1、可能用六个希格码标准量化，如公关人员的工作量化可以用接了多少个电话，回了多少个电话，用多少时间来回答，安排了多少采访等。用事实来考核软性因素。价值观等软性因素的考核也是不好量化的，通用(中国)公司解决这一难题的有效方法是把工作放在事前，凡是加入通用(中国)公司的员工，首先被告知的是通用(中国)公司的价值观的内容，然后会有与价值观有关的各种培训，员工对价值观的感悟会不断地得到强化。培训不是叫员工背诵价值观的内容，而是用发生在公司的事实行为来说明价值观，在考核时也是每个结论都必须用事实来证明，决不能凭空想象。考核的结果与员工的个人利益及职业生涯发展密切联系：考核的结果与员工第二年的薪酬、培训、晋升
2、、工作调动等挂钩，同时考核也是为了提高和完善员工自身的素质，公司会尽可能满足员工的一些想法和要求，鼓励员工写下自己的真实想法，并且尽最大可能帮助员工实现。360度考核。360度考核并不普遍地使用，一般是在考核领导和员工为了自我发展、自我提高时使用，做考核评价的是上级、下级、同事、客户，由被考核者自己在这些人中各选择几个人来做评价，对于考核的结果由外面的专业机构来分析，这样可以保证结果的客观性与科学性(外面的机构是专门做这种分析的，同时他们完全不知道被评者是谁，可以保证更客观、更科学)，在这种考核中不用担心员工在选择考核者即评价他的人时只选择与他关系好的人，而导致考核结果的不客观、不真实，因为这
3、种考核是为了发现员工自己的不足、找到提高完善自己的方式，员工为了自己的前途发展不会去找一片赞扬声。通用电气人才开发的成功之道通用电气公司何以能不断发展壮大？这要归功于韦尔奇董事长非凡的领导和经营才能。自80年代以来，韦尔奇通过大胆的事业重组，使得通用电气成为世界一流的企业，取得了惊人的业绩。纯利润突破了100亿美元，资本利润率达到25，财务状况被评为三A。通用电气公司成功的一个秘诀就是十分注重选拔和培养领导人才。不惜巨资提高人才素质 通用电气公司要求领导人才具备怎样的素质呢？该公司在全世界拥有30万名员工，每人平时都要随身携带一张卡，名为“通用电气价值观”卡，卡中对领导干部所下的定义是：痛恨官
4、僚主义、开明、讲究速度、自信、高瞻远瞩、精力充沛、果敢地设定目标、视变化为机遇、适应全球化。这些价值观都是公司进行培养的主题，也是决定公司职员晋升的最重要的评价标准。为了将领导人才素质提高到上述的标准，公司内建有一座经营开发研究所、可以称得上是一所商业学校。该公司每年向该研究所拨款约10亿美元，每年在此接受培训的人数多达1万，从高级干部到新任经理。韦尔奇董事长直接接受研究所的汇报，并同研究所一起制定研修计划。不仅为此，他每月还亲自担任讲师一次，对干部们讲课。公司领导人为此潜心于干部人才的培养，这在全世界也是罕见的。曾经接受过培训的现通用电气资本爱迪生生命公司执行董事兼财务总监西村丰说：“在最初
5、接受财务课程培训时，我甚至连星期六都泡在图书馆一门心思地学习。公司决不是为了培养普通的会计事务人才，而是要培养实战性人才，能将预料今后有可能出现的问题并制定财务战略。”据说为了训练领导才能，高级管理人员都要在陆军军校进行体验。从战略高度培育事业开发人才 事业开发人才的选拔在通用电气公司最为突出。事业开发人才的主要作用是推行广注意义上的兼并和收购战略，其中包括收购企业、设立合资公司、出售企业中的一些部门等等。仅去年一年，通用电气在全世界兼并和收购的企业就达108家，价值180亿美元。活跃在谈判最前线的就是这些事业开发经理。目前，该公司在全世界约有100多名事业开经理。其规模与大型投资银行的并购部
6、门相比毫不逊气。1981年走马上任的韦尔奇董事长在多个事业部门中都安插了事业开发人才，并且每年都在增加。用这种方式来有意识地建立推进企业并购的体制。特别有趣的是事业开发人才的选拔方式。几乎所有的事业开发经理都是设法从外部“挖”过来的。很多人来自资询公司和投资银行，以30多岁的年富力强的年轻人为主。进入公司后，他们以事业开发经理的身份参与并购战略，在几年内很快就成为收购后的企业或各事业部门的干部。通用电气（日本）公司的事业开发经理不仅负责并购等新事业的开发，而且还定期参加有关各事业部人事和资金调配等共同课题的讨论，从中发挥协调作用。当韦尔奇董事长等总公司干部来日本访问客户时，事业开发经理也随同前
7、往。他们跟随公司最高领导层参加高级谈判，从中学到很多东西。有时，他们抓住谈判中流露出的一些意向，进一步从中做工作，使得事业开发取得了重大成果。统一步调塑建公司价值观 包括事业开发经理在内，通用电气公司要求所有的干部都具备本公司的价值观。该公司人事部的最大作用，在于保持本公司员工的统一性，增强其作为公司一员的归属意识。为了培养代表本公司文化的领导干部，通用电气在培训方面可谓不惜工本。在培养接班人方面，该公司具有一套独特的做法。对各员工的评价和职业安排是通过与上司的面谈和部门内的讨论来决定的。尽管评价是按工作成绩和公司价值观两套标准进行的，不过，公司更注重的是员工所具有的价值观。在这一过程中，“3
8、60度评价”可以称得上是通用电气的一大特色。每个员工都要接受上司、同事、部下以及顾客的全方位评价，由大约15个人分五个阶段作出。同样，评价的标准也是日常工作中是否按照公司的价值观行事。韦尔奇董事长明确表示：“即使工作成绩出色，但如果不具备公司的价值观，那么这样的人公司也不会要。”从外部选拔干部候选人，使之成为公司现有的力量，这可以说是通用电气公司的文化，这种做法使得公司内部的组织更加灵活，从而激发了通用电气式的经营活力。西门子公司人力资源开发战略人事部门地位高、有权威各层的人事主管都是领导班子的成员，人事总裁马力先生就是西门子公司董事会的董事。这样做，对于把人力资源管理与开发纳入到企业经营总战
9、略和总决策之中是非常有利的，有人曾经调查过欧洲1000家大型企业，结果表明，50以上企业的人事主管都是由董事兼任的，西门子公司的做法就是例证。欧洲出现这一特点不是偶然的，这与发展所处的时代背景有着直接的关系。有人曾对欧洲企业近几十年来的用人情况作过这样的分析：19451955年10年间，由于二战导致商品极度匮乏，企业大多注意从生产人员中选拔高层主管；19551965年10年间，由于市场饱和、产品滞销，企业大多注意从销售人员中选拔高层主管；19651975年10年间，由于合资经营、跨国经营的出现，财务问题日趋复杂起来，企业大多注意从财务人员中选拔高层主管；1975年以来，由于市场竞争加剧，人才问
10、题越来越成为各种竞争之关键，因此选拔高层主管的注意力开始转向人力资源管理开发上来。实施“爱发谈话”制度“爱发谈话”是西门子公司实行的一项人事制度，主题是“发展、促进、赞许”，德文缩写是EFA.在西门子公司40万员工中，有26000 名是高级管理者，实行年薪制，其余一律按工资税章表领取工资。“爱发谈话”的对象是实行年薪制的各领域高级管理人员，谈话每年一次，成为制度。“爱发谈话”由职员、上司、主持人三方参加。职员，即26000 名高级管理者；上司，即谈话对象的直接主管；主持人，通常是人事顾问。这种“爱发谈话”是以谈心方式进行的，上司是主角，在谈话中处于主动地位，但是他不是以上司身份出现，而是教练角
11、色，从心理上与职员构成伙伴关系，设身处地帮助职员分析优势劣势，帮助职员更好地实现个人的设想。职员在谈话中的任务是：客观分析自己的现状，找出自己的强项和弱项，提出培训进修的意愿，根据自己的兴趣、爱好、潜力以及目前所处的位置设计调整生涯规划，达到关心自我、拓展职能、确立目标之目的。主持人的任务是：协调谈话各方、咨询有关问题、提供市场信息。为了保证谈话效果，在谈话前三方都要做好必要的准备，尤其是上司的准备必须充分。其中包括：了解谈话对象当年完成任务情况、能力状况、有何要求等，这些情况可以事先通过问卷调查获取，包括：企业能为职员发展提供什么样的可能性；对职员的能力、优劣势、目前状况、所在位置的评价意见
12、。为了提高谈话能力，公司还组织了80名专家对800 名谈话者进行专项培训，然后再由800 名经过培训的谈话者去实施对26000 人的“爱发谈话”，谈话结果三方签字后归入人事档案，作为确定年薪、岗位变动、职务升迁、培训进修的重要依据。在“爱发谈话”基础上实施的高级管理人员培训的针对性极强，缺什么补什么，参加培训者不是强迫而是自愿参加。大力开发国际化经营人才西门子公司的业务几乎覆盖了整个世界。经济一体化和经营国际化程度之高都是其他企业不可及的。西门子公司的战略是：把西门子公司的发展融入所在国的经济发展之中。为此，公司作出规定，选拔领导干部必须具有1 至3 年的国外工作经验，而且把外语以及对所在国家
13、文化状况的了解作为重要条件。人才资源开发投资力度大西门子公司的管理者认为：创新是公司的命脉，技术是造福人类的力量，领先的技术是立于不败之地的保障。因此，他们始终把人才开发、推动科技进步作为公司发展的首选之策。从世界上第一台指针式发报机的诞生到现代高科技太阳能芯片的生产，在100 多年的科技发展较量中，西门子公司在同领域始终是一路领先。该公司现有员工中大学以上学历者已超过50。目前每年还要接收3000名新大学生，仅用于这批学生的继续教育费，公司每年就要拨3 亿马克。另外，公司每年还要投入70亿美元和45000 名人员专门用于研究与发展，以迎接本领域的挑战。着力于团队精神培养这是西Author:
14、Patrick Cote Contributors: Kate McGreevy Julian Critchlow bc Corporate Performance Measurement April 1999 Copyright 1999 Bain Invested capital = All debt equity invested in format at book value; WACC = Weighted average cost of capital ROIC = Return on invested capital = (NOPAT / invested capital) al
15、so known as: Return on Net Assets (RONA) or Return on Capital employed (ROCE) EP can be calculated beginning with either profits, NOPAT, or returns, ROIC, depending on the availability of data. The NOPAT method is more commonly used EP Calculation Using ROICUsing NOPAT EP = NOPAT - Capital ChargeEP
16、= (ROIC - WACC) * Invested Capital Spread between what is achieved and what is required Invested Capital * WACC Discount Rates - Framework Economic Profit 59CorporatePerformanceMeasurement bc Corporate Performance Measurement LON * May be referred to as Return on Capital (ROC) or Return on Investmen
17、t (ROI) There are two different frames of reference for calculating the “economic value” of any business - analogous to the perspectives used in ROI and ROE analysis Total Capital PerspectiveEquity Capital Perspective Banks and ShareholdersShareholders EP = NOPAT - (Assets x WACC) . the profitabilit
18、y of the business from the frame of reference of the debt and equity holders . profitability of the business from the frame of reference of the equity holders Opportunity cost of the (blended) debt and equity capital Opportunity cost of the equity capital Profitability is measured as income earned l
19、ess the opportunity cost of total capital invested Profitability is measured as income earned less the opportunity cost of equity capital invested Stakeholder: EP definition: Perspective: . . . given that, what is the frame of reference? Accordingly: Performance Measurement Linkages: - Ratio: - EP:
20、Total Capital Spread = ROA - WACC EP = Total Capital * (ROC-WACC) Equity Capital Spread = ROC - Ke EP = Equity Capital * (ROC-Ke) Return on Assets (ROA)*Return on Equity (ROE) Key Ratio: Discount Rates - Two Different Definitions of EP Economic Profit 60CorporatePerformanceMeasurement bc Corporate P
21、erformance Measurement LON Discount Rates Calculate WACC Calculate Firm Tax Rate Calculate Industry Average for Unlevered b Determine Appropriate Market Risk Premium Determine Market Value of Debt and Equity Determine Appropriate Cost of Debt, KD Re-Lever Target Leverage for your Firm to Calculate K
22、e Use 10 year T-Bond or 30 Year T-Bond less liquidity premium (of 1.7% for US) for appropriate country Only use government bonds if little or no risk of default for country in question Use long-term average of difference between expected market rate of return and risk- free rate E(Rm) - Rf For US, C
23、opeland, Koller and Murrin recommend 5% to 6% based on geometric average from 1926-1993 Find comparable firms for industry in question and unlever b based on formula* Use average of bu of comparable firms Use target leverage in formula* to calculate bL Once bL calculated, use CAPM formula Ke = Rf +
24、bL E(Rm) - Rf to calculate Ke KD is not necessarily equal to coupon rate of bond (e.g. IBM 2005 7.5% does not necessarily have KD = 7.5% Must calculate or obtain yield on outstanding debt If not available, use KD of firms with similar rating from agencies such as Moodys or S the period- to-period ch
25、ange flows through the income statement Note: NOPAT is net of depreciation; depreciation is considered a true conomic expense because assets need to be replenished Source: The Quest for Value Additions to Book Capital: Equity equivalents Additions to NOPAT: Change in Equity Equivalents Deferred Tax
26、Reserve LIFO Reserve Other Reserves Cumulative Goodwill Amortisation Unrecorded Goodwill (Net) Capitalised Intangibles Full-Cost Reserve Cumulative Unusual Loss (Gain) after Tax Increase (decrease) in Reserves Eliminate Goodwill Amortisation Increase in (net) capitalised intangibles Increase in full
27、-cost reserve Unusual loss (gain) after tax Non-capitalised leases are capitalised and form debt equivalents; the interest expense is added back to NOPAT Accounting Adjustments - Stern Stewarts Mechanics Economic Profit 64CorporatePerformanceMeasurement bc Corporate Performance Measurement LON Sourc
28、e: INSEAD Is it likely to have a material impact on EP? Can managers influence the outcome? Can operating managers understand it? Is the required information relatively easy to track or derive? If the adjustment is made, will manager behaviour improve ? The following five criteria should be used to
29、determine whether an adjustment should be made Basic Principle: Eliminate distortions to the extent that it is practical to do so Economic Profit Accounting Adjustments - Selection Criteria 65CorporatePerformanceMeasurement bc Corporate Performance Measurement LON The following short-cut approach pr
30、ovides a quick means of calculating EP, but does not include the appropriate adjustments Operating Income (EBIT) +Interest Income +Equity Income (or - equity loss) +Other Investment Income - Cash operating taxes - Tax shield on interest* =Net Operating Profit After Tax (NOPAT) Total Assets - Short-T
31、erm Non-Interest Bearing Liabilities (ST NIBL)* =Invested Capital (IC) Average IC = (IC Beginning + IC End) 2 Note: Sometimes IC Beginning, not IC Average used NOPAT - Capital Charges (Average IC * Cost of Capital) =EP * Operating income x marginal statutory tax rate (gives no credit for tax shield
32、on interest) * STNIBL = Current liabilities less all interest bearing liabilities, such as short-term notes payable Source: INSEAD Economic Profit Short-Cut Approach (Excludes Adjustments) 66CorporatePerformanceMeasurement bc Corporate Performance Measurement LON Agenda Economic Profit Definition Ad
33、vantages/Disadvantages Framework Use in Strategy Work 67CorporatePerformanceMeasurement bc Corporate Performance Measurement LON Use in Strategy Work EP works effectively for manufacturing companies, but is generally not appropriate for service firms Manufacturing SectorService Sector Use of EP/MVA
34、Capital - intensive industries benefit most from EP forces managers to consider capital invested in business e.g. Coca-Cola spinning off bottlers UDV spinning off wine production assets to focus on blending EP generally not appropriate due to difficulty in measuring human capital (typically most val
35、uable asset) Structure of balance sheet precludes use of EP in Financial Services sector Economic Profit 68CorporatePerformanceMeasurement bc Corporate Performance Measurement LON An organisation needs to establish the optimum level of information complexity in order to create the most value Optimum
36、 level of adjustment and analysis will be determined by: Absolute sensitivity of value measures to adjustments Level of the organisation that is using the (economic value added) information Strategic use of information Ability of management to make decisions on the information Value to the Organisat
37、ion* Level of Complexity (Adjustment and Analysis) Optimal Adjustments and Analysis Organisation below full potential as a result of too simplistic a measurement/ decision making process Diminishing value to organisation as cost of adjustment/analysis Outweighs incremental gain on decisions made Max
38、imum value to organisation from economic value-added Note: Value defined as incremental value created from management decision less cost of the information base/decion making process Economic Profit Optimum Information Level 69CorporatePerformanceMeasurement bc Corporate Performance Measurement LON
39、Use in Strategy Work EP can be improved in a number of ways Improving EP Achieving economically profitable growth Exiting uneconomic activities Raising the efficiency of current operations Generating incremental gains in EP from existing capital investments Generating incremental positive EPs from n
40、ew capital investments Immediate exit from activities generates proceeds subsequent cash flow foregone Economic Profit 70CorporatePerformanceMeasurement bc Corporate Performance Measurement LON The following guidelines should be considered when setting up EP Link to Compensation Keep it Simple Senio
41、r Managers should be both evaluated and compensated based on their EP results Aligns incentives of Shareholders and Management Use change in EP as basis for evaluation to incent managers to create additional value The more complex the EP system is, the less likely it is to be used Accounting adjustm
42、ents must be sufficient to eliminate major distortions from economic value, but not too complicated for management to understand or utilise on long-term basis Economic Profit Guidelines 71CorporatePerformanceMeasurement bc Corporate Performance Measurement LON Agenda Executive Summary Objectives Bac
43、kground Performance Measurement Framework Market Value Added (MVA) Economic Profit (EP) Cash Flow Return on Investment (CFROI) Exercises MVA Economic Profit Case Study - Diageo 72CorporatePerformanceMeasurement bc Corporate Performance Measurement LON Cash Flow Return on Investment (CFROI), also kno
44、wn as the Holt method, is a return on investment measure that adjusts for deficiency in typical IRR calculations CFROI uses cash flows and investments stated in constant monetary units Once calculated, CFROI compared to benchmark, the firms cost of capital to evaluate management performance Two firm
45、s use the Holt Method Holt Value Associates, LP for portfolio management BCG/Holt for Corporate Management CFROI is an adjusted IRR that is compared to the firms WACC CFROI Definition 73CorporatePerformanceMeasurement bc Corporate Performance Measurement LON Determine average life of firms assets Ap
46、proximate by median of Gross Plant Depreciation Expense over last 3 years Calculate Life of Assets Calculate Gross Cash Investment Calculate Sum of Non Depreciating Assets Calculate CFROI Calculate Gross Cash Flow Compare CFROI to Benchmark Cash Flow Return on Investment - CFROI Framework (1 of 6) C
47、FROI 74CorporatePerformanceMeasurement bc Corporate Performance Measurement LON Start with Net Income (after taxes) Add back non cash operating expenses Add back financing expenses Use monetary inflation adjustment to restate in current dollars Calculate Life of Assets Calculate Gross Cash Investmen
48、t Calculate Sum of Non Depreciating Assets Calculate CFROI Calculate Gross Cash Flow Compare CFROI to Benchmark Cash Flow Return on Investment - CFROI Framework (2 of 6) CFROI 75CorporatePerformanceMeasurement bc Corporate Performance Measurement LON Gross up book assets with accumulated depreciation of value of operating bases Discount operating leases over life of assets period using real rate of interest of firms debt Calculate Life of Assets Calculate Gross Cash Investment Calculate Sum o
