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1、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 ofHewitt Associates LLC.Hewitt Experience SharingJanuary 19, 2006Managing Integration Before and After the Deal企业并购前后的整合管理企业并
2、购前后的整合管理Content 内容内容Most deals do not create shareholder value and do not meet the set objectives大部分大部分并购交易无法创造股东价值，亦无法实现并购交易无法创造股东价值，亦无法实现既定目标既定目标Poor integration is a key reason for M&A failure整合工作不利是整合工作不利是并购并购失败的关键原因所在失败的关键原因所在The structure of the deals reinforce the need for synergy achievement
3、并购并购交易结构着重强调需要实现协同增效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 $500 Million20世纪世纪90年代年代：调研调研150宗购并交易宗购并交易，价值达，价值达5亿亿美元美元Substantially Eroded Returns侵蚀高额收益侵蚀高额收益30%Created Substantial Returns创造高额收益创造高额收益17%Eroded Some Returns侵蚀某些收益侵蚀某些收益20%Create
4、d Marginal Returns创造边际收益创造边际收益33%37%38%46%65%76%17%15%26%35%42%10%20%30%40%50%60%70%80%0%Enhance reputation提高信誉提高信誉Reduce operating expense降低运作成本降低运作成本Access new products开发新产品开发新产品Grow marketshare增加市场份额增加市场份额Access new markets开发新市场开发新市场% of companies 占公司数量的百分比占公司数量的百分比目标实现Reasons for FailurePoor Int
5、egration 失败的原因整合不利0%10%20%30%40%50%60%70%80%美国US欧洲Europe拉美Lation America 亚太地区Asia PacificPercent of Responses答案百分比答案百分比整合组织文化确保员工的专注力通过新计划促使员工敬业整合人力资源/福利计划Integration is the most challenging M&A issue.整合是整合是最具挑战性的购并问题最具挑战性的购并问题.and can be costly.可能需要较高的成本可能需要较高的成本.0%5%10%15%20%25%30%35%40%45%50%亚太地区
6、A-P欧洲Europe拉美L-A美国US组织整合困难两个组织的协同增效文化差异Integrating Organisational CulturesKeeping Employees FocusedEngaging Employees in New ProgramsIntegration HR/Benefit ProgramsDifficulties Integrating OrganisationsSynergies of the Two OrganisationsDiffering CulturesPeople Integration Costs Impact Deal Pricing人员
7、整合成本对交易价格的影响交易成本交易成本Transaction costs整合整合/实施成本实施成本Integration/implementation costs对对购并方的协同购并方的协同增效价值增效价值Value of synergies to acquirerKey!关键关键!购并方的独立价值购并方的独立价值Stand-alonevalue of acquirer购并对象的独购并对象的独立价值立价值Stand-alone value of target?$购并对象的购并对象的最高价格最高价格Maximum price for targetFour Factors for Success
8、ful Integration整合成功的四个要素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确保管理层确保管理层和员工关注购并目标沟通战略和员工关注购并目标沟通战略Pre-Due Diligence前期可行性分析前期可行性分析Busi
9、ness Perspective 业务关注业务关注点点Due Diligence可行性分析可行性分析Integration整合整合Strategic HR-Due Diligence 策略性人力资源可行性分析策略性人力资源可行性分析Kick-Off 启动启动Integration整合整合Hewitts Process 翰威特程序翰威特程序StrategyAssessment策略评估策略评估HR-Liability& Synergy Gap Assess.人力资源义务人力资源义务与协同增效差距评估与协同增效差距评估Deal Input交易投入交易投入ProgramOffice Setup设立设立
10、计划办公室计划办公室 Integration ManagementSetup设立整合设立整合管理部门管理部门Ignition启动启动. Alignment 调整调整Staffing人员配置人员配置Monitoring监控监控Critical Synergy Drivers 关键协同驱动因素Improved Market Access(bigger is better)Growth ReturnCombinedBusiness Creation(new is better)CoordinatedStrategies(together we conquer)SharedKnow How(know
11、more)Vertical Integration(process we own)Consolidation of Functions(serve more with less)Negotiating PowerTaxBenefitsFinancialEngineeringSynergies with significant “People integration”Shared Tangible Resources (use same for more)HR System AlignmentMarket Access DriverSynergyImproved Market AccessDes
12、ired behaviours = Customer-oriented, team-oriented, flexible, fast to marketOrganisationStaffingDevelopmentPerformanceRewardsProduct, customer-basedStructured customer teamsInter-team communication at customer interfacesPay for performanceHigh variable incentivesFormula-driven based on market access
13、 objectivesCritical sales compensationEmphasise market-based payHard numbersPeer feedbackFocus on accountabilityBroad communication of the big pictureProduct/market knowledgeSelling skillsKnowledge transferTeam leadershipRealistic advancement expectationInitiates self-growthTeam-orientedCustomer-ori
14、entedCommunication skillsStaff mix of competencies (region, product, etc.)HR System AlignmentBusiness Creation DriverSynergyBusiness CreationDesired behaviours = Strong innovative, and entrepreneurial spirit, flexible, and team-orientedOrganisationStaffingDevelopmentPerformanceRewardsLess hierarchy
15、focusProduct orientedFluid, frequently changing teamsAssess systems and structures needed to build the new entityNon-rigid approval and decision processesInnovative and creativeLong-term focusCooperative information sharingPride in being firstSensitive to speedLogicalTeam processesProduct developmen
16、t processesTechnological and creative trainingResearch skillsTrain staff on distinctive goalsMeasure hard numbers related to business creationSupport behaviours facilitating business creationIndividual creativityFocus on environment, team, and individual performance evaluationBroad-based profit shar
17、ingLong-term focusJob hierarchy irrelevantHR System AlignmentShared Know-How DriverSynergyShared Know-howDesired behaviours = Creative in applying new know-how, highly flexible and adaptable but process orientedOrganisationStaffingDevelopmentPerformanceRewardsTeam orientedProblem solver, systematicG
18、ood listening skillsFlexible to new processes and conceptsMethods and new process learningTeam behaviourProcess management and controlCommunication skillsJob rotationBroaden employees and management access to learningHold managers accountable for coachingRelated to hard financial numbersDerived from
19、 plan know-how baseFocus on continuous know-how development and deploymentPay for performance with limited variabilityShort- and long-term focusSupport job mobility and skill enhancementCompetency-aligned pay planProcess oriented, best practice applicationHigh inter-team communication of knowledgeFl
20、at organisational structuresPeople Issues Block Value Creation阻碍阻碍创造价值的人员问题创造价值的人员问题Lack of Connectivity缺乏关联性缺乏关联性Different Operating Styles运作模式差异运作模式差异Talent Shortage人才短缺人才短缺Disconnected Employees员工凝聚力差员工凝聚力差Wrong Skills技能不当技能不当“Siloed” behaviour片面的行为片面的行为High Turnover流动率高流动率高Different Cultures文化差异
21、文化差异Dysfunctional Teams团队机能不佳团队机能不佳Business Restructurings业务重组业务重组Reactive, Tactical Initiatives灵活、灵活、战术性方案战术性方案Administrative Overload管理超负荷管理超负荷Large Infrastructure大型的基础结构大型的基础结构Lack of HR Alignment缺乏人事调整缺乏人事调整Delayed Investments延迟的投资延迟的投资Empowerment Differences授权模式差异授权模式差异Different Decision-Making
22、 Policies决策政策差异决策政策差异Differing Role Profiles职位要求差异职位要求差异Web enabled “project management and tool suite”Provides users with global access to consistent M&A framework, process, tools and resourcesOnly 20-30% of todays mergers and acquisitions create shareholder valueHewitt Partnership on M&AQuestion & Answers 提问与讨论提问与讨论进一步咨询，请致电：Any questions, please contact:Jenny Li (GM of Hewitt Beijing) Jenny. 86-10-8527 5100 ext 8014Garry Wang (Sr. Consultant)Garry. 86-10-8527 5100 ext 8012Christian Doeringer (GM of Hewitt Guangzhou) Christian. 86-20-3877 3788 ext 103
