完整标准版商业计划书英文版（双语阅读跟着你有肉吃）

完整标准版商业计划书英文版（双语阅读跟着你有肉吃）Come into my parlour有多个因素共同导致出现了上述情况。房价上涨在一定程度上推动了薪资上涨。据来自人力资源管理咨询公司美世（Mercer）的布兰特·雪勒（Brant Shelor）介绍，加利福尼亚州旧金山湾区的生活成本比全美国平均水平要高41%，比全国第二高的纽约市高7%，不过，最主要的因素是对人才的极度渴求。网络人才市场图钉（Thumbtack）的马克·扎帕科斯塔（Marco Zappacosta）解释称，最好的律师或医生一天只能接待有限的客户或病人，而超高专业技术的科技人才却能完全改变公司的经营状况。他们创造出的产品能吸引力多出几倍的用户，因此吸收盈利的能力也大得多。The money tech firms throw at employees has ballooned as competition to hire and hang on to top talent

LARGE technology firms used to hold on to their high-flying employees by agreeing not to poach them from each other. “If you hire a single one of these people that means war ” Steve Jobs Apple’s then boss warned Sergey Brin a founder of Google in 2005. That was an illegal arrangement and in 2015 Apple Google Adobe and Intel paid a $415m settlement to engineers whose pay had been held down as a result.

以前，各大科技公司约定互不挖角，以留住自己的精英员工。“你如果挖我墙角，就是在向我宣战。”苹果前CEO史蒂夫·乔布斯（Steve Jobs）在2005年曾这么警告过谷歌的创始人谢尔盖·布林 （Sergey Brin）。这并非有法律效力的约定。2015年，苹果、谷歌、奥多比（Adobe）和英特尔（Intel）公司合起来付了4.15亿给那些薪水因此无法提高的工程师。

Today wage suppression in Silicon Valley is even more of a distant memory than dial-up internet and mainframe computers. Last year technology companies in America recorded expenses of more than $40bn in stock-based compensation. Exact comparisons are difficult but to put that sum in perspective it is roughly 60% more than the bonus pool paid to the New York employees of Wall Street banks.

如今在硅谷，打压工资的做法比拨号上网和大型计算机还要老古董了。去年，美国科技公司发放了400多亿基于股权的补偿金，打破了以往的最高纪录。找一个具体的对比很难，可是，如果把这个数字与纽约华尔街银行雇员的奖金池相比，前者大概占后者的60%以上。

The money tech firms throw at employees has ballooned as competition to hire and hang on to top talent in engineering data science artificial intelligence and digital marketing has soared. Even entry-level engineers can easily earn $120 000 a year more than most people their age can make on Wall Street; mid-career executives with technical expertise who choose to work at large public companies such as Apple Google and Facebook will pocket several million including stock grants. The boss of one startup complains that he cannot find a competent chief operating officer who will work for less than $500 000 a year.

科技企业用于招聘的资金激增，因为对电子工程、数据科学、人工智能和网络营销方面的顶级人才的争夺和挽留战趋于白热化。甚至初级工程师都可轻松拥有12万美元的年薪，比大部分华尔街上的同龄人都要多。具有相当经验和技术专长的管理人员，如在苹果、谷歌和Facebook等大上市公司上班的员工，算上员工配股收入可达数百万。一家创业公司的老板抱怨称，没有50万美元的年薪，就找不到一个有能力的首席运营官。

All this is driven by a number of elements. The price of housing plays a part in pushing up salaries. The cost of living in the Bay Area is now 41% higher than the national average and 7% higher than the next most expensive place New York City according to Brant Shelor of Mercer a consultancy. But the biggest spur of change is the enormous appetite for talent. Unlike the best lawyers or doctors who can see only a limited number of people each day those with exceptional technical expertise can transform a company because they are capable of creating products that are many times more attractive and thus a lot more lucrative explains Marco Zappacosta of Thumbtack a digital marketplace.

有多个因素共同导致出现了上述情况。房价上涨在一定程度上推动了薪资上涨。据来自人力资源管理咨询公司美世（Mercer）的布兰特·雪勒（Brant Shelor）介绍，加利福尼亚州旧金山湾区的生活成本比全美国平均水平要高41%，比全国第二高的纽约市高7%，不过，最主要的因素是对人才的极度渴求。网络人才市场图钉（Thumbtack）的马克·扎帕科斯塔（Marco Zappacosta）解释称，最好的律师或医生一天只能接待有限的客户或病人，而超高专业技术的科技人才却能完全改变公司的经营状况。他们创造出的产品能吸引力多出几倍的用户，因此吸收盈利的能力也大得多。

Come into my parlour

来我的客厅坐坐

Google Facebook and Amazon alone probably hire around 30% of all American computer-science undergraduates reckons Roelof Botha of Sequoia a venture-capital firm. These big public companies not only pay handsomely but also wield a hiring advantage with the huge amount of stock they are willing to hand to promising candidates. Last year Alphabet Google’s parent company issued around $5.3bn in stock-based compensation equivalent to a fifth of its gross profits. That amounts to an average of $85 000 in stock-based compensation per full-time employee.

风险投资公司红杉资本（Sequoia）的鲁洛夫·博塔（Roelof Botha）估计，仅谷歌、Facebook和亚马逊三家公司就雇佣了全美大约30%的计算机专业本科生。这些大上市公司不仅出手阔绰，更拥有优势能给他们认定的希望之星大量股份。去年，谷歌母公司Alphabet发行了大约53亿员工股票期权，相当于总利润的五分之一。算起来平均每个全职员工得到8.5万股票期权。

Whereas non-tech companies in the S&P 500 give out on average the equivalent of less than 1% of their revenues in stock-based compensation the norm for big technology firms is around five times that (see chart). Last year Facebook for example recorded stock-based compensation expenses equivalent to around 17% of its sales; Workday a software firm and Twitter had stock-based charges of some 20% and 31% of their revenues respectively.

在标普500成分股中的非科技公司里，平均只给了不到其收入的1%的期权，仅是大科技公司做法的五分之一。比方说，在去年，Facebook就创纪录地分给员工大约相当于营业额17%的期权；软件公司Workday和推特发放的期权大约分别相当于他们营业额的20%和31%。

Stock-based compensation has its roots in the early days of Silicon Valley when startups could not afford to pay employees much if anything and asked them instead to take a small piece of the company that might rise in value later. What is different today is that many of the Valley’s firms are mature with proven track records so their stock is already valuable and can be used to greater effect. It is being deployed to “strategically hoard” the best talent says Patrick Moloney of Willis Towers Watson a consultancy. Once locked in that talent is then assigned to important projects. This deters people from going to rivals or launching their own startups.

股票期权产生于硅谷早期，创业公司没有太多钱可以给员工，于是就让他们占有公司的一小部分，以后可能会升值的股权。现在的情况不同了，许多硅谷公司已成熟，有着不错的业绩，因此，他们的股票价格很高了，还有其他更能发挥价值的利用方式。“储备最佳人才是战略”，咨询公司威利斯韬睿惠悦（ Willis Towers Watson）的帕特里·克莫洛尼（Patrick Moloney）说。一旦锁定人才，就给他派重要项目，以防他们转投对手公司或独自创业。

To maintain their grip on top employees the tech giants use several tactics in addition to handing out stock. Some provide generous signing-on bonuses that can be clawed back if an employee leaves within three years. Amazon heavily weights stock grants to an employee’s third and fourth year with the company as an incentive for them to stay and continue to work hard. Another common practice is to offer a “retention” bonus to make employees who are considering going elsewhere reconsider. Apple Google and Facebook are rumoured to keep a list of companies they do not want to lose talent to and supervisors are empowered to offer large bonuses to prevent people moving in that direction. A famous example of this occurred in 2011 when Neal Mohan a senior Google executive was considering leaving for Twitter. Some say he was offered a bonus of $100m in stock to stay at Google.

为了留住最有价值的员工，除了奖励股份，科技巨头们还有几个办法。一部分企业会慷慨地提供签约奖金，可是员工要保证至少签约三年。亚马逊公司在入职的第三四年会给员工大份额的配股，作为留在公司努力工作的的激励。另一个普遍的做法是给想走的员工发留任奖金让，他们重新考虑。据传，苹果、谷歌和Facebook有个黑名单，决不能让名单上的公司得到自己的人才，还派出监管者适时提出大笔防跳槽费。这方面有一个著名的例子，2011年谷歌高管尼尔·莫汉（Neal Mohan）有跳槽去推特的意愿。有消息称说谷歌用价值1亿美元的股票把他留了下来。

The top ten

十大公司

“It’s gone too far ” says one venture capitalist among the many bemoaning how large public technology companies suck up so much talent with their lucrative equity packages. The munificence of the large tech firms raises the stakes for others. Word of lavish offers spreads among colleagues. As a result the top 10% of talent are getting paid what only the top 2% would otherwise fetch says Richard Lear of Vantage Partners a consultancy.

“太夸张了”，一位风险投资家，像许多人一样，对大上市科技公司用令人垂涎欲滴的股票招揽到这么多人才的方法感叹道。大科技公司的慷慨把市场价格都抬高了。同事间流传着高薪聘请的消息。“结果是，最顶尖10%的人拿到了只有最顶尖2%的人才能赚到的钱，”咨询公司Vantage Partners的理查德·李尔（Richard Lear）说。

Even companies that are not doing well offer financial incentives to keep people. Twitter whose stock is languishing as it struggles to make money from its social-media platform has seen many talented people depart. The firm is believed to be offering bonuses of up to $1m to persuade its top engineers to stay for another few years.

就连盈利情况不太好的公司也得用钱来留人。正艰难地试图让自己的社交平台盈利的推特的股票走势低迷，很多有能力的员工都离开了。据说它拿出100万美元的奖金来说服高级工程师再呆几年。

Not surprisingly startups find it hard to compete in the war for talent. The best positioned are high-flying “unicorns” Valley-speak for private companies valued over $1bn. These companies such as Uber and Airbnb have raised lots of money and are willing to use it lavishly to lure people out of the large public firms. They can offer high cash salaries but also try to attract employees by suggesting their stock will look better when they finally go public. After someone has been at a unicorn for around four years they can receive “refresher” grants of stock to give them an additional incentive to remain.

新创业的公司很难在人才争夺战中取得胜利，这也就不足为奇了。最具优势地位的是成功的“独角兽”们——硅谷对估值超过10亿美元的私营公司的称呼。比如说，优步（Uber）和空中食宿（Airbnb）得到了很多投资，舍得投钱引诱大公司的人跳槽。他们能提供高薪也会用股票吸引员工，暗示员工以后有上市的可能。“独角兽”公司的员工在工作大约四年之后可以收到员工配股，作为额外的留任奖励。

Lacking the same resources smaller startups blame the giants for distorting the market for high-flyers. “I get the feeling that I can’t compete for objectively proven brilliant talent ” says Mike Driscoll the boss of Metamarkets an analytics startup. “All I can do is hire diamonds in the rough who will almost certainly get poached away by larger companies when they start to emerge as very talented.” Smaller fry try to find employees with a different temperament perhaps those willing to take greater risks or others who find working at a large company dispiriting.

缺乏资源的小型创业公司谴责巨头们为了精英员工扭曲了市场。“我有种感觉，那些已作出成绩的出色人才，我是抢不到的。”市场分析创业公司Metamarkets的老板麦克·德里斯科尔（Mike Driscoll） 说。“我只能挖掘那些未发光的金子，但几乎可以肯定当他们开始发光了就会被大公司挖走。”小公司尝试招一些性格比较独特的员工，比如说乐于冒险的或者在大公司里工作得不开心的人才。

The rising cost of talent has also pushed up the level of funding startups need to raise. The idea that it is cheap to launch a firm is a myth says Evan Williams who co-founded Twitter and set up Medium an online-publishing platform. “It’s harder and more expensive than ever to make a startup successful.” The more money young companies raise from investors to pay their employees the harder it is for them to break even or become profitable.

工资上涨也造成创业公司需要筹集的资金增加。“觉得创立一家公司花不了很多钱是个普遍错误的想法，”推特创始人之一伊万·威廉姆斯（Evan Williams）说。他还创办了在线出版平台Medium。“把创业公司做成功从没这么贵这么难。”小公司花费越多的融资付工资，就越难达到收支平衡或盈利。

The tactics employed by the large tech firms carry risks. One is to the entire ecosystem of Silicon Valley. In the future entrepreneurs with a world-beating idea for a startup may recoil at the price of a garage to launch it in. Some startups are already moving elsewhere to hire cheaper engineers and reduce other costs. They don’t have to go very far from the Bay Area perhaps to southern California (see article) or other states. In the long term there is a risk that the Valley could resemble South Korea: dominated by a handful of giant chaebol-like companies that soak up all the talent and squeeze out smaller startups.

大科技公司的策略是有风险的。一是对硅谷的整个生态系统而言。以后，创业者，即便有着世界级创意，想办个公司的话，可能连租个车库的钱都付不起。一些创业公司搬到别的地方来降低工资和其他支出。他们不用离开湾区太远，大概到加利福尼亚州南部等地就行。长远来看，硅谷会像韩国一样面临危机。在少数财阀巨头的统治下，人才被霸占，小型创业公司的生存空间遭挤压。

Another risk is the wrath of investors and the public. Under generally accepted accounting principles companies are required to deduct stock-based compensation to calculate profits but many emphasise alternative measures and as a result plenty of shareholders have not been paying attention to the vast amounts being doled out. Spencer Rascoff the boss of Zillow Group an online property firm thinks that stock-based compensation should be paid a lot more attention. “When it’s ignored by companies and investors it gives companies the opportunity to use stock compensation like funny money ” he says. “It’s not. It’s dilutive to shareholders.”

另一个危机是投资者和公众的愤怒。按照通行的会计准则，在公司计算盈利前要扣除员工配股，但很多公司都避开这种算法，因此，很多股东没有注意到有这么多的钱都被发红包了。房地产网站Zillow集团老板斯宾塞·拉斯科夫（Spencer Rascoff）认为，员工配股的问题应该引起关注。“如果公司和投资者都忽略了这个问题，公司就有可能像发假钞一样的发配股，”拉斯科夫说，“可这不但是真金白银，还稀释了股本。”

Few shareholders question expenses when firms are flying high but the mood could change swiftly if the stockmarket plunged or a company’s performance were to falter as happened this year at Twitter and LinkedIn. Tech bosses may think that because they deliver products and services people like even adore they do not have to worry about the kind of backlash against high pay that Wall Street suffered. They shouldn’t count on it.

当公司很顺利的时候，很少会有股东会质疑钱到哪儿去了，可如果股市暴跌或公司表现不佳，舆论就会很快变脸，正如今年推特和领英（LinkedIn）遇到的那样。科技公司的老板可能认为，若是他们能提供给人们喜欢甚至热爱的产品或服务，他们就不会像华尔街一样因为巨额报酬而遭受抵制。还是不要这么想当然的好。

编译：黄雪晴

审校：王雪薇

编辑：翻吧君

英文来源：经济学人

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