薪酬福利(英文)

Mergers&AcquisitionsinChina50%reportanoveralldrop-offinproductivityinfirst4-8months47%ofacquiredcompanyexecutivesleaveinthefirstyear--75%leavewithinthefirstthreeyearsJust23%ofallacquisitionsearntheircostofcapitalOnaverage,managementgradethefinancialperformanceoftheiralliancesasa“Cminus”58%ofmergers“failtocreatesubstantialreturnstoshareholders”(A.T.Kearney)Only17%ofthe700mostexpensivedealsfrom1996–1998enhancedshareholdervalue(KPMG)Sources:TheWallStreetJournal,CFOMagazine,BusinessWeek,FortuneNumerousstudiescontinuetocite“peopleandculturalissues”asthemostcommonfailurefactors$ValueIntegrationGapTransactionGapPurchasePriceActualValueRealizedResults$$$InadequateHRDueDiligence•Exec.contracts/changeincontrol•Broad-basedseverance/retention•Benefitliabilities•Compliance•Totalcompensationalignment•CulturefitandcapabilitiesInadequatePlanning&Implementation•Failuretodefinestrategy/complexity•Failuretokeepcriticaltalent•Ineffectivecommunications•PoorlydesignedandmanagedRIFprocess•Lossofleadershipcredibility•Inabilitytoidentifyandalignnewbehaviors•AdministrativechaosPeopleissuessubstantiallyimpactpre-dealandpost-dealfinancialresultsClientCFO:“M&ASuccessisAboutPeopleANDNumbers”Whydo“PeopleFactor”failuresstillhappen?1.Lackofawarenessofthesubstantialfinancialimpact2.HRissuesnotsufficientlyconsideredinoverallM&Aprocess3.UnclearstrategicrationalefortargetbusinessandrelatedHRimplications4.NoHR-relatedtargetscreeningorpurchasecriteria5.Inadequateorincompleteduediligenceofpeoplecostsandorganizationissues6.Failuretoalignshareholderinterestsandemployeeissuesduringtheintegrationprocess7.LackofunderstandingorexperienceinlocalcountryBestpracticeacquirerslinkHRissuesthroughouteachphaseoftheM&AlifecycleFormulateLocateInvestigateNegotiateIntegrateBestpracticeacquirerslinkHRissuesthroughouteachphaseoftheM&AlifecycleFormulateLocateInvestigateNegotiateIntegrateIdentify/clarifystrategic‘humancapital’needstosupporttheenterprisestrategyProfiledesiredpartner/targettofulfillidentifiedhumancapitalneedsDevelopM&Aprocesses,toolsandskillsIdentifypotentialpartner/targetwhichwillbuilddesiredhumancapitalcapabilitiesInitialvaluation/priorityscreenClarificationofHRduediligenceprocessandobjectives,levelofdetailandfocusareasHRInitialTargetScreeningFinancialIssuesSynergies–cantheyberealizedintimeprojectedBenefits–unrecordedliabilities,criticalissuesplanning,andcomplianceissuesComplianceissues–lackofethics,bribery,etc.SystemincompatibilityandexpenseCultureclashCulturesarewidelydifferent–canthedealreallywork?Misalignmentincompensation&benefitsstrategiesandexpectationsAcquirerhasdeepequityintheorganizationandyoudonotEmployeeshave“hightech”employmentoptionsFlightriskscenariosExecutivecontractsandchangeincontrolprovisionsKeyexecutivecommitmenttodealsuccessThetransaction“lottery”effect–isitmakingkeytalentor“rankinfile”toorichDoesthetransactionrequirea”voluntary”employeetransfertoNEWCO?Laborrelations/employmentlawProblemsw/employeegroups,unionsetal.EmploymentlitigationRoadblockstorestructuringHR“redflags”mustbedocumentedthroughanoveralltargetscreeningandpurchasecriteriaanalysisHRPurchaseCriteriaAnalysisAssessmentFactor:DealStopperDealShaperDealMaker12345FinancialIssues–$50mmExecCICandothercostsexceednormXXCultureClash–Majordifferencesinstructure/styleXXMisalignmentincompensation&benefitstrategiesandexpectations–30%highertotalcompcostsXXFlightriskscenarios–toptechnicaltalentwillberequired…retentionarrangementsXXLaborrelations/employmentlawissues–ActivistunionsatkeyplantsXXOverallRecommendations:___Nogo–tooriskyunlessdefensiveplaySampleIllustrationOnlyBestpracticeacquirerslinkHRissuesthroughouteachphaseoftheM&AlifecycleFormulateLocateInvestigateNegotiateIntegratePre-dealHRfinancialdue-diligencePre-deal‘humancapital’due-diligenceHRstrategyframeworkandintegrationpro-forma‘Dealtable’actuarialsupportNegotiatingemploymentwarranties,employmenttermsandconditionsInitialintegrationplanningbeginspriortodealcloseHumanCapitalandCulturalDueDiligenceHRstrategy,structure,staffcapabilitiesandservicedeliveryapproachcultureandperformanceleadershipmodelandtalentorganizationstructureandstaffingcompatibilityofpeoplepracticesHRIS,intranet,portalsolutionslaborlawrestraintsHRpro-formaintegrationframeworkandbudgetEffectiveintegrationbeginswitheffectiveduediligence–both“Defensively”and“Offensively”HRFinancialDueDiligenceexecutiveemploymentcosts:–Contracts,costing,terms,andchangeincontroltriggers,supplementalbenefitsbenefitliabilities:–health,termination,fundingofpensionplans,complianceretentionemploymentliabilitiestotalcompensationcomparisonbroad-basedseveranceimpactThoroughduediligenceiscriticalinChina….Selectionofleadershipteam–importanttoassessmanagementcapability–thoroughduediligenceonpeople’sreputation,ethics,outstandingloans,etc.–understandtheirmotivationforthedealandassesswillingnesstochangePAY!–likelytohaveaverydifferentphilosophy:theconceptofa“labourmarket”isnew–donotunderestimatethecostofbenefits!Benefitsliabilities–checkifcontributi