Page 143 - Memoir

INTERVIEWS WITH CLIENTS

A successful corporate succession is to inherit the responsibilities of the
A successful corporate succession is to inherit the responsibilities of the
previous generation, and know to let go and pass on the business to the next
previous generation, and know to let go and pass on the business to the next
generation. As such, the successor could thrive and make breakthroughs
generation. As such, the successor could thrive and make breakthroughs under
under their management instead of following the previous generations’ way
their management instead of following the previous generations’ way of

operation and management style.
of operation and management style.

At the same time, the successor must safeguard the assets of the family
At the same time, the successor must safeguard the assets of the family
business, adapt to the market trends and adjust the business approaches,
business, adapt to the market trends and adjust the business approaches, and
pass on the legacy to the other generation.
and pass on the legacy to the other generation.

The accounting profession has been transforming in the past 60 years, faced
The accounting profession has been transforming in the past sixty years, faced KT
with different hardships in the dynamic business environment. What
with different hardships in the dynamic business environment. What
challenges and opportunities do you think the accounting industry would
challenges and opportunities do you think the accounting industry would
encounter in the coming decade? And how about your Company?
encounter in the coming decade? And how about your Company?

Every business has been constantly facing challenges. For the accounting and
ES Every business has been constantly facing challenges. For the accounting and
auditing industry, they would have to evolve technologically along with the
auditing industry, they would have to evolve technologically along with the
development and application of networks and digitalisation. While our
development and application of networks and digitalisation. While our
Company’s most pressing challenge is to nurture inheriting teams for our
Company’s most pressing challenge is to nurture inheriting teams for our
businesses.
businesses.

In recent years, we have been planning the succession of some high-level
In recent years, we have been planning the succession of some high-level
positions, such as promotion of staff members internally or acquisition of
positions, such as promotion of staff members internally or acquisition of
talents externally. There are several crucial employees in the second
talents externally. There are several crucial employees in the second
generation echelon in the corporate structure who will be retiring in the
generation echelon in the corporate structure who will be retiring in the
coming five years. We understand talent retention and development is the
coming five years. We understand talent retention and development is the
essence for business management, and we have to confront this by
essence for business management, and we have to confront this by enhancing
enhancing our team and nurturing the new generation successors when the
our team and nurturing the new generation successors when the Company is
Company is undergoing staff attrition.
undergoing staff attrition.

It is also one of the situations that CKY has been facing, as there are less
It is also one of the situations that CKY has been facing, as there are less KT
professionals joining the sector of accounting and auditing. Younger
professionals joining the sector of accounting and auditing. Younger
generation would rather choose to start their own business with more
generation would rather choose to start their own business with more
flexibility and freedom.
flexibility and freedom.

Our Company has been scouting new workforce for manufacturing, however
ES Our Company has been scouting new workforce for manufacturing, however a
a lot of people in Hong Kong are reluctant to join as they think such is a
lot of people in Hong Kong are reluctant to join as they think such is a declining
declining industry, which is not ideal for their own career and future
industry, which is not ideal for their own career and future development.
development.

邱在光合伙會計師行有限公司六十週年 C K Yau & Partners CPA Limited 60th Anniversary 139