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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
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(use same for more)
Financial Engineering
Vertical Integration
(process we own)
Negotiating Power
Synergies with significant “People integration”
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Created Marginal Returns Access new markets Substantially Eroded Returns
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42% 76%
创造边际收益 33%
开发新市场
Grow marketshare
35% 65%
侵蚀高额收益 30%
增加市场份额
Access new products
• Less hierarchy focus • Product oriented • Fluid, frequently changing teams • Assess systems and structures needed to build the new entity • Non-rigid approval and decision processes
Ignition 启动
Alignment 调整
...
Staffing 人员配置
Monitoring 监控
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 确保管理层和员工关注购并目标沟通战略
HR System Alignment—Market Access Driver
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Synergy
Improved Market Access
Desired behaviours = Customer-oriented, team-oriented, flexible, fast to market
Desired behaviours = Strong innovative, and entrepreneurial spirit, flexible, and team-oriented
Development
Team processes Product development processes Technological and creative training Research skills Train staff on distinctive goals
70%
美国US
欧洲Europe
拉美Lation America 亚太地区Asia Pacific 0%
亚太地区A-P
欧洲Europe
拉美L-A
美国US
整合组织文化 Integrating Organisational Cultures 确保员工的专注力 Keeping Employees Focused 通过新计划促使员工敬业 Engaging Employees in New Programs Integration HR/Benefit Programs 整合人力资源/福利计划
Development
Product/market knowledge Selling skills Knowledge transfer Team leadership Realistic advancement expectation
Performance
• • • • Hard numbers Peer feedback Focus on accountability Broad communication of the big picture • • • • •
策略性人力资源可行性分析
Strategy Assessment 策略评估
Kick-Off
启动
Integration
整合
HR-Liability Integration Program & Synergy Gap Deal Input Management Office Setup设立Setup设立整合 设立 Assess.人力资源义务 人力资源义务 设立整合 交易投入 计划办公室 与协同增效差距评估 管理部门
0%
% of companies
占公司数量的百分比 实现
目标
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Reasons for Failure—Poor Integration 失败的原因—整合不利
Integration is the most challenging M&A issue... 整合是最具挑战性的购并问题 最具挑战性的购并问题... 整合是最具挑战性的购并问题
Rewards
Pay for performance High variable incentives Formula-driven based on market access objectives Critical sales compensation Emphasise market-based pay
Organisation
• Product, customer-based • Structured customer teams • Inter-team communication at customer interfaces • • • • •
Staffing
Initiates self-growth Team-oriented Customer-oriented Communication skills Staff mix of competencies (region, product, etc.) • • • • •
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HR System Alignment—Business Creation Driver
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Synergy
Organisation
Business Creation
Staffing
• • • • • • Innovative and creative Long-term focus Cooperative information sharing Pride in being first Sensitive to speed Logical • • • • •
人员整合成本对交易价格的影响
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Key! 关键! 关键
对购并方的协同 交易成本 增效价值 Transaction Value of synergies costs to acquirer
?
$
购并方的独立价值 Stand-alone value of acquirer
购并对象的独 立价值 Stand-alone value of target
80% 50% 45% 40% 60% 35% 50% 30% 40% 30% 20% 10% 5% 0% 25% 20% 15% 10%
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and can be costly... 可能需要较高的成本... 可能需要nses答案百分比 Responses答案百分比
26% 46%
开发新产品
Reduce operating expense
15% 38%
降低运作成本
17%
Created Substantial Returns Enhance reputation Eroded Some Returns
侵蚀某些收益 20%
创造高额收益 17%
提高信誉
37%
10% 20% 30% 40% 50% 60% 70% 80%
Managing Integration Before and After the Deal 企业并购前后的整合管理 Hewitt Experience Sharing January 19, 2006
CONFIDENTIAL: To protect the confidential and proprietary information included in this material, it may not be disclosed or provided to any third parties without the approval of Hewitt Associates LLC.
Hewitt M&A Process 翰威特的企业并购整合程序
Business Perspective 业务关注
点
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Pre-Due Diligence
前期可行性分析
Due Diligence
可行性分析
Integration
整合
Hewitt’s Process 翰威特程序 Strategic HR-Due Diligence
组织整合困难
Difficulties Integrating Organisations
两个组织的协同增效 Synergies of the Two Organisations 文化差异 Differing Cultures
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