1、erformance reviews, etc. PROCESS FOR DESIGNING NEW COMPENSATION SYSTEM 1. Translate overall strategy into specific targets 3. Conduct competitive benchmarking 4. Design high- level compensation framework 5. Develop compensation program by category of senior management 6. Stress-test compensation pro
2、gram 7. Determine legal and tax implications 8. Implement individual plans 9. Design implementatio n approach 10.Create ongoing management processes 2. Establish guiding principles 7 Exhibits - Appendix 1 8 Executive team pay Median, $ Thousand 1,990 1,500 Executive team pay breakdown Median, percen
3、t of total pay Base pay At-risk pay * Valued with Black-Scholes; indexed to 1997 dollars Source:Dr. Rakesh Khurana (MIT); Dr. Brian Hall (HBS); Evergreen company database “Sharpbenders” executives get paid with larger portion “at risk” . . . Equity and options/market capitalizations Median, percent
4、(1992-96) Equity and options Median, $ Thousand* (1992-96) . . . and hold much larger equity stakes WinnersLosers WINNERS PAY MORE AND USE LONG-TERM INCENTIVES 100100 WinnersLosers CEO onlyTop 5 executives WinnersLosers 58.1 6.7 20.4 3.6 WinnersLosers CEO onlyTop 5 executives WinnersLosers 1.5 0.5 1
5、.2 0.8 WinnersLosers 2.7 1.3 9 Top 20 executives More than 15% above benchmark average Up to 15% above benchmark average At benchmark average Up to 15% below average More than 15% below average Top 300 executives TOTAL COMPENSATION Average percent of companies responding Source:TTs War for Talent Ex
6、ecutive Survey - final results based on 72 companies Total Top-quintile companies Mid-quintile companiesTotal Top- quintile companies Mid-quintile companies 10 Top 20 executives More than 15% above benchmark average Up to 15% above benchmark average At benchmark average Up to 15% below average More
7、than 15% below average Top 300 executives SALARY Average percent of companies responding Source:TTs War for Talent Executive Survey - final results based on 72 companies Total Top-quintile companies Mid-quintile companiesTotal Top- quintile companies Mid-quintile companies 11 Top 20 executives More
8、than 15% above benchmark average Up to 15% above benchmark average At benchmark average Up to 15% below average More than 15% below average Top 300 executives ANNUAL CASH Average percent of companies responding Source:TTs War for Talent Executive Survey - final results based on 72 companies Total To
9、p-quintile companies Mid-quintile companiesTotal Top- quintile companies Mid-quintile companies 12 Top 20 executives More than 15% above benchmark average Up to 15% above benchmark average At benchmark average Up to 15% below average More than 15% below average Top 300 executives LONG-TERM INCENTIVE
10、S Average percent of companies responding Source:TTs War for Talent Executive Survey - final results based on 72 companies Total Top-quintile companies Mid-quintile companiesTotal Top- quintile companies Mid-quintile companies 13 Total Top-quintile companies Mid-quintile companies COMPENSATION STRUC
11、TURE AND MIX Average percent of base salary *Future value for 100% target attainment *Value at grant Source:TT War for Talent HR executive survey - final results based on 72 companies Annual bonus Value of long-term incentives Performance units or shares* Performance vested restricted stock* Time ve
12、sted restricted stock* Unrestricted stock grants Stock options* Top 20 Top 300 14 Total Narrow grades or ranges (5% to 20% different between mid- points) Broadbands (more than 20% difference between mid-points) Top-quintile companies Mid-quintile companies WIDTH OF SALARY GRADES/BANDS Average percen
13、t of companies responding Source:TT War for Talent HR executive survey - final results based on 72 companies 15 Reward Extent of achievement Financial Behavioral Other milestones Salary TargetAgreed stretch Beyond How can stretch beyond expectation be appropriately rewarded? What is the shape of the
14、 sliding scale? How does less appropriate behavior impact the multiplier? What constitutes realistic stretch? What drives salary increase? What should differentiation be for achieving agreed stretch? What combination of long- and short-term incentives are appropriate? What is the maximum? What key i
15、ndicators make up the “gate”? SELECTING AN INCENTIVES APPROACH 16 Reward Extent of achievement Financial Behavioral Other milestones TargetAgreed stretch Beyond One-off bonus shares awarded for excellent performance, Redeemable after 5 years. Average of 3,000 shares approx. $60/share Reward for beha
16、vior not systematic but “360 output when done is taken very seriously”. Poor behavior will result in reduced opportunity or dismissal, not necessarily in reduced cash bonus Emerson renowned for tough stretch. Example of $100m business to become $ 500 m in 5 years Salary just above median for the ind
17、ustry Salary increase driven by affordability, personal performance and potential? Difference between OK and good 20-30% Share options awarded by CEO for good performance and behaviour (every 3 years) Cash bonus maximum on average c.60% EBIT is the main driver of the “gate” INCENTIVES APPROACH - EME
18、RSON ELECTRIC 17 Reward Extent of achievement Financial Behavioral Other milestones TargetAgreed stretch Beyond Driven primarily by amount of share options and targeting for rapid promotion Deductions made from maximum bonus, if non- financial goals are not met Rigorous annual planning process where
19、 targets are set. Dont talk about “stretch” in the same way Salary at or above median for the industry Salary increase in hands of P+L management but still relatively formulaic Difference between OK and good has been 15-30%. Share options awarded based on agreed formula Cash bonus maximum of the ord
20、er of 50% “Gate” is primarily financials, but not always mechanical. Tends to be at senior management discretion INCENTIVES APPROACH - JOHNSON AND JOHNSON 18 IMPACT OF BEHAVIOR AND PERFORMANCE ON COMPENSATION % of base salary ?% cash/shares ?% LT incentives ?% salary rise Probable departure Below Ta
21、rgetAbove target below stretchAbove stretch Financial Performance e.g., some combination of: Profit Revenue .RONA or ROCE UnacceptableOKExcellent Behaviour ?% cash/shares ?% LT incentives Inflation+ % salary rise Clear milestones ?% cash/shares LT incentives at CEO discretion (probably low) Low% Bas
22、e pay rise Define and track actions for improved behavior ?% cash/shares ?% LT incentives ?% salary rise Define and track key financial targets closely, dont wait whole year ?% cash/shares ?% LT incentives Low % salary rise Define and track key financial targets closely, dont wait whole year Cash bo
23、nus up to ?% LT incentives at CEO discretion Radical % salary rise Target for rapid promotion and find additional roles ?% cash/shares ?% LT incentives Low% Base salary rise Define and track actions for improved behavior ?% cash/shares ?% LT incentives Inflation+ Salary rise Develop rapidly ?% cash/
24、shares ?% LT incentives Inflation+ % salary rise Develop rapidly ILLUSTRATIVE 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 战 略 概述与基本框架 工作手册 A 本手册及附件包括了 McKinsey公司顾问客户服务 培训所需的全部基本资料。 拿到本手册的McKinsey员工 必须确保本手册没有被复制 、散发或采取任何方式为第 三方所用（包括我们的客户 ）。在您离开McKinsey公司 时，有义务归还本文件。 Date1 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 目录 第一部分 第1章: 战略目标 价值模型 适应公司远
25、景及战略 第2章: 定义经营单元战略 战略规则/业务构想 在哪里竞争 怎样竞争 价值假设 可持续竞争优势 何时竞争 一系列相互协调的举措 价值传递系统 第3章: 发展战略思考流程 第1步：设定目标 第2步：定义经营单元 第3步：进行环境分析 结构-行为-绩效分析 波特模型 行业参与者模型 客户 消费者/需求分析 竞争者/供给分析 供应商和分销商分析 市场分析 第4步：产生战略选择 5-Cs模型 竞争 集中 获得 创造 合作 业务动态框架 第5步：测试动态影响并作出选择 第6步：设计细节并实施 SMILE框架 7-S框架 促进变革 第7步：监测结果并调整战略 第二部分 第4章:STI/MSF战略
26、流程 传统模型 近期战略革新 环境分析 诊断 STI/MSF综合战略流程 Date2 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 第1章: 战略目标 经济价值模型-战略目标是使股东价值最大化 利益相关者剩余模型-定义利益集团并使整个集团财富最大化 除了财富创造的其它目标-作为实际财富替代物或以某项任务的实现衡量的目标 Date3 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 战略目标：经济价值模型 权益价值 资产市值 负债市值 实体资产价值 增长价值 投资收支差额 （ROICWACC ） 投资总额 投资收支差 额稳定性 + - Date4 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 战略目标：利
27、益相关者剩余模型 战略目标是在客户终身实现利益相关者剩余的最大化，并将其在资源提供者之间进行 合适的、可持续的分配。 利益相关者剩余=以市场价格对所有资源的投入进行补偿后的可分配现金 Date5 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 除了财富创造的其它目标 回避风险 总体风险回避 特殊风险回避 令人满意 “足够好就行” 最大可能危害最小化 非直接利益的目标 象征性的目标： 市场份额 消费者满意度 销售量 组织利益： 维持/创造就业 维持企业 国家福利 使命性目标 “在最低的成本下创造最高质量”（质量协会） “为妇女获得发展、领导和权威创造机会”（妇女协会） Date6 硬商品买卖在阿里巴
28、巴 软商品交易在阿里巧巧 使命、远景和战略的区别 理解了企业的财务目标后，在发展经营单元战略之前还必须了解公司的使命和远 景。对于经营单元在公司整体中的位置没有一个清楚的认识，战略发展将是无效的 。 公司为什么存在？ 为组织内所有决策 提供前提 描述一个持久的事 实 可以是一个无限时 期的解答（而没有时 间限制） 为内部和外部人员 提供指导 领导者希望公司发展 成什么样？ 指导战略和组织的 发展 描述一个鼓舞人心 的事实 可以在一个特定时 期内实现 主要是为内部人员 提供指导（有些口号 也可提供给外部人员 ） 击败现有及潜在竞争 者的计划 列出一系列举措以 提供产品或服务，创 造高于其成本的价
29、值 描述公司战略选择 的“价值方案” 随市场分析、消费 者经验、试验而不断 改善 最好严格限制在内 部使用 使命远景战略 Date7 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 公司战略是一系列经营单元个体战略的协同集合，既由经营单元战略集合而来， 又有指导后者作用。除了公司的使命和远景，还有一些影响发展经营单元战略的关 键因素： 业绩期望 公司价值观 业务领域 核心技能 未来经营环境 Date8 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 第2章: 定义经营单元战略 在第3章描述发展战略的思考过程之前，这一章将刻划一些一个完整的战略应该清 楚描述的一系列概念和决定，包括： 一个战略构架（业务
30、概念） 导致的一系列紧密联系的举措 Date9 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 战略构架（业务概念） 战略构架抽象描述了一个公司在市场上正在或期望扮演的角色，以及这样的角色 能够长期稳定地创造价值的关键原因。 战略构架的三轴模型是麦肯锡战略组件中最常用工具（以及后面提到的“业务系统 ”），形成许多公司战略思考的核心。它们经常被表述为： 在哪儿竞争 指从广泛的市场参与（即众多的产品种类，及可能吸引的各类消 费者）中选择一些目标市场、产品和顾客，以集中力量于一些细分的产品或顾客 市场上。在这些可能的选择中，顾问人员再选择最合适市场中的关键点作为目标 。 如何竞争 指列举所有该产业通常的
31、可能竞争方式，并尝试采用不同的基本竞 争手段（例如，采用新技术，或不同的基本手段以满足顾客需求）。 何时竞争 指战略的时间动态考虑，即随着时间推移，战略构架需不断改变成 新模式。 Date10 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 在哪儿竞争 一个完整的战略描述应该在五个相互协调的子轴上定义客户的业务活动： 顾客 产品 地理区域 渠道 垂直整合程度 Date11 硬商品买卖在阿里巴巴 软商品交易在阿里巧巧 如何竞争 一个完整的战略应该清楚地描述客户与四组市场参与者的关系： 为顾客提供“价值方案” 防止客户在市场上被竞争者取代 建立与主要供货商、分销商建立良好关系 （有时）建立与其他利益相关者的良好关系
