P.A.Fisher十五要点之柒

16 Mar 2018

Fisher described the 7th point about what to buy.

Point 7: Does the company have outstanding labor and personnel relations?

文中第 1-2 要点着重点为产品和管理层；第 3-4 要点着重研发、销售等；第 5-6 要点着重利润率。现在第 7 要点着 labor and personnel relations(雇主和员工关系）是否出色。

讨论01

Most investors may not fully appreciate the profits from good labor rela- tions. Few of them fail to recognize the impact of bad labor relations.

投资还要看公司的劳资与人事关系，从本质来讲，一家公司靠员工来生产产品或提供服务，如果大部分员工不爽，效率不高，公司盈利能力又能超越同行中那些员工竭尽全力为公司奉献的竞争对手么？

作者提到的罢工等，可能在中国不常见，工会也是。如果从员工、人事的角度来考察的话，投资者是否要考虑：（1）员工对公司的满意程度，员工不满，工作积极性能高么？工作效率能高么？（2）公司中员工的流动性。如果一家公司的员工流动性非常大，投资者能认为这家公司值得投资么？

If workers feel that they are fairly treated by their employer, a background has been laid wherein efficient leadership can accomplish much in increasing productivity per worker. Furthermore, there is always considerable cost in training each new worker. Those companies with an abnormal labor turnover have therefor an element of unnecessary expense avoided by better managed enterprises.

讨论02 How to judge the quality of a company’s labor and personnel relations?

除了作者讲述的，投资者自己也要思考。作者提供的思考方面：（1）工会；（2）员工的忠诚度，不满意度；（3）管理层如何化解员工的不满，(4) 公司给员工的薪酬如何？（高于平均或低于平均？）；（5）高层对待基层员工的态度 and so on…

One series of figures that indicates the underlying quality of labor and personnel policies is the relative labor turnover in one compa- ny as against another in the same area.

（1）工会么，中国不多，就不谈了。

（2）员工忠诚度，从员工的辞职率，流动性。在供不应求阶段，还有好多人争着进入一家公司，那么这家公司相对而言在同行中的劳资关系较好。

Companies with good labor relations usually are ones making every effort to settle grievances quickly.

（3）管理层处理员工不满的效率。

In addition to appraising the methods set up for settling grievances, the investor might also pay close attention to wage scales. The company that makes above-average profits while paying above average wages for the area in which it is located is likely to have good labor relations. The investor who buys into a situation in which a significant part of earnings comes from paying below-standard wages for the area involved may in time have serious trouble on his hands.

（4）看公司给员工的薪酬。除了这些，思考下还有没有其他方面。在薪酬方面：如果一家公司给老员工的工资低于跳槽而来的新员工的工资，或者两者偏差非常离谱，那么这家公司的劳资关系可能不好，因为老员工肯定会抱怨，而这种抱怨又得不到解决，那么员工工作热情和积极度能有提高么，不可能。还有一点是老员工的薪酬上涨幅度等等，也要考虑。这些作者没有提到，投资者可以自己深入思考和分析。或许只有经历过了才知道。

Finally the investor should be sensitive to the attitude of top management toward the rank-and-file employees. Underneath all the fine-sounding generalities, some managements have little feeling of responsibility for, or interest in, their ordinary workers.Their chief concern is that no greater share of their sales dollar go to lower echelon personnel than the pressure of militant unionism makes mandatory. Workers are readily hired or dismissed in large masses, dependent on slight changes in the company’s sales outlook or profit picture. No feeling of responsibility exists for the hardships this can cause to the families affected. Nothing is done to make ordinary employees feel they are wanted, needed, and part of the business picture. Nothing is done to build up the dignity of the individual worker. Managements with this attitude do not usually provide the background for the most desirable type of investment.

（5）最后是公司高管或管理层对待基层员工的态度。如果一家公司的高管和管理层对待员工不负责任，投资者能认为他们对股东负责任么？