翰威特-以股權(quán)為基礎(chǔ)的薪酬制度

What Do We Mean by “Equity-Based” Pay? 什么是“以股權(quán)為基礎(chǔ)”的薪酬制度?
Any form of pay arrangement aligned with, or paying out in, stock 任何以股票形式支付或與股票相關(guān)聯(lián)的薪酬形式
The basic payout opportunity works as follows: 最基本的支付形式如下圖所示:

The Entire Pay Picture 整體薪酬圖
The Entire Pay Picture 整體薪酬圖
The Entire Pay Picture 整體薪酬圖
Trend Toward Greater Equity Participation for Employees 員工持股已成為全球的趨勢(shì)
Increasing number of companies have embraced broad-based employee ownership 越來(lái)越多的公司實(shí)施了廣泛的員工持股計(jì)劃
Nonmanagement employees collectively own between 6% and 10% of total corporate equity 非管理層員工總計(jì)持有公司全部股票的6%到10%

Estimated 3,000 companies have instituted broad-based option plans since 1989 從1989年開(kāi)始，大約3,000家公司實(shí)施了廣泛的員工持股計(jì)劃

Shares set aside for options at all public companies valued at $600B compared with $60B in 1985 現(xiàn)在所有的上市公司用于股票期權(quán)的股票價(jià)值已上升到6,000億美元，而1985年只有600億美元

41% of large U.S. employers give stock options to at least half of their workforce
41%的美國(guó)大型企業(yè)向一半以上的員工授予股票期權(quán)

Why Consider Equity-based Pay? 為什么考慮以股權(quán)為基礎(chǔ)薪酬制度？
Alignment of shareholders and employees’ incentive opportunities 統(tǒng)一股東和員工的獎(jiǎng)勵(lì)機(jī)會(huì)
Forges tighter bond between executives and other employees, as all can be put on a common incentive platform 將管理層和其他員工的薪酬制度緊密結(jié)合，使公司所有員工的激勵(lì)機(jī)制趨于統(tǒng)一
Motivate broad group of employees to work toward common goal—inspires teamwork 鼓勵(lì)廣大員工向共同的目標(biāo)前進(jìn) - 鼓勵(lì)團(tuán)隊(duì)協(xié)作精神
Incentive payouts are a “win-win” situation—payments occur in direct relation to company performance 激勵(lì)機(jī)制處于“雙贏” 狀況 - 報(bào)酬與企業(yè)業(yè)績(jī)直接掛鉤
Minimizes cash outflow, as payments are made in equity 由于實(shí)施了股權(quán)薪酬制度，可以最大限度地減少現(xiàn)金支付
Financial Reasons for Providing Equity-based Pay 提供以股權(quán)為基礎(chǔ)薪酬形式的財(cái)務(wù)因素
Study by Hewitt Associates and the J.L. Kellogg Graduate School of Management (Northwestern University) (1998): 翰威特公司和西北大學(xué)J.L. Kellogg研究生管理學(xué)院聯(lián)合進(jìn)行的調(diào)查 表明(1998年):
Companies that instituted employee ownership programs experienced an average annual Return On Assets of 2.6 percentage points greater than industry averages each year of the 4-year study period 對(duì)實(shí)施了員工持股計(jì)劃的公司進(jìn)行跟蹤調(diào)查的四年當(dāng)中，其資產(chǎn)回報(bào)率比同行業(yè)平均水平高出2.6個(gè)百分點(diǎn)
Cumulative Total Shareholder Return over 4 years also 6.9 percentage points greater than comparison group averages 四年中股東回報(bào)率要比其他公司高出6.9個(gè)百分點(diǎn)
82% of companies reported that ownership program had a significant positive impact on business results 有82%的公司認(rèn)為，員工持股計(jì)劃會(huì)對(duì)經(jīng)營(yíng)業(yè)績(jī)產(chǎn)生積極影響
Significant correlation between companies reporting positive impact and effective sharing and use of business information 分享公司經(jīng)營(yíng)信息并加以有效利用與以股權(quán)為基礎(chǔ)的薪酬計(jì)劃緊密關(guān)聯(lián)，而這一薪酬計(jì)劃會(huì)對(duì)經(jīng)營(yíng)業(yè)績(jī)產(chǎn)生積極影響
Financial Reasons for Providing Equity-based Pay 提供以股權(quán)為基礎(chǔ)薪酬形式的財(cái)務(wù)因素
Joseph Blasi 1996 study: Joseph Blasi1996年調(diào)查指出:
Significantly higher growth in 10-year average financial performance where employees own more than 5% market value 當(dāng)員工所持股票超過(guò)市值的5%時(shí)，企業(yè)的財(cái)政業(yè)績(jī)明顯高于此前10年的平均增長(zhǎng)水平
Not true where stock concentrated among top 5 officers 最高級(jí)別的五位管理人員持有全部股票的公司未達(dá)到這一增長(zhǎng)水平
American Capital Strategies: 美國(guó)的資本戰(zhàn)略:
Stock price index of public companies with at least 10% employee ownership outperformed broad-based stock indices 員工持股占10%以上的上市公司的股指比全員持股公司的股指要好
In 1992–1995: 80.19% versus 48.69% for the Dow and 44.87% for S&P 500 在1992-1995年之間，實(shí)施員工持股計(jì)劃的公司和同業(yè)公司未實(shí)施持股計(jì)劃的公司相比，道瓊斯指數(shù)為80.19%:48.69%，S&P500指數(shù)為80.19%:44.87%。

Financial Reasons for Providing Equity-based Pay 提供以股權(quán)為基礎(chǔ)薪酬形式的財(cái)務(wù)因素
According to Fortune Magazine’s 100 Best Companies survey, of those companies that are publicly traded 《財(cái)富雜志》對(duì)世界前100名上市交易公司的調(diào)查表明:
60% have implemented broad-based stock option plans; 60%的企業(yè)已經(jīng)實(shí)施了廣泛的股票期權(quán)計(jì)劃
42% offer options to every employee; and 42%為所有員工提供股票期權(quán)
80% of employees at these companies own company stock 這些公司約有80%的員工擁有公司的股票

Overview 概況
What are long-term incentives? 什么是長(zhǎng)期獎(jiǎng)勵(lì)?
“Variable compensation earned over a period of more than 12 months” 12個(gè)月以上的可變薪酬

Historically, they have taken many forms: 曾在歷史上表現(xiàn)出的形式:
Nonqualified stock options (“NQSOs”) 非資格評(píng)定的股票期權(quán)(“NQSOs”)
Incentive stock options (“ISOs”) (circa 1982) 激勵(lì)性的股票期權(quán)(“ISOs”)(大約在1982年)
Stock appreciation rights (“SARs”) (circa 1973) 股票增值權(quán)(“股票增值權(quán)”)(大約在1973年)
Performance plans (circa 1975) 績(jī)效計(jì)劃(大約在1975年)
Overview 概況
Restricted stock (circa 1983) 受限股票(大約在1983年)
Who gets it? 什么人得到這種獎(jiǎng)勵(lì)呢?
Could be as broad as annual incentives and beyond (e.g., stock options) or limited to just officers (e.g., performance shares/units) 可以象所有員工得到年終獎(jiǎng)一樣廣泛，甚至更多(例如，股票期權(quán))或者只限于主管(例如，績(jī)效股份)
Almost all major industrials have some long-term incentive plan 幾乎在所有的主要產(chǎn)業(yè)中，都實(shí)行了長(zhǎng)期獎(jiǎng)勵(lì)計(jì)劃



Prevalence 普遍性/相關(guān)值
Description of Stock Options 股票期權(quán)
NQSOs 非資格評(píng)定的股票期權(quán)
Stock option—right to buy stock at a fixed price over a specified period of time 股票期權(quán) - 在規(guī)定的時(shí)間段內(nèi)，以固定價(jià)格購(gòu)買股票的權(quán)利
Description of Stock Options 股票期權(quán)
Eligibility levels 資格水平
Average (percentage of exempt) 21.0% 平均(專業(yè)水平的百分比) 21.0%
Median (percentage of exempt) 9.6% 中位(專業(yè)水平的百分比) 9.6%
Description of Stock Options 股票期權(quán)
Many companies go much deeper 許多公司做得更加深入
“All-employee” option plans “全體員工”的期權(quán)計(jì)劃
Hi-tech, start-ups, IPOs 高科技、創(chuàng)業(yè)公司、IPOs公司
Recent data suggests that well over 6 million U.S. employees have received stock options (up from 2.5 million in 1992) 最新數(shù)據(jù)顯示，現(xiàn)已有超過(guò)600萬(wàn)的美國(guó)員工持有公司股權(quán)(從1992年的250萬(wàn)不斷上升)


Description of Stock Options 股票期權(quán)
Grant frequency 授予頻率
Annual 89% 每年 89%
Other 11% 其它 11%
Maximum exercise period: 91%—10 years 最長(zhǎng)行權(quán)期限: 91%—10年
Annualized size of awards 年度獎(jiǎng)勵(lì)規(guī)模
90%–699% + of salary 工資的90%–699%
Calculated as: 按如下公式計(jì)算:
Fair market value price × number of options/frequency Base salary
Description of Stock Options 股票期權(quán)
Vesting 等候期
Uniform percent per year 64% (每年)按比例 64%
25% 33%
33.3% 45%
50% 9%
20% or less 13%
Other restrictions/performance vesting 3% 其它受限股票和績(jī)效股票的等候 3%
Cliff vesting 22% 一次付清期 22%


Description of Restricted Stock 受限股票
Stock issued to an executive in connection with performance of services to company 授予高級(jí)管理人員的，與公司業(yè)績(jī)掛鉤的股票
Shares issued at no cost to executive 授予時(shí)高級(jí)管理人員不支付股票的費(fèi)用
Ownership of stock subject to “restrictions” 股票的所有權(quán)是“受限的”
Stock usually “vests” upon continued employment for certain period (typically 3–5 years) 股票“等候”通常要求員工為公司服務(wù)滿3至5年
Unvested shares are forfeited upon termination of employment during restriction period 當(dāng)員工在股票受限期內(nèi)離開(kāi)公司時(shí)，未到期的股票將被沒(méi)收
Description of Restricted Stock 受限股票
Restricted Stock 受限股票

Eligibility 適用對(duì)象
Average (percentage of exempt) 11.9% 平均(專業(yè)水平的百分比) 11.9%
Median (percentage of exempt) 2.0% 中位(專業(yè)水平的百分比) 2.0%


Grant frequency 授予頻率
Annual 27% 每年 27%
3–5 years 5% 3-5年 5%
1 time only 37% 僅有1次 37%

Size of awards—10%–81% + of salary 獎(jiǎng)勵(lì)規(guī)模 - 工資的10%-81%+工資


Length of restriction period 限制期
Cliff vesting most common; average 4 years 一次付清是最普遍的：平均為4年
Incremental vesting; 2–5 years 可延長(zhǎng)等候期的受限股：2–5年
Dividends typically paid during restriction period 在股票受限期內(nèi)仍享有紅利
Termination of employment 雇傭關(guān)系終止
Death/disability/retirement—full vesting 死亡/喪失勞動(dòng)能力/退休 - 全部按等候期規(guī)定進(jìn)行
Other terminations—complete forfeiture 其它原因 - 全部沒(méi)收

Key Trends 主要趨勢(shì)
Among Fortune 100 Companies: 《財(cái)富》100強(qiáng)企業(yè)之中:
Long-term incentive economic values have grown about 20% per year over the last 10 years 在過(guò)去10年中，長(zhǎng)期激勵(lì)價(jià)值以每年20%的速度遞增
More emphasis on stock options; clearly largest single piece of total compensation pie 更注重股票期權(quán); 占全面薪酬的絕大部分
Top Corporate Officers—1999 高級(jí)管理人員 - 1999
Key Trends 主要趨勢(shì)
Most companies offer multiple long-term vehicles 更多公司提供多種長(zhǎng)期激勵(lì)計(jì)劃
Number of plans varies by sales size: 方案數(shù)量按銷售規(guī)模而定:








The most common combination is stock option awards in combination with performance-based awards and/or restricted stock awards 股票期權(quán)獎(jiǎng)勵(lì)同以績(jī)效為基礎(chǔ)的獎(jiǎng)勵(lì)或限制股票獎(jiǎng)勵(lì)相結(jié)合是最佳的組合方式
Key Trends 主要趨勢(shì)
Dilution issues 股權(quán)稀釋問(wèn)題
Growth in use of stock options and other share-based plans has resulted in big dilution levels 股票期權(quán)和其他以股票為基礎(chǔ)的計(jì)劃的廣泛應(yīng)用導(dǎo)致了股權(quán)稀釋度增加
10%–12% “overhang” 1 is now typical 10%–12%的 “剩余股票率”1 如今十分普遍
Many companies are approaching 20% overhang 很多公司采用20%的“剩余股票率”的做法
Boards are challenging these dilution levels asking, “How much does it take to instill a shareholder value orientation?” 董事會(huì)對(duì)稀釋問(wèn)題提出質(zhì)疑：“到底需要多少才能灌輸股東價(jià)值導(dǎo)向？
Management is struggling to address competitive pay needs with levels of share usage 管理層試圖用股票占有層次來(lái)闡述具有競(jìng)爭(zhēng)性的工資的需求
1 Overhang = Outstanding unexercised options + shares reserved for future grant Shares outstanding
Long-term Incentive Considerations 長(zhǎng)期獎(jiǎng)勵(lì)計(jì)劃需要考慮的因素
Compensation objectives 薪酬目標(biāo)：
Long-term Incentive Considerations 長(zhǎng)期獎(jiǎng)勵(lì)計(jì)劃需要考慮的因素
Impact on executives: 對(duì)高級(jí)管理人員的影響:

翰威特-以股權(quán)為基礎(chǔ)的薪酬制度