Click to edit Master title style,Click to edit Master text styles,Second level,Third level,*,企业管理学习网,http:/,海量营销管理培训资料下载,Mergers&Acquisitions in China,羚咯澄客康剂胺召赴磅出礼歉肺养膜谍崭效屑轴需劲宦秉啤惦茄接娘减忍薪酬福利(英文)薪酬福利(英文),50%report an overall drop-off in productivity in first 4-8 months,47%of acquired company executives leave in the first year-75%leave within the first three years,Just 23%of all acquisitions earn their cost of capital,On average,management grade the financial performance of their alliances as a“C minus”,58%of mergers“fail to create substantial returns to shareholders”(A.T.Kearney),Only 17%of the 700 most expensive deals from 1996 1998 enhanced shareholder value(KPMG),Sources:The Wall Street Journal,CFO Magazine,Business Week,Fortune,Numerous studies continue to cite“people and cultural issues”as the most common failure factors,舔藉瞧吾烯他淹枚壮管囱染或帖虱轻丫烃砚摧恫嗣铂决九灾葫钩海落穗鞭薪酬福利(英文)薪酬福利(英文),2,$Value,Integration Gap,Transaction Gap,Purchase Price,Actual Value,Realized Results,$,$,$,Inadequate HR Due Diligence,Exec.contracts/change in control,Broad-based severance/retention,Benefit liabilities,Compliance,Total compensation alignment,Culture fit and capabilities,Inadequate Planning&Implementation,Failure to define strategy/complexity,Failure to keep critical talent,Ineffective communications,Poorly designed and managed RIF process,Loss of leadership credibility,Inability to identify and align new behaviors,Administrative chaos,People issues substantially impact pre-deal and post-deal financial results,袒发坚袭姐张齿弥诛馏拘恿狼曰讫爪猜博泻甭啡噬也菱兵油络吵筐弱闲坡薪酬福利(英文)薪酬福利(英文),3,Client CFO:“M&A Success is About People,AND,Numbers”,乳足衰纷堤陷戌彦沮稗维治煌陌皆翼刮宴叶舵庞窑简萎菩霜睫滋醒麓泞贺薪酬福利(英文)薪酬福利(英文),4,Why do“People Factor”failures still happen?,Lack of awareness of the substantial financial impact,HR issues not sufficiently considered in overall M&A process,Unclear strategic rationale for target business and related HR implications,No HR-related target screening or purchase criteria,Inadequate or incomplete due diligence of people costs and organization issues,Failure to align shareholder interests and employee issues during the integration process,Lack of understanding or experience in local country,摹匆蜗炯池瞒迅汞碾裙浮栗残皖蛊帜叮姚帮刁败冕驴尽辖铬烽列堑鹿驮扁薪酬福利(英文)薪酬福利(英文),5,Best practice acquirers link HR issues throughout each phase of the M&A lifecycle,Formulate,Locate,Investigate,Negotiate,Integrate,匙铸秒占疮肪成辨胆走谩雕袍愚倾棘烦蛀细吭床哺谷亭惟捆泥专联硫约糖薪酬福利(英文)薪酬福利(英文),6,Best practice acquirers link HR issues throughout each phase of the M&A lifecycle,Formulate,Locate,Investigate,Negotiate,Integrate,Identify/clarify strategic human capital needs to support the enterprise strategy,Profile desired partner/target to fulfill identified human capital needs,Develop M&A processes,tools and skills,Identify potential partner/target which will build desired human capital capabilities,Initial valuation/priority screen,Clarification of HR due diligence process and objectives,level of detail and focus areas,锚吓奇蕾急贞俺贪蔓咒排殿缓眉嵌找渭燎折须脖砖锭筹巴鼻凶珐蛀唇含报薪酬福利(英文)薪酬福利(英文),7,HR“red flags”must be documented through an overall target screening and purchase criteria analysis,Sample Illustration Only,扫雾坎掂慑棺佩伶垫冰乏纺橇码爵低顷迸普蓉队顾篷醉箱础锚闹悠功塘艰薪酬福利(英文)薪酬福利(英文),8,Best practice acquirers link HR issues throughout each phase of the M&A lifecycle,Formulate,Locate,Investigate,Negotiate,Integrate,Pre-deal HR financial due-diligence,Pre-deal human capital due-diligence,HR strategy framework and integration pro-forma,Deal table actuarial support,Negotiating employment warranties,employment terms and conditions,Initial integration planning begins prior to deal close,谷颁徒癸栋擅骏实忿华赣滩陈咙男批吊益材炽共哼诊索霍第痒鱼添扰夜捷薪酬福利(英文)薪酬福利(英文),9,Human Capital and Cultural Due Diligence,HR strategy,structure,staff capabilities and service delivery approach,culture and performance,leadership model and talent,organization structure and staffing,compatibility of people practices,HRIS,intranet,portal solutions,labor law restraints,HR pro-forma integration framework and budget,Effective integration begins with effective due diligence both“Defensively”and“Offensively”,HR Financial Due Diligence,executive employment costs:,Contracts,costing,terms,and change in control triggers,supplemental benefits,benefit liabilities:,health,termination,funding of pension plans,compliance,retention,employment liabilities,total compensation comparison,broad-based severance impact,躯览萤噎粱捶壶肚搪阮诣秘妹樟嘻芬缓撩氯固稍圣喷跪睛貌可皖马延笛就薪酬福利(英文)薪酬福利(英文),10,Thorough due diligence is critical in China.,Selection of leadership team,important to assess management capability,thorough due diligence on peoples reputation,ethics,outstanding loans,etc.,understand their motivation for the deal and assess willingness to change,PAY,!,likely to have a very different philosophy:the concept of a“labour market”is new,do not underestimate the cost of benefits!,Benefits liabilities,check if contributions to various government mandated funds have been made,these contributions vary based on location,supplementary pension plans,异碳掸徊倒坎宣乐甥糕卓脉吭桃焉炊菇搬滑预痘醒竖歪弊迁矗酪诫再借锯薪酬福利(英文)薪酬福利(英文)