今天我们来聊一个,很多老板和 hr 都既爱又怕的话题,股权激励,他被无数企业奉为绑定核心人才的金手铐,激发组织活力的灵丹妙药。

　　Today we are going to talk about a topic that many bosses and HR professionals both love and fear, equity incentives. They are regarded by countless companies as the golden handcuffs that bind core talents and the panacea that stimulates organizational vitality.

　　过去十多年,我们确实也看到很多公司,通过实行股权激励计划,吸引了人才,创造了辉煌,但是，关键是但是，你有没有发现,这股热潮的背后正在悄然爆发,一场无声的危机,呃，我们目睹了太多这样的情形,股权激励落地初期,团队激情澎湃,效果看似立竿见影,然而，一两年后,问题开始浮现,激情逐渐消退,一系列后遗症开始全面爆发,而更可怕的是,这些后遗症往往是公司的家丑,而没有人愿意外扬,只能在内部默默忍受和消化,因此，表面上看风平浪静,实际上早已经暗流涌动,危机四伏,如果说这些暗伤不能得到及时诊断和有效处理,他们就会像慢性毒药一样,持续侵蚀企业的健康集体,最终动摇公司可持续发展的根基。

　　In the past decade or so, we have indeed seen many companies attract talent and create brilliance through implementing equity incentive plans. However, the key is that behind this trend, there is a silent crisis quietly erupting. We have witnessed too many such situations. In the early stages of equity incentive implementation, the team's passion is surging and the effect seems to be immediate. However, after one or two years, problems begin to emerge, the passion gradually fades, and a series of sequelae begin to fully erupt. What is even more frightening is that these sequelae are often the company's family shame, and no one is willing to publicize it, so they can only silently endure and digest it internally. Therefore, on the surface, the situation is calm, but in reality, there are already hidden currents surging and crises. If we talk about these, If hidden injuries cannot be diagnosed and effectively treated in a timely manner, they will be like chronic poison, Continuously eroding the healthy collective of the enterprise, ultimately shaking the foundation of the company's sustainable development.

　　接下来，我将带大家直面现实,深入剖析股权激励最普遍,最具破坏力的七大后遗症,而这七大致命伤,很可能有不少的公司正在经历,或者即将遇到,好，让我们一起来揭开金手铐背后,那些不为人知的管理真相,首先，我们还是来逐一了解一下,七道后遗症具体是指什么：

　　Next, I will take you to face reality and deeply analyze the seven most common and destructive sequelae of equity incentives. Many companies may be experiencing or about to encounter these seven fatal injuries. Let's uncover the hidden management truths behind the golden handcuffs together. First, let's understand one by one what the seven sequelae specifically refer to:

　　第一个后遗症是制造了内部裂痕,挫伤了心神力量,许多公司的股权激励,天然地聚焦于少数的中高管和技术精英,这符合治军先智将的逻辑,其初衷是稳定四梁八柱,然而，在强调兵团作战依赖系统协同的现代企业中,这种选择性激励,正在制造新的不公平和内部裂痕,那些同样贡献突出,冲锋在前的不少中基层管理者和技术骨干人员,而极有可能会因为没有被覆盖到,而产生强烈的被排斥感和不公平感,而这种情绪会转化为不满、抱怨、消极、怠工,甚至直接离职,这样一来后果是非常严重的,企业的管理成本将因为协调难度的增加而趋于上升,而企业对少数高管的依赖度不降反增,这绝对不是好消息,而更为致命的是,企业未来发展的基石,尤其是那些有潜力的新生代和中坚力量,他们的士气一定会受到打击,他们对企业的忠诚度和信任感也会相应下降,而当事业的后继者们感到通道被堵,希望渺茫时,企业的可持续发展便会潜伏着重大隐患,毕竟，企业的长远发展是一定要有赖于一代,更比一代强的新人。

　　The first sequelae is the creation of internal cracks and the dampening of mental strength. Many companies' equity incentives naturally focus on a small number of middle and senior executives and technical elites, which is in line with the logic of "governing the military with intelligence first". Its original intention is to stabilize the four beams and eight pillars. However, in modern enterprises that emphasize the reliance on system coordination in the combat of the corps, this selective incentive is creating new unfairness and internal cracks. Many middle and grassroots managers and technical backbone personnel who have also made outstanding contributions and charged forward are likely to feel strongly excluded and unfair because they are not covered, and this emotion will transform into dissatisfaction, complaints, negativity, sabotage, and even direct resignation. In this way, the consequences are very serious. The management costs of enterprises will tend to increase due to the increasing difficulty of coordination, while the dependence of enterprises on a few executives will not decrease but instead increase, This is definitely not good news, and what is even more fatal is that the cornerstone of a company's future development, especially the promising new generation and backbone, will inevitably suffer a blow to their morale. Their loyalty and trust in the company will also decrease accordingly. When the successors of the business feel blocked and their hope is slim, there will be major hidden dangers in the sustainable development of the company. After all, the long-term development of a company must rely on a generation of new people who are stronger than the previous generation.

　　接下来是第二个后遗症,高薪下的福利化激励使得成本攀升,激励效应甚微,而在许多已实行高薪酬制的企业,股权激励往往简单地叠加在原有的薪酬报纸上,成为一种额外的超级福利,几乎没有公司敢于在实行股权激励计划时,把被激励对象的薪酬大幅度降低,因为这样做必然会导致不满,于是，一种很尴尬的局面便出现了,被激励对象因获得额外利益而幸福指数提升,但是他的工作投入度,奋斗精神和业绩产出却并不见得相应增长,而工作该怎么干还怎么干,而这个对企业来说,结果是人力总成本显著上涨,但激励的边际效应递减甚至归零,更糟糕的是,为了补救这种激励失灵的状况,企业往往需要投入更多的管理、监督和再激励成本,进而不知不觉的就陷入了成本叠加,效益每况愈下的恶性循环。

　　The second consequence is that welfare based incentives under high salaries lead to increased costs and minimal incentive effects. In many companies that have implemented high salary systems, equity incentives are often simply added to the existing salary newspapers, becoming an additional super benefit. Almost no company dares to significantly reduce the salary of the incentivized object when implementing equity incentive plans, because doing so will inevitably lead to dissatisfaction. Therefore, an awkward situation arises where the incentivized object's happiness index increases due to obtaining additional benefits, but their work input, fighting spirit, and performance output do not necessarily increase accordingly. They do what they should do, and for the enterprise, the result is a significant increase in total labor costs. But the marginal effect of incentives decreases or even returns to zero, and even worse, In order to remedy this incentive failure situation, companies often need to invest more in management, supervision, and re incentive costs, and unknowingly fall into a vicious cycle of cost accumulation and declining benefits.

　　我们再来看股权激励的第三个后遗症,期权工具的扭曲效应,诱发了短期行为和道德风险,而大多数公司的股权激励计划,采取的都是期权制,不仅上市公司是这样,大多数非上市公司也是如此,那众所周知,对于上市公司采取股票期权式激励,极有可能会助长经理人的短期和自私行为,而事实上,在缺少完善和有效的管理保障措施的情况下,而这种激励方式,对非上市公司也会产生不可忽视的负面影响,，以下我将要指出的三个方面,是我们观察到的比较典型的现象,首先是一部分被激励对象,在拿到了高薪酬的情况下,对后期是否行权是无所谓的,具体说就是,对自己有利就行权,否则就放弃行权,这将极大地破坏合伙人制度的整体氛围,。

　　Let's take a look at the third sequelae of equity incentives, the distortion effect of option tools, which induces short-term behavior and moral hazard. Most companies adopt option based equity incentive plans, not only for listed companies, but also for most non listed companies. As we all know, adopting stock option based incentives for listed companies is highly likely to encourage short-term and selfish behavior of managers. In fact, in the absence of sound and effective management protection measures, this incentive method can also have significant negative impacts on non listed companies. The following three aspects are typical phenomena that we have observed. Firstly, some of the incentivized objects may receive high salaries. It doesn't matter whether to exercise the right in the later stage, specifically, exercise the right if it is beneficial to oneself, Otherwise, giving up the exercise of rights will greatly undermine the overall atmosphere of the partnership system,.

　　第二点是一些大股东不参与经营管理的公司,被激励对象出现了群体性的,只关注行权期的经营结果,而并不关心企业长期经营管理的健康发展。

　　The second point is that in some companies where major shareholders do not participate in management, there is a group of incentivized individuals who only focus on the operational results during the exercise period and do not care about the healthy development of the company's long-term management.

　　最后一点是,由于缺乏严密的监管措施,在可以选择行权,也可以放弃行权的约定下,少数被激励对象依然还在利用职务之便,获取不正当利益,好，接下来我们来看第四个后遗症,同股同利下的实质性不公平,导向了平庸,削弱了动力,而在动态的经营管理实践中,僵化执行同股同利这一原则,会导致严重的实质性不公,我们可以想一下哈,两位持有等量股份的中层,一位兢兢业业、业绩斐然,而另一位却是敷衍懈怠、贡献平平,但是到了年底,他们却获得了完全相同的分红,这个合理吗,显然，这严重违背了按贡献分配的激励原则,呃，相似的不公平还有,持股少的人认为自己的实际贡献更大,或者无论持股多少,每个人都倾向于高估自己的贡献,而这种大面积存在的不公平感,会无声地俯视企业的奋斗文化,引导人才趋向于搭便车,显然，有一些企业已经意识到了这个问题,于是他们干脆不向合伙人分红,而这对那些有望上市的公司来说,或许不会是个问题,而对于那些没有上市计划,或者说虽然有上市想法,但实际上无望上市的公司而言,而如果他们长期不向合伙人分红,那么员工持股的动力就一定会受到影响,最终便一定会削弱股权激励的整体效果,好，我们来看股权激励的第五个后遗症,财富效应下的激励悖论,导致股份收益足够多以后,一部分人才失去了奋斗精神,而这是股权激励最经典的悖论之一,激励的本意是激发持续奋斗,但是激励的成功,却使得一部分人才因为获得了可观的财富,而失去了奋斗精神,嗯，随着时间的推移,最优秀的、持股最多的核心人才,它的股份、分红和增值收益,可能累积到了非常可观的量级,当努力工作与享受生活的边际效用对比发生逆转时,未老先富、小富即安的心态便可能滋生,而且这部分人才一般都身居要职,他们的进取型一旦衰减,对组织活力的窒息效应尤为显著,我们说，华为强调持续奋斗,阿里警惕失去斗志,正是行业巨头对这一人性弱点的深刻洞察和主动管理,而当合伙人身价丰厚却动力不足时,企业便会面临精英僵化的风险。

　　The last point is that due to the lack of strict regulatory measures, a small number of incentivized individuals are still taking advantage of their positions to obtain improper benefits under the agreement that they can choose to exercise or give up exercising. Well, now let's take a look at the fourth sequelae, which is the substantive unfairness under the principle of equal shares and benefits, leading to mediocrity and weakening motivation. In dynamic business management practices, rigidly implementing the principle of equal shares and benefits can lead to serious substantive unfairness. We can think about it. Two middle-level employees holding equal shares, one diligent and outstanding in performance, while the other is perfunctory and slack off with average contributions, but by the end of the year, they received exactly the same dividends. Is this reasonable? Obviously, this seriously violates the incentive principle of distribution based on contribution, and there is also a similar unfairness, People who hold fewer shares believe that their actual contributions are greater, or regardless of how much they hold, everyone tends to overestimate their contributions. This widespread sense of unfairness silently overlooks the corporate culture of hard work and guides talent towards free riding. Obviously, some companies have realized this problem, so they simply do not distribute dividends to their partners. This may not be a problem for companies that are expected to go public, but for companies that do not have plans to go public, or although they have the idea of going public, they actually have no hope of going public. If they do not distribute dividends to their partners for a long time, the motivation for employee shareholding will definitely be affected, and ultimately the overall effect of equity incentives will be weakened. Well, let's take a look. The fifth sequelae of equity incentives, the incentive paradox under the wealth effect, After the stock returns are sufficient, some talents lose their fighting spirit, which is one of the classic paradoxes of equity incentives. The original intention of incentives is to stimulate continuous struggle, but the success of incentives causes some talents to lose their fighting spirit because they have gained considerable wealth. Well, over time, the most outstanding and largest holding core talents may accumulate significant amounts of shares, dividends, and value-added income. When the marginal utility of hard work and enjoying life reverses, the mentality of getting rich before getting old and being content with small wealth may breed, and these talents generally hold important positions. Once their enterprising nature declines, the suffocating effect on organizational vitality is particularly significant. We say that... Huawei emphasizes continuous struggle, while Alibaba is wary of losing its fighting spirit, It is precisely the profound insight and proactive management of this human weakness by industry giants that when partners are wealthy but lack motivation, companies face the risk of elite rigidity.

　　股权激励的第六个后遗症,能力迭代的滞胀危机,使得合伙人的能力无法满足公司的新要求,我们都知道,企业始终在动态进化,对人才能力的要求也是日新月异的,然而，并非所有的人才都能与组织同步成长,思维定势、知识老化、体力精力下降,都可能使得昔日的工程难以适应新的战略、业务,或者说技术,而更具创新活力,掌握新知的年轻一代,却可能因为股权屏障而难以进入核心圈层,或者获得相应的激励,，于是公司关键岗位上可能出现能力智障,持有股份的老人们能力跟不上,而有能力的新人们又激励不到位,这个可不仅仅是人才问题,他更是组织净化机制的阻塞,它会严重制约企业的可持续发展。

　　The sixth sequelae of equity incentives, the stagflation crisis of ability iteration, makes it difficult for partners' abilities to meet the new requirements of the company. As we all know, enterprises are constantly evolving, and the requirements for talent abilities are also changing rapidly. However, not all talents can grow in sync with the organization. Fixed thinking patterns, aging knowledge, and decreased physical energy may make it difficult for old projects to adapt to new strategies, businesses, or technologies. The younger generation, who are more innovative and master new knowledge, may find it difficult to enter the core circle or obtain corresponding incentives due to equity barriers. As a result, there may be intellectual disabilities in key positions of the company, and the elderly holding shares may not be able to keep up, while capable newcomers may not be adequately motivated. This is not just a talent issue, it is also a blockage of the organizational purification mechanism, It will seriously constrain the sustainable development of enterprises.

　　接下来我们来看股权激励的最后一个后遗症,退出机制的无准备之仗,可能会导致人才离职时,股权纠纷不断,大量的公司在设计股权激励方案时,都比较重视进入机制的设计,却刻意回避或草率处理退出机制的设计,并且有不少公司在授予人才们股份时,为了取信于人才,还从速从简的进行了工商登记注册,那这样一来呢,就已经埋下了巨大的隐患,我们想想,当持股人才因各种原因要离开公司时,股份怎么回购,以什么价格回购、回购款项怎么来支付,诸如此类的许多问题,都没有事先约定清晰公平的规则,这样一来,剪不断、理还乱的股权纠纷便会上演,轻则对簿公堂,耗费巨大的管理精力,而重则动摇军心,摧毁公司的文化,破坏公司的稳定经营,甚至影响公司的融资或上市进程,可以说，退出环节的一地鸡毛,是对公司治理成熟度的终极考验

　　Next, let's take a look at the final aftermath of equity incentives, the unprepared battle of exit mechanisms, which may lead to continuous equity disputes when talents resign. Many companies attach great importance to the design of the entry mechanism when designing equity incentive plans, but deliberately avoid or hastily handle the design of the exit mechanism. Moreover, many companies, in order to gain the trust of talents when granting shares, also quickly and simply register with the industrial and commercial authorities. In this way, a huge hidden danger has been planted. Let's think about how to repurchase shares, at what price, and how to pay the repurchase funds when shareholders leave the company for various reasons. Many of these issues have not been agreed upon with clear and fair rules in advance. As a result, Unrestrained and chaotic equity disputes will arise, ranging from minor disputes to disputes in the court, Spending enormous management energy, and in severe cases shaking the morale of the military, destroying the company's culture, disrupting its stable operation, and even affecting the company's financing or listing process, can be said to be the ultimate test of the maturity of corporate governance

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