Equity incentives in the home appliance industry

From the end of last year to the beginning of this year, Haier, TCL, Suning, Zhigao, Jiuyang, Kelon, etc., listed companies of home appliances, set off a wave of “equity incentives” and quickly attracted the attention and heated discussion of all parties in the market.

Can the gold handcuffs hidden behind the equity incentives be able to entangle the management team of the major power companies? For professional managers who exist in many home appliance companies, what do they need in addition to rich economic income? For listed home appliance companies that have established an internal talent training mechanism, are there any concerns about the loss of middle and senior talents? Is the equity incentive of a series of home appliance companies in order to stabilize the team, improve performance, or a disguised interest transfer?

This series of questions has triggered people's intensified equity incentive programs among listed home appliance companies, and has proposed different interpretations and reflections, and has questioned the original intention and effect of many companies' implementation of equity incentives.

Just after the Spring Festival in 2011, following the major power companies such as TCL and Qingdao Haier, the small household appliance company Jiuyang Co., Ltd. announced an equity incentive plan for many employees of the company. In 2010, ST Kelon, Suning Appliance, Zhigao Holding and other home appliance companies also announced and implemented their respective equity incentive plans.

Since 2008, with Midea Electric, Gree Electric Appliances and Qingdao Haier successively launched equity incentive programs in the home appliance industry, equity incentives have rapidly warmed up in the industry in just three years, and have been favored by many large and small home appliance companies, forming a development. wave.

The proverb of "Qianju people scattered, money scattered people" has become a "trick" for many home appliance companies to stabilize their management team, improve sales performance, and seek breakthrough development.

A person in charge of the brand department of a listed home appliance company in Guangdong pointed out with a little concern in an interview. "It seems that in the next year, the equity incentive plan for listed companies in home appliances will be more and more, and a kind of rapid formation in the industry. Whether the trend of comparison is motivating or not, whether the incentive plan can meet the expected goals of the company and become a problem faced by many corporate shareholders and the board of directors."

Who is the equity incentive beneficiary

In just a few years, the importance and incentives of home appliance companies to the management team are undergoing major changes. In this regard, Feng Hongjiang, a visiting professor at Zhejiang Wanli College, pointed out that “behind the changes in the incentives and distribution mechanisms of home appliance companies, China’s home appliance enterprises are facing a new transformation and expansion barrier, and it is urgent to build a new growth mode and drive system.”

From the perspective of companies that have implemented equity incentives in the past three years, TCL, Haier, Suning, and Chigo are all in a critical period of secondary expansion and transformation, facing the important development goals of leading the Chinese market and leading the global market. ST Kelon is in the eve of the reorganization and integration of the enterprise, and not only needs the management team to find the business wisdom of multi-brand operation, but also needs to find new coordinates and status under the mature market structure. After the successful listing of “a soymilk machine”, Jiuyang, a small household appliance company, is facing a diversified expansion from soymilk to other small appliances, and urgently needs the promotion of an efficient operation management team.

In the same year, Midea established an excellent team of professional managers through equity incentives. In just a few years, it promoted the sales scale of enterprises to exceed 100 billion yuan, and the new ones of “selling 200 billion yuan and the world’s top three white power companies” The goal is to launch an impact. Gree Electric is also promoting the record of the global air-conditioning industry in the global air-conditioning industry through equity incentives.

An analyst named Xu Xing of Huatai Securities told the reporter, “At present, through the equity incentives, the company’s senior management team can enjoy the achievements in the rapid growth of the company, and can also stabilize and unite the management team of a group of companies. In addition, through the constraints of equity incentives, the company’s fighting spirit and enthusiasm for further impact on new targets will be further stimulated.

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