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cover of episode Private equity’s experiment with worker ownership

Private equity’s experiment with worker ownership

2024/11/6
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Behind the Money
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德国基督教民主联盟主席，2025年德国总理候选人，长期从事金融政策和法律工作。
M
Malin Dera
Topics
Malin Dera：本期节目探讨私募股权公司近年来的新策略——将公司股权分享给普通员工，分析其背后的商业逻辑和对公司形象的影响。 Antoine Gara：私募股权行业早期以高杠杆收购和公司拆分闻名，对员工造成负面影响。但近年来，随着行业发展和市场变化，私募股权公司开始更注重长期发展和业务增长，员工持股计划成为一种新的趋势，它不仅能激励员工，提高公司业绩，还能改善私募股权公司的公众形象，提升其在监管机构和立法者面前的信誉。此外，员工持股计划的成本相对较低，因为奖励通常以限制性股票单位或期权的形式发放，最初没有现金价值，只有在公司成功出售后员工才能获得收益。 Pete Devora：KKR作为员工持股计划的先驱，通过在旗下公司实施该计划，成功降低了员工离职率，提高了公司业绩，获得了更高的投资回报。他认为，员工持股计划不仅能带来经济效益，也能提升员工的参与感和归属感，从而打造更强大的公司。他强调，虽然并非所有投资都能成功，但KKR会提前告知员工风险，并与员工共同承担风险和收益。 Antoine Gara：员工持股计划并非单纯的公关策略，而是基于常识的激励机制。许多科技公司在早期就通过股权激励来吸引和留住人才。他认为，这种模式的成功之处在于，它将员工的利益与公司业绩直接挂钩，激励员工为公司创造更多价值。 Malin Dera：私募股权公司近年来面临着利率上升和市场低迷的挑战，员工持股计划有助于提升公司业绩，从而缓解财务压力。 Pete Devora：KKR的员工持股计划已在50多家投资公司实施，为员工创造了超过16亿美元的价值。即使公司易主，员工持股计划也可以延续，这表明该计划具有可持续性。

Deep Dive

Chapters
Private equity firms like KKR are experimenting with sharing equity with workers to improve employee engagement and company performance, leading to significant payouts for workers and better investment outcomes for the firms.
  • KKR's Pete Stavros introduced an employee ownership program to motivate workers in manufacturing.
  • KKR offered equity to GSI employees, reducing turnover from 50% to 17%.
  • The sale of GSI resulted in a $75 million payout to blue-collar employees, demonstrating the program's success.

Shownotes Transcript

Private equity earned a reputation as a ruthless and lucrative business. But over the past few years, large groups have been doing something that seems like the opposite of their cutthroat image: giving equity worth hundreds of thousands of dollars to the ordinary workers at the companies they own. Antoine Gara, the FT’s US private & institutional capital correspondent, explains how these payouts make business sense for private equity firms – and help soften their tough image.

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For further reading:

Workers getting share in windfalls as private equity firms soften image)

Private equity groups’ assets struggling under hefty debt loads, Moody’s says)

Blackstone plans to list some of its largest investments) 

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On X, follow Antoine Gara (@antoinegara)) and Michela Tindera (@mtindera07)), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com) Hosted on Acast. See acast.com/privacy) for more information.