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1、Hewitt Experience SharingJanuary 19,2006,Managing Integration Before and After the Deal企业并购前后的整合管理,Content 内容,Most deals do not create shareholder value and do not meet the set objectives大部分并购交易无法创造股东价值，亦无法实现既定目标Poor integration is a key reason for M&A failure整合工作不利是并购失败的关键原因所在The structure of the d
2、eals reinforce the need for synergy achievement并购交易结构着重强调需要实现协同增效,Unrealised Goals in Delivering Value 价值实现过程中未实现的目标,1990s:Survey of 150 Deals over$500 Million20世纪90年代：调研150宗购并交易，价值达5亿美元,Eroded Some Returns侵蚀某些收益,20%,Created Marginal Returns创造边际收益,33%,37%,38%,46%,65%,76%,17%,15%,26%,35%,42%,10%,20%,
3、30%,40%,50%,60%,70%,80%,0%,Enhance reputation提高信誉,Reduce operating expense降低运作成本,Access new products开发新产品,Grow marketshare增加市场份额,Access new markets开发新市场,%of companies 占公司数量的百分比,Reasons for FailurePoor Integration 失败的原因整合不利,0%,10%,20%,30%,40%,50%,60%,70%,80%,美国US,欧洲Europe,拉美Lation America,亚太地区Asia Pa
4、cific,Percent of Responses答案百分比,Integration is the most challenging M&A issue.整合是最具挑战性的购并问题.,and can be costly.可能需要较高的成本.,0%,5%,10%,15%,20%,25%,30%,35%,40%,45%,50%,亚太地区A-P,欧洲Europe,拉美L-A,美国US,Integrating Organisational Cultures,Keeping Employees Focused,Engaging Employees in New Programs,Integration
5、 HR/Benefit Programs,People Integration Costs Impact Deal Pricing人员整合成本对交易价格的影响,交易成本Transaction costs,整合/实施成本Integration/implementation costs,购并方的独立价值Stand-alonevalue of acquirer,购并对象的独立价值Stand-alone value of target,?,$,购并对象的最高价格Maximum price for target,Four Factors for Successful Integration整合成功的四个
6、要素,Speed 速度Alignment to M&A Objectives遵照购并目标Alignment to People Needs遵照人员需求Alignment of HR Programs调整人力资源计划,Hewitt M&A Process翰威特的企业并购整合程序,Focus Management and Employees on M&A Objectives Communication Strategy确保管理层和员工关注购并目标沟通战略,Pre-Due Diligence前期可行性分析,Business Perspective 业务关注点,Due Diligence可行性分析,
7、Integration整合,Strategic HR-Due Diligence 策略性人力资源可行性分析,Kick-Off 启动,Integration整合,Hewitts Process 翰威特程序,StrategyAssessment策略评估,HR-Liability&Synergy Gap Assess.人力资源义务与协同增效差距评估,Deal Input交易投入,ProgramOffice Setup设立计划办公室,Integration ManagementSetup设立整合管理部门,Ignition启动,.,Critical Synergy Drivers 关键协同驱动因素,Im
8、proved Market Access(bigger is better),Growth Return,CombinedBusiness Creation(new is better),CoordinatedStrategies(together we conquer),SharedKnow How(know more),Vertical Integration(process we own),Consolidation of Functions(serve more with less),Negotiating Power,TaxBenefits,FinancialEngineering,
9、Synergies with significant“People integration”,Shared Tangible Resources(use same for more),HR System AlignmentMarket Access Driver,SynergyImproved Market AccessDesired behaviours=Customer-oriented,team-oriented,flexible,fast to market,Organisation,Staffing,Development,Performance,Rewards,Product,cu
10、stomer-basedStructured customer teamsInter-team communication at customer interfaces,Pay for performanceHigh variable incentivesFormula-driven based on market access objectivesCritical sales compensationEmphasise market-based pay,Hard numbersPeer feedbackFocus on accountabilityBroad communication of
11、 the big picture,Product/market knowledgeSelling skillsKnowledge transferTeam leadershipRealistic advancement expectation,Initiates self-growthTeam-orientedCustomer-orientedCommunication skillsStaff mix of competencies(region,product,etc.),Communicate!,HR System AlignmentBusiness Creation Driver,Syn
12、ergyBusiness CreationDesired behaviours=Strong innovative,and entrepreneurial spirit,flexible,and team-oriented,Organisation,Staffing,Development,Performance,Rewards,Less hierarchy focusProduct orientedFluid,frequently changing teamsAssess systems and structures needed to build the new entityNon-rig
13、id approval and decision processes,Innovative and creativeLong-term focusCooperative information sharingPride in being firstSensitive to speedLogical,Team processesProduct development processesTechnological and creative trainingResearch skillsTrain staff on distinctive goals,Measure hard numbers rel
14、ated to business creationSupport behaviours facilitating business creationIndividual creativityFocus on environment,team,and individual performance evaluation,Broad-based profit sharingLong-term focusJob hierarchy irrelevant,Communicate!,HR System AlignmentShared Know-How Driver,SynergyShared Know-h
15、owDesired behaviours=Creative in applying new know-how,highly flexible and adaptable but process oriented,Organisation,Staffing,Development,Performance,Rewards,Team orientedProblem solver,systematicGood listening skillsFlexible to new processes and concepts,Methods and new process learningTeam behav
16、iourProcess management and controlCommunication skillsJob rotationBroaden employees and management access to learningHold managers accountable for coaching,Related to hard financial numbersDerived from plan know-how baseFocus on continuous know-how development and deployment,Pay for performance with
17、 limited variabilityShort-and long-term focusSupport job mobility and skill enhancementCompetency-aligned pay plan,Process oriented,best practice applicationHigh inter-team communication of knowledgeFlat organisational structures,Communicate!,People Issues Block Value Creation阻碍创造价值的人员问题,Lack of Con
18、nectivity缺乏关联性,Different Operating Styles运作模式差异,Talent Shortage人才短缺,Disconnected Employees员工凝聚力差,Wrong Skills技能不当,“Siloed”behaviour片面的行为,High Turnover流动率高,Different Cultures文化差异,Dysfunctional Teams团队机能不佳,Business Restructurings业务重组,Reactive,Tactical Initiatives灵活、战术性方案,Administrative Overload管理超负荷,L
19、arge Infrastructure大型的基础结构,Lack of HR Alignment缺乏人事调整,Delayed Investments延迟的投资,Empowerment Differences授权模式差异,Different Decision-Making Policies决策政策差异,Differing Role Profiles职位要求差异,Web enabled“project management and tool suite”,Provides users with global access to consistent M&A framework,process,too
20、ls and resources,Only 20-30%of todays mergers and acquisitions create shareholder value,Hewitt Partnership on M&A,Question&Answers 提问与讨论,进一步咨询，请致电：Any questions,please contact:Jenny Li(GM of Hewitt Beijing)J 86-10-8527 5100 ext 8014Garry Wang(Sr.Consultant)Garry.WangH 86-10-8527 5100 ext 8012Christian Doeringer(GM of Hewitt Guangzhou)Christian.DoeringerH 86-20-3877 3788 ext 103,
