所谓未来高预期，就是企业的未来发展前景广阔，将来能够满足股东的事业追求与对经济回报的渴望。

The so-called high expectations for the future refer to the broad development prospects of a company, which can meet the career pursuits of shareholders and their desire for economic returns in the future.

想要成功实施股权激励，企业的未来预期高是基础的条件，而且这种预期应该成为员工的共识。如果员工普遍认为企业的未来预期不高，或对企业未来发展持悲观态度，再完善的股权激励方案也很难激励、吸引优秀人才。

To successfully implement equity incentives, a high future expectation for a company is a fundamental condition, and this expectation should become a consensus among employees. If employees generally believe that the company's future expectations are not high, or hold a pessimistic attitude towards the company's future development, even a perfect equity incentive plan will be difficult to motivate and attract outstanding talents.

与德锐合作的某公司，其企业创始人因公司业务发展缓慢，急于快速提升业绩，想到了用股权激励提升员工工作积极性，但即使他在企业内部大力宣传“共创共享”、“事业合伙人”等概念，承诺对管理团队实施股权激励，却一直得不到管理团队的响应。

The founder of a company that collaborates with Derui was eager to quickly improve performance due to the slow development of the company's business. He thought of using equity incentives to enhance employee work enthusiasm. However, even though he vigorously promoted concepts such as "co creation and sharing" and "business partners" within the company and promised to implement equity incentives for the management team, he has not received a response from the management team.

当我们进行内部访谈时，得到了下面的回复：

When we conducted an internal interview, we received the following response:

● 公司创始人还有自己的其他产业，并没有将精力完全投入这个企业中，很难相信这个企业有很好的未来；

The founder of the company has other industries of his own and has not fully invested his energy into this enterprise, making it difficult to believe that this enterprise has a good future;

● 公司的核心团队并不齐整，公司未来还不明确；

The core team of the company is not well-organized, and the future of the company is not yet clear;

● 公司现在还在摸索赢利模式阶段，在引入真正大的投资方之前，对企业不抱太高的预期。

The company is still in the stage of exploring profit models and does not have high expectations for the enterprise before introducing truly large investors.

以上问题正是由于员工对企业未来并不看好，导致其股权激励方案始终无法落地。

The above issues are precisely due to employees not being optimistic about the future of the company, which has led to the inability of their equity incentive plans to be implemented.

所以，对于企业家来说，清晰明确地向员工勾勒出企业光辉美好的未来，并让员工相信非常重要。这会让所有员工对于企业未来的发展和前景更有信心，对于企业未来的价值也会有更好的认知和预期，即便企业当下仍处于艰难探索期。

So, for entrepreneurs, it is very important to clearly outline the bright and beautiful future of the enterprise to employees and make them believe it. This will make all employees more confident in the future development and prospects of the enterprise, and have a better understanding and expectation of the future value of the enterprise, even if the enterprise is still in a difficult exploration period.

成功要素二：高成长

Success Element 2: High Growth

具有高成长特质的企业往往会有更快的发展速度，每一阶段高业绩目标的实现代表着更好的发展前景，更容易吸引激励对象。高成长特质为企业实施股权激励营造了一个非常合适的氛围和条件。

Enterprises with high growth characteristics often have faster development rates, and the achievement of high performance goals at each stage represents better development prospects, making it easier to attract incentive targets. The high growth characteristic creates a very suitable atmosphere and conditions for enterprises to implement equity incentives.

华为的股权激励能够取得良好效果的一个前提是其稳定、快速的成长。2010-2016年，华为销售收入年复合增长率接近20%。

One prerequisite for Huawei's equity incentives to achieve good results is its stable and rapid growth. From 2010 to 2016, Huawei's annual compound growth rate of sales revenue was close to 20%.

华为公司业绩增长情况（资料来源：华为官网）

Performance growth of Huawei (source: Huawei official website)

业绩高速增长，保证了华为能够在分红和增值方面给予激励对象丰厚的回报，做实了股权激励给企业和员工带来的益处，从而不断强化股权激励的有效性。

The rapid growth of performance ensures that Huawei can provide generous returns to incentive targets in terms of dividends and value-added, realizing the benefits that equity incentives bring to enterprises and employees, and continuously strengthening the effectiveness of equity incentives.

相较传统行业，高科技和互联网企业更加具备高成长特质，也更适合开展股权激励。谷歌、亚马逊等新型的高科技、互联网企业发展有较好的未来预期，而且这种“未来”的周期越来越短，股权激励的效果也更加显著。这类企业高度依赖于人力资本，所有的创意、创新和技术的发明都依赖于人才的贡献，通过加大对人才的激励，更能促进企业的快速发展。在对2016年度国内各行业实施股权激励公司比例的统计中，信息技术行业的股权激励普及率高，超过了50%。

Compared with traditional industries, high-tech and Internet enterprises have more characteristics of high growth and are more suitable for equity incentive. Google, Amazon and other new high-tech and Internet enterprises have good future expectations, and the "future" cycle is getting shorter and shorter, and the effect of equity incentive is more significant. These types of enterprises highly rely on human capital, and all creative, innovative, and technological inventions rely on the contribution of talent. By increasing incentives for talent, they can better promote the rapid development of the enterprise. In the statistics of the proportion of companies implementing equity incentives in various industries in China in 2016, the information technology industry had a high penetration rate of equity incentives, exceeding 50%.

总的来说，人才重要性更为突出、具有高成长特性的高科技、互联网企业，股权激励的成功概率相对较高。成长性不强、人才依赖度不大的企业，实施股权激励不一定能够达到预期效果，即便产生激励效果，其效果也较弱。认识到这一点，才能在实施过程中更好地发挥股权激励的作用，也能够更加理性地决定是否实施股权激励。

In general, high-tech and Internet enterprises with more prominent talent importance and high growth characteristics have relatively high success probability of equity incentive. Enterprises with weak growth potential and low dependence on talent may not necessarily achieve the expected results through implementing equity incentives. Even if incentive effects are generated, their effectiveness is relatively weak. Only by recognizing this can we better leverage the role of equity incentives in the implementation process and make more rational decisions on whether to implement equity incentives.

成功要素三：人力资源管理领先

Success factor three: Leading human resource management

通过研究实施股权激励的企业，我们发现那些被其他企业作为管理标杆学习的企业，股权激励实施更成功；内部管理越完善、人力资源管理体系越成熟的公司，实施股权激励的成功概率会越高。人力资源体系正如基础设施，股权激励在此基础设施上构筑，基础设施的牢靠与否会影响股权激励的效果。

By studying companies that implement equity incentives, we find that companies that are used as management benchmarks by other companies are more successful in implementing equity incentives; The more complete the internal management and the more mature the human resource management system, the higher the probability of successful implementation of equity incentives in companies. The human resources system is like infrastructure, and equity incentives are built on this infrastructure. The reliability of the infrastructure will affect the effectiveness of equity incentives.

华为：以奋斗者为本体系下的股权激励

Huawei: Equity Incentives under the Struggler Based System

1987年华为在深圳成立，2013年超越爱立信成为世界第一大电信设备商。在短短20年的时间里，华为没有上市融资，将业务做到了中国民营企业500强榜首。华为的成功不仅仅依赖于科技发展和改革开放给它带来的机遇，还包括其从一开始就重视内部管理体系，特别是人力资源管理体系的建设。

Huawei was founded in Shenzhen in 1987 and surpassed Ericsson to become the world's largest telecommunications equipment manufacturer in 2013. In just 20 years, Huawei did not go public for financing and has achieved the top position in the top 500 private enterprises in China. Huawei's success not only depends on the opportunities brought by technological development and reform and opening up, but also includes its emphasis on the construction of internal management systems, especially human resource management systems, from the beginning.

从20世纪90年代开始，华为就请了美国人力资源管理咨询公司合益（HAY）帮助其进行管理变革，之后又有美世（Mercer）、贝恩（Bain）、IBM咨询、埃森哲（Accenture）等著名咨询公司为华为设计战略方向、运营体系和人力资源管理体系。至今，华为已经投入了数十亿美元打造公司的内部管理体系。

Since the 1990s, Huawei has hired American human resources management consulting firm HAY to help it carry out management changes. Later, famous consulting firms such as Mercer, Bain, IBM Consulting, Accenture, etc. designed strategic directions, operational systems, and human resources management systems for Huawei. So far, Huawei has invested billions of dollars to build the company's internal management system.

1990年至今，华为已经成功实施了多次不同模式的股权激励计划，通过众所周知的虚拟股激励，为社会造就了上万个中产人士，更造就了一大批的持续奋斗者。

Since 1990, Huawei has successfully implemented multiple equity incentive plans with different models. Through the well-known virtual stock incentive, it has created tens of thousands of middle-class individuals and a large number of sustained fighters for society.

华为的股权激励也帮助华为挺过了数次行业“寒冬”。华为的股权激励展现出巨大作用后，被众多企业效仿，但能够成功的屈指可数。

Huawei's equity incentives have also helped the company survive several industry winters. Huawei's equity incentives have shown a huge impact and have been imitated by many companies, but only a few have succeeded.

事实上，华为股权激励的成功不仅仅是因为华为的高未来预期和高成长性，更是因为其一直以来都非常重视人力资源管理体系的建设与完善。值得借鉴的不仅是华为股权激励的方式，更是其整体的人力资源管理体系，具体包含员工职业发展双通道，基于任职资格的晋升机制，基于员工岗位、能力和业绩的差异化薪酬和福利体系，华为特色的PBC（个人业绩承诺）和KPI（关键绩效指标）绩效管理体系，价值观评价体系等。华为完善的人力资源管理体系保证了股权激励效用得到大化的发挥。

In fact, the success of Huawei's equity incentives is not only due to Huawei's high future expectations and high growth potential, but also because it has always attached great importance to the construction and improvement of its human resource management system. What is worth learning from is not only Huawei's equity incentives, but also its overall human resource management system, which includes dual channels for employee career development, promotion mechanisms based on job qualifications, differentiated compensation and benefits systems based on employee positions, abilities, and performance, Huawei's unique PBC (Personal Performance Commitment) and KPI (Key Performance Indicators) performance management system, and value evaluation system. Huawei's comprehensive human resource management system ensures the maximization of equity incentive effectiveness.

因此，当发现股权激励达不到预期效果的时候，除了重新审视公司的未来预期和成长性，更需要考察企业内部的人力资源管理基础是否完善。在高预期、高成长性企业当中，如果能做到在人力资源管理方面领先于其他企业，股权激励的成功率会更高。

Therefore, when it is found that equity incentives do not achieve the expected results, in addition to re examining the company's future expectations and growth potential, it is more necessary to examine whether the internal human resource management foundation of the enterprise is sound. In high expectation and high growth enterprises, if they can lead other enterprises in human resource management, the success rate of equity incentives will be higher.

成功要素四：精准选人

Success Element Four: Precise Selection of People

“激励谁”对于任何一个股权激励方案来说都至关重要，激励对象不光决定了股权激励方案的成败，更决定了企业未来的绩效表现。我们研究发现，股权激励实施后出现问题的，60%都与选错激励对象有关。而企业内部是否具备精准选人机制，则直接决定了激励对象的合适与否。

"Who is incentivized" is crucial for any equity incentive plan. The target audience not only determines the success or failure of the equity incentive plan, but also determines the future performance of the enterprise. Our research has found that 60% of the problems that arise after the implementation of equity incentives are related to selecting the wrong incentive target. The precise selection mechanism within a company directly determines the suitability of incentive targets.

公司的薪酬和激励体系与公司的发展没有必然的联系。与公司业绩具相关性的是合适的人。是否选择到合适的人是成为卓越公司的必要条件。对于卓越的公司而言，人才选择重于人才激励，它们更多关注的是给谁支付，而不是支付多少和如何支付。

The salary and incentive system of a company is not necessarily related to its development. The right people are relevant to the company's performance. Choosing the right person is a necessary condition for becoming an excellent company. For excellent companies, talent selection is more important than talent motivation, as they focus more on who to pay for, rather than how much and how to pay.

华为股权激励成功的首要因素是其高标准的选人机制。先从员工类别上区分劳动者、一般奋斗者和奋斗者，同时，内部有一套完整的选人评价机制来实现员工精准激励。合适的人如此重要，但又如此的难以甄别和选择，所以，无论是从企业未来良性发展的角度，还是从股权激励实施成败的角度，企业内部都必须拥有完善的精准选人机制。

The primary factor for Huawei's successful equity incentive is its high standard personnel selection mechanism. Firstly, distinguish between laborers, ordinary fighters, and fighters based on employee categories. At the same time, there is a complete internal selection and evaluation mechanism to achieve precise employee motivation. The right person is so important, but it is also so difficult to distinguish and choose. Therefore, whether from the perspective of the future healthy development of the enterprise or the success or failure of equity incentive implementation, it is necessary for the enterprise to have a sound and precise personnel selection mechanism internally.

成功要素五：先公后私的人

Element 5 of Success: People who prioritize public and private interests

吉姆·柯林斯在《从优秀到卓越》中写道：

Jim Collins wrote in "From Excellence to Excellence":

“如果你有合适的人，在他们力所能及的范围内，会为创建一个伟大的公司而竭尽全力，不是因为这样做会有什么好处，而是他们的本能就要求他们能够建功立业，成就一番事业。他们不会因为报酬问题而向你折腰，就正如他们的呼吸不受你控制一样。卓越的公司明白这样一个简单的道理，合适的人不会计较报酬的多少，只要认定是对的，他们就会全力以赴。”

If you have the right people, within their capabilities, they will do their best to create a great company, not because it will bring benefits, but because their instincts require them to be able to achieve success and success. They will not bow down to you due to compensation issues, just as their breathing is out of your control. Excellent companies understand a simple truth: suitable people don't care about the amount of compensation, as long as they believe it's right, they will do their best

吉姆·柯林斯这里所说的“合适的人”就是先公后私的人，他们关心公司、集体利益多过个人利益，他们自发地为实现公司目标而努力奋斗。我们发现，先公后私的人自动自发地表现出以下两大行为特征：

The "right person" referred to by Jim Collins here is someone who prioritizes public and private interests. They care more about the company and collective interests than personal interests, and they spontaneously strive to achieve the company's goals. We have found that individuals who prioritize public and private behavior exhibit two major behavioral characteristics automatically and spontaneously:

1、利他——使别人获得方便与利益，尊重他人利益。

1. Altruism - making others convenient and beneficial, respecting the interests of others.

2、心怀远大目标——心中有超越自我，为他人、为集体谋利益的远大志向。

2. Having a lofty goal in mind - having a lofty ambition to surpass oneself, seek the interests of others and the collective.

● 先公后私的人是持续的奋斗者，他们优先为公司考虑，具有强大的内在动力，在实现一定的财富积累后，不会抛弃公司的利益，并且能够持续地为企业做出贡献。

People who prioritize public interests over private ones are persistent fighters who prioritize the company and possess strong internal motivation. After achieving a certain amount of wealth accumulation, they will not abandon the company's interests and can continue to contribute to the enterprise.

● 先公后私的人在企业上市解锁后不会第一时间就套现离职，因为他们追求的不仅仅是自我价值实现，还有公司甚至社会的利益。

People who prioritize public over private will not immediately cash out and resign after unlocking a company's listing, because they pursue not only self value realization, but also the interests of the company and even society.

● 先公后私的人不会因本人的离职或公司股权错配而影响企业的控制权，因为先公后私的人与企业家一样希望企业能有持续良性的发展，即便会考虑自己的利益，他们也会选择以对企业有利的方式退出。

People who prioritize public over private will not affect the control of the company due to their resignation or misallocation of company equity, because like entrepreneurs, people who prioritize public over private hope that the company can have sustained and healthy development. Even if they consider their own interests, they will choose to exit in a way that is beneficial to the company.

● 先公后私的人对于股权激励方案的瑕疵、错误，会出于对公司整体利益的考虑，接受方案的修改、调整和优化，甚至会主动提出对公司更有价值的方案建议，而非仅从个人利益角度出发考虑问题。

People who prioritize public interests over private ones may accept modifications, adjustments, and optimizations to equity incentive plans for the overall benefit of the company, and may even proactively propose more valuable proposals for the company, rather than solely considering issues from a personal interest perspective.

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