Innovation needs to involve all employees

INNOVATION needs to be more pervasive among all levels of staff in family businesses, according to professional services firm KPMG Singapore.

Recent research by the firm shows that innovation is currently mostly limited to founders and senior people in a family business when it is important for every worker to be empowered to innovate.

In an age where disruptive change has become more of a norm, family businesses should also consider how they can be disruptors in their industry.

"With the rapid march of digitalisation and global competition, local enterprises have to regard continuous innovation as necessary," said Chiu Wu Hong, partner and head of enterprise services at KPMG in Singapore.

"Likewise, family businesses therefore need to take a longer-term view to their innovation agenda and the investments required," he a…