企业并购前后的整合管理

HewittExperienceSharing

January19,2006

ManagingIntegrationBeforeandAftertheDeal

企业并购前后的整合管理Content内容Mostdealsdonotcreateshareholdervalueanddonotmeetthesetobjectives

大部分并购交易无法创造股东价值，亦无法实现既定目标PoorintegrationisakeyreasonforM&Afailure

整合工作不利是并购失败的关键原因所在Thestructureofthedealsreinforcetheneedfor

synergyachievement

并购交易结构着重强调需要实现协同增效

UnrealisedGoalsinDeliveringValue

价值实现过程中未实现的目标1990s:Surveyof150Dealsover$500Million20世纪90年代：调研150宗购并交易，价值达5亿美元SubstantiallyErodedReturns侵蚀高额收益30%CreatedSubstantialReturns创造高额收益17%ErodedSomeReturns侵蚀某些收益20%CreatedMarginalReturns创造边际收益33%37%38%46%65%76%17%15%26%35%42%10%20%30%40%50%60%70%80%0%Enhancereputation提高信誉Reduceoperatingexpense降低运作成本Accessnewproducts开发新产品Growmarketshare增加市场份额Accessnewmarkets开发新市场%ofcompanies

占公司数量的百分比目标实现ReasonsforFailure—PoorIntegration

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LationAmerica亚太地区AsiaPacificPercentofResponses答案百分比整合组织文化确保员工的专注力通过新计划促使员工敬业整合人力资源/福利计划IntegrationisthemostchallengingM&Aissue...整合是最具挑战性的购并问题...andcanbecostly...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组织整合困难两个组织的协同增效文化差异IntegratingOrganisationalCulturesKeepingEmployeesFocusedEngagingEmployeesinNewProgramsIntegrationHR/BenefitProgramsDifficultiesIntegratingOrganisationsSynergiesoftheTwoOrganisationsDifferingCulturesPeopleIntegrationCostsImpactDealPricing

人员整合成本对交易价格的影响交易成本Transactioncosts整合/实施成本Integration/

implementationcosts对购并方的协同

增效价值

ValueofsynergiestoacquirerKey!关键!购并方的独立价值Stand-alonevalueofacquirer购并对象的独立价值Stand-alonevalueoftarget?$购并对象的

最高价格Maximum

pricefortargetFourFactorsforSuccessfulIntegration

整合成功的四个要素Speed速度AlignmenttoM&AObjectives

遵照购并目标AlignmenttoPeopleNeeds

遵照人员需求AlignmentofHRPrograms 调整人力资源计划HewittM&AProcess

翰威特的企业并购整合程序FocusManagementandEmployeesonM&AObjectivesCommunicationStrategy确保管理层和员工关注购并目标沟通战略Pre-DueDiligence前期可行性分析BusinessPerspective

业务关注点DueDiligence可行性分析Integration整合StrategicHR-DueDiligence

策略性人力资源可行性分析Kick-Off

启动Integration整合Hewitt’sProcess

翰威特程序StrategyAssessment策略评估HR-Liability&SynergyGap

Assess.人力资源义务与协同增效差距评估DealInput交易投入ProgramOfficeSetup设立

计划办公室

IntegrationManagement

Setup设立整合

管理部门Ignition启动...

Alignment调整Staffing人员配置Monitoring监控CriticalSynergyDrivers关键协同驱动因素Improved

MarketAccess(biggerisbetter)GrowthReturnCombinedBusinessCreation(newisbetter)CoordinatedStrategies(togetherweconquer)SharedKnowHow(knowmore)VerticalIntegration(processweown)ConsolidationofFunctions(servemorewithless)NegotiatingPowerTaxBenefitsFinancialEngineeringSynergieswithsignificant“Peopleintegration”SharedTangible

Resources(usesameformore)HRSystemAlignment—MarketAccessDriverSynergy ImprovedMarketAccessDesiredbehaviours=Customer-oriented,team-oriented,flexible,fasttomarketOrganisationStaffingDevelopmentPerformanceRewardsProduct,customer-basedStructuredcustomerteamsInter-teamcommunicationatcustomerinterfacesPayforperformanceHighvariableincentivesFormula-drivenbasedonmarketaccessobjectivesCriticalsalescompensationEmphasisemarket-basedpayHardnumbersPeerfeedbackFocusonaccountabilityBroadcommunicationofthebigpictureProduct/marketknowledgeSellingskillsKnowledgetransferTeamleadershipRealisticadvancementexpectationInitiatesself-growthTeam-orientedCustomer-orientedCommunicationskillsStaffmixofcompetencies(region,product,etc.)Communicate!HRSystemAlignment—BusinessCreationDriverSynergy BusinessCreationDesiredbehaviours=Stronginnovative,andentrepreneurialspirit,flexible,andteam-orientedOrganisationStaffingDevelopmentPerformanceRewardsLesshierarchyfocusProductorientedFluid,frequentlychangingteamsAssesssystemsandstructuresneededtobuildthenewentityNon-rigidapprovaland

decisionprocessesInnovativeandcreativeLong-termfocusCooperativeinformationsharingPrideinbeingfirstSensitivetospeedLogicalTeamprocessesProductdevelopmentprocessesTechnologicaland

creativetrainingResearchskillsTrainstaffondistinctivegoalsMeasurehardnumbersrelatedto

businesscreationSupportbehavioursfacilitatingbusinesscreationIndividualcreativityFocusonenvironment,team,andindividual

performanceevaluationBroad-basedprofitsharingLong-termfocusJobhierarchyirrelevantCommunicate!HRSystemAlignment—SharedKnow-HowDriverSynergySharedKnow-howDesiredbehaviours=Creativeinapplyingnewknow-how,highlyflexibleandadaptablebutprocessorientedOrganisationStaffingDevelopmentPerformanceRewardsTeamorientedProblemsolver,systematicGoodlisteningskillsFlexibletonewprocessesandconceptsMethodsandnewprocesslearningTeambehaviourProcessmanagementandcontrolCommunicationskillsJobrotationBroadenemployeesandmanagementaccesstolearningHoldmanagersaccountableforcoachingRelatedtohardfinancialnumbersDerivedfromplanknow-howbaseFocusoncontinuousknow-howdevelopmentanddeploymentPayforperformancewithlimitedvariabilityShort-andlong-termfocusSupportjobmobilityandskillenhancementCompetency-alignedpayplanProcessoriented,bestpracticeapplicationHighinter-teamcommunicationofknowledgeFlatorganisationalstructuresCommunicate!PeopleIssuesBlockValueCreation阻碍创造价值的人人员问题LackofConnectivity缺乏关联性DifferentOperatingStyles运作模式差异异TalentShortage人才短缺DisconnectedEmployees员工凝聚力差差WrongSkills技能不当“Siloed”behaviour片面的行为HighTurnover流动率高DifferentCultures文化差异DysfunctionalTeams团队机能不佳佳BusinessRestructurings业务重组Reactive,TacticalInitiatives灵活、战术性方案AdministrativeOverload管理超超负荷荷LargeInfrastructure大型的的基础础结构构LackofHRAlignment缺乏人人事调调整DelayedInvestments延迟的的投资资EmpowermentDifferences授权模模式差差异DifferentDecision-MakingPolicies决策政政策差差异DifferingRoleProfiles职位要要求差差异Webenabled“projectmanagementandtoolsuite””ProvidesuserswithglobalaccesstoconsistentM&Aframework,process,toolsandresourcesOnly20-30%oftoday’’smergersandacquisitionscreateshareholdervalueHewittPartnershiponM&AQuestion&Answers提问与与讨论论进一步步咨询询，请请致电电：Anyquestions,pleasecontact:JennyLi(GMofHewittBeijing)86-10-85275100ext8014GarryWang(Sr.Consultant)86-10-85275100ext8012ChristianDoeringer(GMofHewittGuangzhou)86-20-38773788ext1039、静静夜夜四四无无邻邻，，荒荒居居旧旧业业贫贫。。。。1月月-231月月-23Friday,January6,202310、雨雨中中黄黄叶叶树树，，灯灯下下白白头头人人。。。。18:25:5718:25:5718:251/6/20236:25:57PM11、以以我我独独沈沈久久，，愧愧君君相相见见频频。。。。1月月-2318:25:5718:25Jan-2306-Jan-2312、故人人江海海别，，几度度隔山山川。。。18:25:5718:25:5718:25Friday,January6,202313、乍乍见见翻翻疑疑梦梦，，相相悲悲各各问问年年。。。。1月月-231月月-2318:25:5718:25:57January6,202314、他他乡乡生生白白发发，，旧旧国国见见青青山山。。15、比不了得就不比，得不到的就不要。。。一月233:09上午1月-2303:09January23,202316、行动出成果，工作出财富。。2023/1/233:09:4303:09:4323January202317、做前，能够环视四周；做时，你只能或者最好沿着以脚为起点的射线向前。。3:09:43上午3:09上午03:09:431月-239、没有失败，只有暂时停止成功！。1月-231月-23Monday,January23,202310、很多事情努力了未必有结果，但是不努力却什么改变也没有。。03:09:4303:09:4303:091/23/20233:09:43AM11、成功就是日复一日那一点点小小努力的积累。。1月-2303:09:4303:09Jan-2323-Jan-2312、世间成事，不求其绝对圆满，留一份不足，可得无限完美。。03:09:4303:09:4303:09Monday,January23,202313、不知香积寺，数里入云峰。。1月-231月-2303:09:4303:09:43January23,202314、意志坚强的人能把世界放在手中像泥块一样任意揉捏。23一月20233:09:43上午03:09:431月-2315、楚塞三湘接，荆门九派通。。。一月233:09上午1月-2303:09January23,202316、少年十五二十时，步行夺得胡马骑。。2023/1/233:09