a century. For building their own dream or these older (and some say, wiser) taking the baton from their elder companies, succession planning predecessors and running with it. has long been in the works as a Other factors do come into play, key part of the strategy to grow the such as family relations, personal company’s value. ambitions and aptitude. Concern Here in Asia, the idea, let alone for work-life balance also plays a part. the practice, of succession planning, is not “If, for instance, family members had great well-entrenched. In this age of flexibility over their schedules deferred retirement and longer and were more easily able to life expectancy, Asian founders “…family businesses integrate family life with work are also remaining longer at than someone slaving away will be faced with the life, the helm. at a large corporation, they may So w h e n s u c c e s s i o n challenge to ‘innovate feel favourably about taking planning and execution do take the family business. If, or die’. Innovation may over place, businesses are faced with however, they perceive that many challenges, not least the lie in reconsidering the their family members sacrificed differences between traditional their lives and families to build family model or and contemporary approaches to the company, and they don’t see addressing the needs value in this, they will feel less career, life and personal choices. Says Marielle Reussink, to take over. This does and career expectations inclined not necessarily mean they will Head of Activation Solutions, Universum Asia-Pacific: of Millennials to ensure reject taking over. If they have deep feeling of responsibility “Millennials, regardless of sociothey are more inclined atowards their families – which economic status, generally aren’t is still often the case in Asia – driven by money or traditional they may well still take it on,” status symbols. When it comes explains Reussink. to career, the majority of Different values, lifestyles, Millennials want to join large Marielle Reussink, Head of Activation Solutions, world views, dreams – these international organisations and Universum Asia-Pacific are just some of the differences only 15% show an inclination between the baby boomers and towards being entrepreneurial. the Millennials. But they’re possible to bridge What is interesting is that this does not necessarily with awareness, openness and willingness to really mean that they want to start their own business, join engage and understand different perspectives. And, a start-up or take over the family business. Rather, “as with all businesses, family businesses will also a big proportion expect that they will be able to be faced with the challenge to ‘innovate or die’. be entrepreneurial within an organisation, being Innovation may lie in reconsidering the family model responsible for their own projects, solving problems or addressing the needs and career expectations of independently, and so on. This also explains why Millennials to ensure they are more inclined to Google, for example, is seen as a dream employer by follow in their families’ footsteps,” says Reussink. many Millennials, with its flexible, innovative and
to follow in their families’ footsteps.”
3 Millenial traits • They want to be themselves in everything they do, and not have to adopt one persona at work and another out of work. • They don’t choose employers purely based on the brand or industry. The working environment is very important; they want to know who works in this company, can they be themselves, and so on. • They know what it means to have working parents; they know what the lack of work-life balance means. This is why work-life balance is so important to them.
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