KPMG published insights from high net worth individuals and family offices in China on what they learned from Coronavirus epidemic during first crucial months

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Navigating through a crisis

Managing Through the COVID-19 Pandemic – KPMG published insights from high net worth individuals and family offices in China on what they learned from Coronavirus epidemic during first crucial months

Summary:

KPMG shared key lessons that high net worth individuals and family offices in China have learned from dealing with Coronavirus pandemic. Their learnings include:
  • Supporting Employees is Key – Ensure employees feel supported and connected during difficult times by establishing clear communication channels, updating them on local lockdown and travel restrictions, and protecting their health by sourcing health supplies
  • Cash and Taxes Matter – Maintain liquidity by having contingency plans and taking advantage of government incentives, such as tax filings extensions, but be clear with local tax authorities on the interpretation or application of tax incentives
  • Use Time to Connect – Make use of social chat tools to connect with families and industry peers or advisers, and build stronger relationships
  • Share and Listen Widely – Disseminate knowledge outside of one’s business with wider industry, advisers and key decision makers, and consume publications and research on various expertise and business scenarios to discover opportunities and work on recovery
  • Collaborate – Work closely across departments and support one another to foster strong and united leadership across human resources and information technology
To read more on this article for free, please visit https://home.kpmg/xx/en/blogs/home/posts/2020/04/navigating-through-crisis.html
Company: KPMG International
Categories: Cash flow and financial management, People and culture, Strategy
Source:

Original publication date: April 14, 2020

Date last updated: May 1, 2020