The Secret Ingredient of Business Success | Pete Stavros | TED

翻译人员: Yip Yan Yeung 校对人员: Lening Xu

My first job as an investor was when I was 24 years old,

我在 24 岁时开始了 我作为投资人的第一份工作，

and I'm almost 50 today, so that is half a lifetime ago.

我现在快 50 岁了， 所以那是半辈子以前的事了。

But I still clearly remember the first thing I was asked to do:

但我仍然清楚地记得 我被要求做的第一件事：

to oversee wire transfers related to the sale of a business,

监督与销售业务相关的电汇收入，

basically to make sure all the shareholders got their money.

为的是确保所有股东都能拿到钱。

Any company, large or small, public or private,

任何公司，无论大小， 无论是上市公司还是私人公司，

has shareholders who own the business.

都有股东拥有该企业。

And as the value of the company goes up,

随着公司价值的上升，

wealth is created for those who own shares.

持有股份的人就收获了财富。

Now at this company, ownership among the employees extended

在这家公司，员工的股权

from the very top position, the CEO,

掌握在从最高的职位，即 CEO，

to some mid-level roles like assistant treasurer.

到一些中级职位， 例如助理财务主管的手中。

When I called the CEO to confirm his wire transfer

当我打电话给 CEO 确认他的电汇时，

it was a very matter-of-fact conversation.

对话非常直白。

"Got the money, thanks a lot."

“钱收到了，非常感谢。”

Click.

挂断。

Now, when I called the assistant treasurer,

当我给助理财务主管打电话时，

who was making a tiny fraction of what the CEO had made,

他的收入只是 CEO 收入的一小部分，

he was so overcome with emotion, he could barely find the words.

他激动不已，溢于言表。

And he later explained in a tearful voicemail

后来他在一条 感激涕零的语音留言中解释，

that his ownership payout

他拿到的股权清算

literally meant college education for his kids.

其实意味着他的孩子们可以上大学。

So I wondered,

所以我在想，

what if everyone in a company had stock ownership,

如果公司中的每个人都有股份，

not just to the assistant-treasurer level,

不仅是助理财务主管级别，

but to the factory floor, distribution centers?

而且是工厂车间、 配送中心的每个人，会怎么样？

How might employees’ lives be impacted,

员工的生活会受到怎样的影响，

and how might the company and, in fact, the whole community be impacted?

公司乃至整个社区 会受到怎样的影响？

These questions were not new to me.

这些问题对我来说并不新鲜。

My dad had been asking them for decades.

几十年来， 我爸一直在问这些问题。

My father operated a road grader for a union construction company

我父亲在芝加哥的一家合营建筑公司

驾驶了 45 年的平地机。

in Chicago for 45 years.

This is actually a picture of my dad in his road grader.

这是我爸在他的平地机上的照片。

And my dad dreamt of worker ownership

我父亲梦想着拥有员工股份

to address three things he didn't like about his job.

来解决他在工作中不喜欢的三件事。

First, he couldn't build wealth on 20 dollars an hour.

首先，他无法靠 20 美元的 时薪积累财富。

Second, he had no incentive to care about things an owner would focus on,

其次，他没有动力去 关心股份持有者会关注的事情，

things like productivity.

比如生产率。

So he felt no sense of alignment.

因此，他没有认同感。

And third, he had no voice.

第三，他没有发言权。

Without the right incentives in place,

如果没有合适的激励措施，

there was really no reason for management to listen to workers,

管理层其实没有理由 听取员工的意见，

and they didn't.

他们也确实没有。

And my dad's experience is certainly not unique.

而且我父亲的经历 肯定不是个案。

Only a tiny percentage of workers are granted stock ownership

只有一小部分员工 被授予公司股票所有权，

in their companies, and most workers have no wealth,

而大多数员工没有财富，

and it is in fact stock ownership or the lack of it

股票所有权 或缺乏股票所有权

that is by a mile the biggest driver of wealth inequality.

正是财富不均的罪魁祸首。

Most employees feel their opinions don't count.

大多数员工认为 他们的意见不值一提。

If you look at Gallup surveys,

盖洛普调查显示，

77 percent of employees globally are disengaged on the job.

全球 77% 的员工对工作心不在焉。

18 percent literally hate the company that they work for.

其中 18% 的员工 真的很讨厌他们所在的公司。

They're throwing the wrenches in the machines.

他们想把扳手扔进机器。

Today, I'm going to try to convince you that broadening employee stock ownership

今天，我将努力说服你， 拓展员工的股票所有权

is the single most important thing that we can do to lift up workers

是我们可以激励员工，

也使公司变得更强大的最重要的事。

and to make companies stronger, too.

It could give us a form of capitalism that is actually inclusive

它可以带来一种真正包容 且可持续的资本主义。

and sustainable.

And I believe it could literally change the economy.

我相信它真的可以改变经济。

I've been pursuing this idea most of my adult life.

我成年后的大部分时间 都在追求这个想法。

25 years ago, as a graduate school student,

25 年前，作为一名研究生，

I dove into the history of employee ownership,

我深入研究了员工所有权的历史，

and I published a paper on the topic in 2002.

并于 2002 年发表了一篇 关于该主题的论文。

Then, a handful of years later,

然后几年后，

I got my first real leadership position at the company I still work for, KKR.

我在我如今仍就职的公司 KKR 得到了我第一个真正的领导职位。

And I was put in charge of investing in and improving industrial companies,

我负责投资和改善工业公司，

mostly manufacturing businesses.

主要是制造企业。

And that was a great opportunity to start experimenting

这是开始尝试

with different ways of sharing stock ownership with all employees.

采用各种方式与所有员工 共享股份的绝佳机会。

Something we've now done with 44 different companies

在过去的 15 年中， 我们已经与 44 家不同的公司

over the past 15 years.

合作完成了这项工作。

In our early efforts,

在我们早期的努力中，

we had some success, but we made a lot of mistakes.

我们取得了一些成功， 但是我们犯了很多错误。

The most important thing we got right

我们做对的最重要的事情是

was making sure that stock ownership was free

确保员工的股份是免费

and incremental for workers,

和递增的，

not a trade for wages or other benefits.

而不是为了工资 或其他福利进行的交易。

This could not be about shifting risk onto the workforce.

不可以将风险转移到员工身上。

But we got plenty of things wrong.

但是我们做错了很多事情。

We didn't communicate well.

我们沟通的方式不对。

So if I said something like,

如果我说

"We'd hope to sell a business in five years,"

“我们希望在五年内出售 一家企业”之类的话，

that often led to employees literally counting the days

通常会导致员工算日子，

or growing suspicious if things took longer.

或者如果花了更长的时间， 他们就会生疑。

We didn't share our financial information

我们没有分享我们的财务信息，

so people didn't know how the business was doing,

所以人们不知道企业的表现如何，

nor did we ask them how they would run the business better.

我们也没有问 他们会如何更好地经营业务。

You see, ownership is about a lot more than just giving out stock.

你看，所有权远不止发放股票。

It's about trying to create a whole different type of culture,

它是努力创造 一种完全不同的文化，

an ownership culture.

一种所有权文化。

Now let me share a story

我想分享一个故事，

of what this can look like when it's done well.

描绘一下做得好的情况是什么样子。

In 2015, we invested in a company called CHI Overhead Doors.

2015 年，我们投资了一家名为 C.H.I Overhead Doors 的公司。

CHI is based in central Illinois, in Amish country,

CHI 总部位于 伊利诺伊州中部的阿米什村，

and the company makes overhead garage doors,

该公司生产车库门，

like the one you see here in this picture.

就像图上这个。

And CHI was a good business.

CHI 是个不错的生意。

But from a worker morale standpoint,

但是从员工士气的角度来看，

it was very reminiscent of what I saw with my dad.

这让我想起 我在父亲身上看到的一切。

Out of 800 employees, only 18 had stock ownership.

在 800 名员工中， 只有 18 人拥有股权。

So that means when we bought the business,

这意味着当我们收购公司时，

most people got nothing and just went back to work,

大多数人一无所获， 该干什么干什么，

and a small handful made many millions of dollars.

一小部分人赚了数百万美元。

Employee engagement scores were absolutely dismal.

员工敬业度得分相当令人沮丧。

Most people didn't even bother to respond to surveys.

大多数人甚至没心思回答问卷。

And this lack of alignment and engagement,

这种缺乏一致感和参与度的情况，

you could see it in the business.

会体现在业务中。

It showed up in things like productivity, quality, scrap.

体现在生产率、质量、废品等方面。

People didn't always try to do their best.

人们并不总是尽力而为。

It took us a long time to change the culture,

我们花了很长时间才改变了文化，

eight years.

八年。

And it started with stock ownership.

始于股份。

So day one, all 800 employees were granted stock ownership

第一天，所有 800 名员工 都获得了股份，

so they would participate.

于是他们愿意参与其中。

As the value of the company went up, through dividends along the way,

随着公司价值的上升， 实现持续的分红，

and then at the end, when the business was sold.

最后是出售公司。

When we announced this program,

当我们宣布这个计划时，

the employees were so excited, they gave me a gift.

员工们非常兴奋， 他们给了我一份礼物。

Which was a live chicken.

是一只活鸡。

(Laughter)

（笑声）

Literally two guys on the factory floor came up and handed me a chicken.

工厂车间里的两个师傅 过来递给我一只鸡。

(Laughter)

（笑声）

I awkwardly joked that I didn't have a crate,

我尴尬地开玩笑说我没有箱子，

and I wasn't sure I could carry a chicken on my flight back to New York.

而且我不确定能不能带着鸡 登上回纽约的飞机。

But this was about much more than just stock ownership.

但这不仅仅是股票所有权。

Employees were educated about the business,

员工了解了公司的信息，

they were kept informed.

并随时可以了解情况。

Once a quarter we got everyone together and we talked openly

我们每季度将所有人聚集在一起，

about what was working and what was not

公开讨论哪些有效，哪些无效，

and where the business was headed,

以及业务的发展方向，

and we shared our financial information transparently.

并透明地分享我们的财务信息。

All 800 employee owners were given a voice.

所有 800 名员工股东都有发言权。

As one example,

举个例子，

they were provided with a million dollars annual budget

他们有 100 万美元的年度预算，

to invest in their workplace any way they saw fit.

可以在他们的工作场所 为任何他们认为合适的地方投资。

They came up with the ideas,

他们想出了各种主意，

they decided where the money went.

决定了把钱花在哪里。

And over the course of several years,

在过去的几年中，

they voted in things like air conditioning for the manufacturing plant.

他们对制造工厂的空调 等问题进行了投票。

One year they voted for new break rooms.

有一年，他们投票决定 建造新的休息室。

Another year, they wanted an on-site health clinic built.

有一年，他们想建造一间现场诊所。

And another, an on-site cafeteria with healthy food options.

有一年，他们想要 一家提供健康食物的自助食堂。

We found this was a great way to engage with employees

我们发现这是与员工互动的好方法，

because not only were you giving them a voice

因为不仅给了他们发言权，

but they could see their voice physically manifested in the workplace.

还可以看到他们的意见 真正体现在工作环境中。

Employees were also provided free financial coaching

还为员工提供了免费的财务指导，

so that as they received money,

这样他们一收到钱，

they could save and invest effectively.

就可以有效地进行储蓄和投资。

And I want to be very clear,

明白地说，

all of this benefited the company too.

这些也都会使公司受益。

It's not like this was only good for workers.

这并不只是对员工有好处。

We saw quality improve, scrap went down, productivity boomed.

我们看到质量得到改善， 废品率下降，生产率提高。

We became more responsive to customer demands,

我们对客户需求的响应速度越来越快，

and we gained market share as a result.

获得了市场份额。

In fact, by the end of the journey,

在整个过程结束之时，

the financial results had improved so enormously

财务业绩得到了极大的改善，

the company was worth ten times what it had been worth in 2015.

该公司的市值 达到了 2015 年的十倍。

And to put that in perspective,

从这个角度来看，

this was the single best investment for us at KKR since the 1980s.

这是自 1980 年代以来 我们在 KKR 的最佳投资。

And this is with a company making garage doors.

这是一家生产车库门的公司。

This is not like a high-flying technology business.

不像一家飞速发展的科技企业。

When the company was sold,

当公司被出售时，

we gathered everyone in our main manufacturing plant in central Illinois.

我们把所有人召集到了 伊利诺伊州中部的主厂。

We told them their jobs were safe,

我们告诉他们， 他们的工作是安全的，

and it was time for each of them to learn what they had earned from their ownership.

现在是每个人了解自己 从所有权中获得什么的时候了。

The payouts were scaled based on length of employment.

股权清算是根据工作年限调整的。

With our most tenured factory workers

我们工作年限最长的工厂工人

earning six-and-a-half times their annual income,

所得是其年收入的 6.5 倍

or a half a million dollars.

或 50 万美元。

We had truck drivers make 800,000 dollars.

我们有卡车司机赚了 80 万美元。

So this was life-impacting amounts of money.

这是一笔影响人生的钱。

And I could talk to you about it all day,

我可以说上一整天，

but I won't get it across as well as the workers can themselves.

但我不会说这么多， 因为员工们自己会说出来。

(Video) Person 1: He started out at 20,000,

（视频）人物 1： 他一开始拿两万美元，

and then he went to the next amount and the next amount,

然后到了下一档，再下一档，

and he kept going.

不断增长。

Person 2: I'm like, whoa!

人物 2：我就感觉，哇！

Person 3: Holy smokes!

人物 3：天哪！

Person 4: Where is this going to lead?

人物 4：还能赚到多少钱啊？

PS: 40,000 dollars, 70,000 dollars.

彼得·特拉维斯（Pete Stavros）： 40,000 美元，70,000 美元。

Two-and-a-half times your annual pay.

年薪的 2.5 倍。

Three-and-a-half times, four-and-a-half times,

年薪的 3.5 倍、4.5 倍、

five-and-a-half times your annual pay.

5.5 倍。

Six-and-a-half times.

6.5 倍。

Person 4: I just kept looking around at all the people around me

人物 4：我一直在 环顾周围的所有人，

thinking how much this was going to change everyone's lives.

想着这将在多大程度上 改变每个人的生活。

Person 2: You sit there and you struggle, like, how am I going to pay for this?

人物 2：你坐在那里挣扎， 想：我要为此付出什么代价？

Person 6: Just think about what this means for this area.

人物 6：想想这对这个区域 意味着什么。

Person 7: We’re out here, there’s a bunch of lower-income families

人物 7：我们在这里 有很多低收入家庭，

that live paycheck to paycheck.

日子过得捉襟见肘。

Person 2: This will absolutely give us some comfort that, you know,

人物 2：绝对会让我们感到宽慰，

the future is going to be OK.

未来会好起来的。

Person 8: It’s wonderful, I mean, it’s just freedom.

人物 8：太棒了，这就是自由。

I got freedom.

我获得了自由。

Person 10: This is what we did and we’re proud of it.

人物 10：我们就是这么做的， 我们为此感到自豪。

Person 11: Every cent that we get back, we earned.

人物 11：我们收回的每一分钱， 都是赚回来的。

Person 12: Without ownership, it is a job.

人物 12：没有所有权，就是一份工作。

You clock in, you clock out, you go home.

打卡，下班，回家。

When you have ownership in the business, it changes everything.

当你拥有企业的所有权时， 一切都会改变。

(Applause)

（掌声）

PS: They deserve to be applauded because they earned it.

PS：他们值得掌声， 因为这是他们“挣”来的。

One of my favorite things in that ...

我最喜欢的一点……

Audience: Don’t worry, we’re all crying.

观众：别担心，我们都在哭。

(Laughter)

（笑声）

PS: Alright.

PS：好的。

I'll try and explain that again.

我会试着再解释一遍。

So when Cara said, “We earned this,” I love that sentiment,

当卡拉说“是我们挣来的”时， 我喜欢这种情绪，

because to me, that's ownership.

因为对我来说，这就是所有权。

You know, they earned it, this wasn't a gift,

这是他们挣来的，不是赠与，

it didn't happen by chance, they made it happen.

不是偶然发生的，是他们实现的。

And it did change the community.

这确实改变了社区。

340 million dollars of wealth was injected into the community,

3.4 亿美元的财富投入了社区，

and it's forever changed.

永远改变了情况。

I mean, that type of wealth creation,

这种财富创造

it can fundamentally shift a whole local economy.

可以从根本上改变整个地方经济。

It means more tax revenue, better schools, new business formations,

这意味着更多的税收收入、 更好的学校、创办新企业、

more restaurants in town.

城里更多的餐馆。

And it means dignified retirement for the employees.

这意味着员工有尊严地退休。

So just imagine how different would the economy be

想象一下，

如果每家公司都以这种方式运作，

if every company operated in this way

让所有员工参与决策和财富创造， 经济会有多么不同？

and included all employees in decision-making and in wealth creation?

What a different economy we would have.

我们会有一个多么不同的经济。

When we sold the business, I got a second gift.

当我们出售公司时， 我收到了第二份礼物。

A chicken.

一只鸡。

(Laughter)

（笑声）

But this time it was with a crate and it had a little tag

但是这次是装在箱子里的， 上面有一个小标签，

indicating it had been pre-checked back to New York City.

表明它已被预先检验， 以运回纽约。

(Laughter)

（笑声）

I wanted to stay married to my wife so I did not bring the chicken home.

我还不想和我太太离婚， 所以我没有把鸡带回家。

But when I got home, my wife and I started talking

但是我回到家后， 我和我太太开始讨论

about how we could give this idea of employee ownership more scope.

如何扩展员工所有权这一概念。

And we decided to start a nonprofit called Ownership Works,

我们决定成立一家名为 Ownership Works 的非营利组织，

whose mission is to ignite a movement around employee ownership

其使命是引领一场 围绕员工所有权的运动，

and to help CEOs and companies who want to go on this journey

帮助那些想要 开始这趟旅程的 CEO 和企业，

because it is not easy.

因为这并不容易。

Our goal is to reach a million workers over the next 10 years

我们的目标是在未来 10 年内 为 100 万名员工提供服务，

and to create tens of billions of wealth for working families.

并为工薪家庭创造数百亿美元的财富。

And we're already well on our way.

我们已经走上正轨。

We've got line of sight to our first 250,000 workers being impacted,

我们已经看到了 第一批 25 万名员工受到影响，

and our first 10 billion of wealth creation for working families.

我们为工薪家庭 创造的首批 100 亿财富。

We've also joined forces with a coalition of employee ownership advocates

我们还与一个 由员工所有权倡导者组成的联盟合作，

who have come together to put new energy

齐心协力，为 “ESOP”

behind something called an ESOP,

即“员工持股计划”注入了新的活力。

or employee stock ownership plan.

The ESOP was created by Congress in the 1970s,

ESOP 由国会在 1970 年代启动，

and it gives companies tax incentives

它为公司提供税收优惠，

in exchange for sharing stock ownership with workers.

以换取让员工共享股票所有权。

Our goal, through a new organization called Expanding ESOPs,

我们的目标是通过一个名为 Expanding ESOPs 的新组织，

is to pass legislation in the United States

在美国通过立法 ，

to make ESOPs easier to form

使 ESOP 更容易形成，

and faster to form, particularly with larger businesses.

更快地形成， 尤其是对于大型企业。

It is going to take government support for this idea to really take off.

这个想法需要政府的支持 才能真正腾飞。

That's how we're going to get not one million new employee owners,

这样，我们将创造的 不是一百万名新的员工股东，

but 30 million or 40 million.

而是 3000 万或 4000 万名股东。

When I talk about this idea and my passion for it,

当我谈到这个想法 以及我对这个想法的热情时，

I always get the same question: “What does your dad think of all this?”

我总是会听到同样的问题： “你爸怎么看待这一切？”

Well, you'd have to know my dad to appreciate this, but he says,

你得认识我爸才能理解，但他说：

"What the hell took so long?"

“为啥花了这么久？”

(Laughter)

（笑声）

Thank you.

谢谢。

(Cheers and applause)

（欢呼和掌声）