价值为基础的管理

Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Click to edit Master title style,Value Based Management,Hewitt Associates,August 2001,Creating Shareholder Value is Gaining Importance Due to a Variety of Factors,Regional/Capital Markets Perspective,Greater Focus on,Shareholder Value,Integration of,Organizational,Structures,Deregulation,Privatization,Integration,of Capital Markets,WTO,Capital Market,Investment,Objectives,Mergers and,Acquisitions,Globalization,Corporate Specific/TopManagement Perspective,Traditional accounting measures are not reliably linked to,shareholder value,Growing recognition,of the need to align,management actions,and rewards to long-term,value creation,Increasing publicity of,shareholder value creation,rankings (e.g., FT. Fortune),Possibility of takeover,by investors seeking,“under” managed assets,“,Buy in” by Corporate leaders,What is Value Based Management ?,A consistent framework that aligns management action and strategic objectives with shareholder value creation,The primary goal of value based management is to build a corporate mindset in which management decision making and execution are focused on the creation of shareholder value,VBM,Enables,A consistent approach to management planning, resource allocation, performance assessment, and communication,Management to focus and prioritize on “value”,Alignment of management action with strategic objectives and shareholder value,VBM is,Not,Solely a question of choosing a performance metric,Limited to implementation within the corporate planning and finance division,Easy to implement,HR Alignment Facilitates the Success of VBM Implementation,16.6%,6.7%,8.6%,7.1%,10.0%,3.0%,0%,2%,4%,6%,8%,10%,12%,14%,16%,18%,5-,year Average %,TSR,CFROI,Sales Growth,Companies aligned to VBM objectives,Companies not aligned,VBM measures used for planning and compensation, VBM goal setting, Performance system, Training, Business unit and corporate incentives,Empirical Results Show a Link Between Organizational Implementation and Value Creation,Companies with business unit specific long-term incentives tied to shareholder value creation outperform companies without these incentives,Companies with Corporateand Business unit incentives,Companies with solely,Corporate VBM incentives,3-,year TSR%,23.3,20.5,22.8,25.5,22.5,25.4,20,21,22,23,24,25,26,1997-2000,1994-97,1991-94,Value-Creating Behaviors, Priorities, Decisions, and Measurement,Linking HR to VBM,VBM-Aligned,Management Processes,Corporate StructureAlignment,Corporate CultureVBM-Alignment,Desired Value-Creating Behaviors and Competencies,Employment Relationship,Personal Needs,Goals, and Strategies,Individual Priorities,and Skills,HR Policies,and Management,Personal Vision,Organization,People Requirements,“,Ownership” Culture,Decision-making, Priorities, Reports,An HR Perspective on Value Management,Investor Scorecard,Total Shareholder Return (TSR),Market Value Added (MVA),Management Track RecordGrowth / Return Profile,Business Strategy,Investments in Future Growth,Economic Value Improvement,Intellectual Capital,Investor Expectations of,future earnings & risk,Financial Performance Objectives,Client Satisfaction Indicators,Employee Engagement & Productivity,Product Offering &,Innovation,People Strategy,SHORT TERM INDICATORS (Illustrative),Decision Process and Organizational Structure,Performance Management and Incentives,Internal Resource Allocation,Staffing and Recruitment,Values and Culture,Communications,Training,Internal Process,“Alignment to,Value”,Internal,Scorecard,Long Term Goals,and performance,targets anchored,to Investor,Expectations,What is Value in the Business Context?,Time,Today,Business Value: What future cash flows are worth today,$,$,$,$,$,Competing Perspectives:,Look back at what,has,happened,Look forward at what,will,happen,Spread costs smoothly over time,Look at the,timing,of when cash comes and goes,Only count what can be measured,Count,everything,that affects value,Value Perspective,Accounting Perspective,Bridging the Gap,Accounting,Results,Returns,Growth,Margins,Market share,Product quality,Strategy,Management team,Plan for the future,Innovation,Competitive position/investment,Market Valuation,Stock Price,Total Shareholder Return (TSR),Expectations of Value,Likelihood of success,Degree of improvement,Economic environment,Measurement of Value,Measurement of value is,not,a neutral act - it is a choice which signifies managements priorities and dictates the organizations view of itself,Selecting a performance measure aligned with enhancement of value influences not only that measure but also all those measures not selected,Measurement of Value,Return on Equity (ROE),Return on Assets (ROA),Return on Capital (ROC),Return on Net Assets (RONA),Return Measures,Revenue growth,Asset growth,Investment growth,Market share,Volume,Growth Measures,Total Shareholder Return,Market Value Added (MVA),Economic Value Added (EVA),Cash Value Added (CVA),Cash Flow Return on Investment (CFROI),Combined Measures,Drivers of Shareholder Value,Returns,Growth,VALUE,The two most fundamental drivers of share holder value :,Managing Shareholder Value,The balance of competing objectives :,Growth-Returns Trade-off,For most firms, the relationship between growth in Capital Employed and percent change in ROI is initially negative. Correlation is positive over longer time horizons.,Growth in Capital,Return on Capital,Profit Margins,Asset Turnover,Shareholder Value,Hierarchy of Tradeoffs,Dimensions of Value,Shareholder Value Creation,Performance measures and targets are customized to capture short term tradeoffs in view of long term value,Short-term,Tradeoffs,Long-term Investments,Capital Investment for long term growth potential,Short-term Returns,:,Returns in excess of cost of capital-,RONA,EP spread (%),CFROI,ROE,Short-term Growth,:,Net Income growth,Cash Flow growth,Sales Growth,Dividends,Free Cash Flow,Industry Factors,:,Not company specific,Macroeconomic factors,Demographics,Commodity prices, etc,Internal -,Company specific,(Customized metrics including EP, CVA, CFROI, TBR, and other value drivers),External -,Industry specific,Short-term,Tradeoffs,What metrics do we subscribe to?,Shareholder Value Enhancement Imperatives,Identification of value centers within the organization,Evaluation of strategic alternatives (harvesting, divesting, acquisitions, market entry, etc.) based on value creation,Integration of management systems (strategic planning, budgeting, resource allocation and performance measurement) based on value creation,Implementation of MIS to facilitate operational decision making, periodic reporting and monitoring of value creation,Rewards aligned with “value based” performance,Generic Value Driver Tree,Commitment,Competencies,Capabilities,Implementation Through People,Financial Results,Operational Outcomes,Structures, processes, and experiences that enable your organization to secure competitive advantage,Capabilities,Performance behaviors that are observable, measurable, and critical to successful performance,Competencies,Factors that facilitate employee commitment to the organization,Commitment,Balanced Measures,Example,Financial,Margins,Cost Reduction,Project Profitability,Client,Client Satisfaction,Perceived Value of Service,Operational,On-time Completion Rates,Bidding Success Rates,Employee,Employee Survey Results,Turnover Rates,EVA,Pricing,Fixed Cost Contracts,Cost Plus Contracts,Currency Exposure,Market Position,Competitive Differentiation,Perceived Value of Service,Customer Relationships,Sales Force Effectiveness,Project Load,Industry Sector,Geographic Penetration,Bidding Success Rates,New Ordersand Order Backlog,Funded,Nonfunded,Profit Margin,EBITDA/Revenues,Net Income/Revenues,Turnover,Revenues/Investments,Overhead/Expense Mgmt.,Marketing/Administrative,Accounts Receivable,Current Liabilities,Fixed Capital,Use of Debt Leverage,Investor Relations,Analyst Coverage,Growth,Revenues,Cost of Capital,Financial Liquidity,Capital Accessibility,Market Alternative Returns,Return on Total Capital (ROTC),Return on Gross Investment (ROGI),Return on Investment,Strategic Alliance/Joint Ventures,Market Focus,Investment Capital,Branch Office,Project Working Capital,Business Dev. Costs,Service Delivery,Project Execution,Overall Contract Management,Technological Capabilities,Subcontractor Mgmt. Operating Leverage,Labor Productivity,Business Processes,Translating Value into Management Systems,Contents,HR Reinforces,Analyze critical value drivers,Review performance metrics,Align performance metrics to objectives,Realign Business Processes Target setting Planning Budgeting Resource allocation Reporting Performance assessment,Align business unit-specific processes,Align decision making processes based on value priorities,Communicateto investors,Gain Commitment,Value Driver Analysis,Reinforcement,Business ProcessAlignment,“,Push Down”,Implement on corporate,and,business unit level,Communicate value-driven decisions,Educate, inform, and reinforce,Senior level executive commitment,Broad operational buy-in,Communication of philosophy and general strategic objectives,Broad educational initiative for managers,Alignment of communication,Alignment of performance criteria,Input for ease of implementation,HR-alignment of all functions, especially incentive design and performance management,Sharing the “Learnings”,Communication,Business unit-specific alignment of HR programs,Broad educational effort for all employees,Further HR-systems alignment,The HR-function can significantly contribute to the success of the implementation,Value-Creating Behaviors, Ownership culture, Priorities, Decisions, and Measurement,Linking Organizational Systems to Value Drivers has Multi-point Linkages,VBM-Aligned Management,Processes and Structure,Corporate Culture,VBM-Alignment,Desired Value-Creating,Behaviors and Competencies,HR Policies,and Management,Employment Relationships,(“Whats the deal?”),Organization,An Aligned Organizational Strategy will have an Impact on Business Value Drivers,Financial Value Drivers,Organizational Impact,Leadership,Staffing,Rewards,Organization,Effectiveness,Performance,VBM Alignment,Development,Increased,market share,Revenue,growth,Profit,margins,Asset,turnover,Debt/ equity,ratio,Risk profile,Business,expansion,Improved,competitiveness,Operational,efficiency,Organizational,effectiveness,Optimal,capital structure,Growth,Returns,Cost of Capital,Value drivers,Leadership is responsible for the expected behavioral changes,Critical Questions that Link Management Systems to VBM,Critical Questions,Has the desired culture been articulated?,Does VBM fit into the culture of the corporation and/or of business units?,What are the key messages you want people to get from VBM?,How do you want peoples behavior to change under VBM?,Do managers and employees have the ability to impact the VBM implementation?,Implementing VBM Requires a Certain Corporate Culture,Person Oriented,Performance Orientation,We emphasize how things are done. A focus on the processes and activities that lead to high performance.,We emphasize what is accomplished.The result is more important than the procedure.,Process Oriented,Results Oriented,People Perspective,We focus not only on what people can deliver, but also on each person as an individual.,We focus on getting the job done. Our concern for people is based primarily on what they deliver for the organization.,Identity Perspective,Employees identify primarily with our organization.,Employees identify primarily with their professions.,Company Oriented,Profession Oriented,Openness Perspective,There is a defined organizational type of person, viewpoint, and communication style. There are often lengthy induction and orientation periods which fortify our culture.,Diversity of people, viewpoints, and communication styles are encouraged. Newcomers feel at home soon after arrival.,Closed System,Open System,Control Orientation,Activities, results, and procedures are developed, managed, and maintained by the organization.,Individuals, teams, and smaller organizational units take accountability for their own activities, results, systems, and procedures.,System-Driven,Self-Driven,Flexibility,We adhere to well-established standards and procedures to deal with customers.,Standards and procedures are flexibly applied to meet customer expectations,Normative,Pragmatic,Job Oriented,Aligning Talent Management Practices Based on Corporate Culture,TalentManagementPrioritiesandAction,Alignment Issues,Having the right people doing the right things to reach business goals,Engagement Issues,Creating the environment where the right people want to be,Alignment Priorities,Engagement Priorities,Learning,Rewarding,Staffing,Performing,Organizing,Talent,Management,Practices,Culture,HR-Alignment Follows the VBM Implementation Process,HR-VBM-Audit,HR-Alignment,Step 1:,Strategic Assessment,Step 2:,Current State,Step 4:,Value Drivers Financial/Operational,Step 3:,Future State,Step 5:,HR Policy Alignment,Step 6:,HR Structure and,Service Delivery,Step 8:,Measure and Monitor,Step 7:,Change Mgmt. Strategy,Aligning HR to VBM: Implementation is a Complex Process,Step 1:,Strategic Assessment,Step 2:,Future State,Step 4:,Value Drivers Financial/Operational,Step 3:,Current State,Objectives,Tools,Outcomes,Gathering data on business issues with VBM implementation,Assessing the gap between corporate and business unit perspectives,Analysis of current state concerning:,Culture,Business Processes,Value Enhancing Behaviors,Design of the future state in respect to:,Long-Term Business Goals,Business Processes,Culture,Behaviors,Structured interview,Existing data and material analysis,Input from strategy department or finance,Define expectations from Corporate,Perspective on value creation,Define main problems of business unit managers,Ownership for the problems,Expectations for HR Role,Cultural assessment survey,Business process monitoring and mapping,Structured interviews and design workshops,Use of tools prepared in previous step,Design workshops,VBM Culture Gap,Check of existing business processes - VBM related with an HR-impact,Check of HR-Business processes and programs,Assessment of behaviors enhancing/hindering value creation,Cascading value-driver tree to business unit levels,Securing understanding for different unit contributions to value creation,Compensation alignment with VBM,Value-driver generation,Industry benchmarks,Link to corporate objectives,Incentive design, Performance design,Action plan concerning needed changes in the respective areas,Definition of business unit-specific value drivers,Definition of HR-inputs for defined-value drivers,Definition of main HR-programs to reinforce strategy and value creation, e.g Compensation, Performance Management,Aligning HR to VBM Implementation is a Complex Process,Step 5:,HR Policy Alignment,Step 6:,HR Structure and Service Delivery,Step 8:,Measure and Monitor,Step 7:,Change Mgmt. Strategy,Objectives,Tools,Outcomes,Definition of the workforce strategy,Alignment of all HR systems,Definition of value enhancing HR structure and service delivery,Division of tasks between corporate and business unit,Definition of a change management plan,Definition of transition management plan,Assignment of responsibilities,Best practices,Design tools and workshops,Best practices,Organizational design tools,Cost analysis (Activity based),Process mapping,Action plan structure concerning needed changes in the respective areas,Implementation tools for managers,Positioning of HR as partner for business units for VBM implementation,Definition of roles and services provided,Assessing the VBM-implementation plan,Feedback and milestone check,Focus accountability,Engagement model,Continuous reporting and communications,Definition of corrective measures,Definition of VBM impact on the engagement of the workforce,VBM-based behavior,VBM-HR-Measurement System,Definition of needed changes in:,Staffing,Rewarding,Learning,Leadership,Performing,Change plan including:,Communication strategy,Education strategy,Leadership alignment,Transition strategy,Critical Factors Driving Successful Implementation of VBM,Strong support at the executive management (CEO) level,Effective communication throughout the organization,Aligned management and organizational systems,Developed focus on strategic planning,Resource allocation on the basis of value creation,Persistence and patience,About Hewitt Associates - Our Presence Worldwide,Paris,Prague,Rotterdam,St. AlbansStockholm,Utrecht,Vienna,Warsaw,Wiesbaden,Zrich,Amsterdam,Brussels,Budapest,Dublin,Eindhoven,Geneva,Lisbon,Ljubljana,Madrid,Milan,Neuchatel,Europe,Aukland,Bangalore,Bangkok,Beijing,Gurgaon,Hong Kong,JakartaKuala LumpurManila,Melbourne,Mumbai,New DelhiSeoul,Shanghai,Singapore,Sydney,Tokyo,Wellington,Asia/Pacific,St. Louis,San Antonio,San Francisco,San Juan,Santiago,So Paulo,Santo Domingo,Tampa,The Woodlands,Toronto,Vancouver,Washington, D.C. (Consulting),Washington, D.C. (Research),Los AngelesMexico CityMcLeanMilwaukeeMinneapolisMontralNew YorkNewport BeachOrlandoPhiladelphiaPhoenix/ScottsdalePittsburgh,ReginaRowayton,The Americas,AtlantaBostonBridgewaterBuenos AiresCalgaryCaracasCharlotteChicagoCincinnatiClevelandDallasDenverDetroit,Lincolnshire (HQ),More than 12,000 associates in 81 offices in 36 countries around the world,Our Standing,About Hewitt,A global management consulting firm specializing in human resource solutions. Our strength is helping organizations identify and implement people solutions using both the strategic and tactical approaches.,Privately held since 1940; recognized as a leading employer,Global revenue of more than US$1.3 billion in FY 2000,Among the top 20 global management consulting firms,In the top 200 of,Forbes,magazines “Top 500 Private Companies”,“Wrote the book” on workforce management,The Talent Solution: Aligning Strategy and People to Achieve Extraordinary Results,.,Leading executive compensation consulting firm,Percent of “Fortune 500” Companies Using Hewitts Executive Compensation Consulting Services,1979,Hewitts VBM initiative launched within compensation practice,1995 - 2000,Integrated Value Alignment Program implementation at client companies,Executive and Broad Based Compensation,Leadership training,Performance Management,Employee Communications,Staffing and Talent Management,ACA publications,Shareholder Value Incentives and Creating Equity Excitement, 1995,Unleashing Trapped Value with Business Unit Incentives, 1998,VBM Conference Presentations,Client Teleconference sponsored by Hewitt and HOLT Value Associates, Oct 5th, 2000,“Beating the Fade: Impact of Employee Branding on Business Value”,VBM for Financial Institutions, London, 2000,VBM- Linking Strategic Planning, Performance Measurement and Compensation, Executive Programs Course at Kellogg Graduate School of Management, 1998 to present.,Global Finance Conference, 2000,VBM Employee Education Program,Creating Value Working to Win, a video based VBM and EVA training program featuring,Abbie,Smith, University of Chicago, Graduate School of Business,Research Breakthrough,Wachovia Bank,Linking Employee Engagement to Business Results,1980 - 1990,VBM Compensation,Client Projects-examples,Van Dorn,Mattel,Pacific Telesis,(w/,Marakon,),US West Relative TRS,Long Term Incentive,plan (fi