Safelite的成功很快成为经济学的教科书典范，说明了绩效工资如何激励现有员工并且吸引更优秀的人 才，从而提高生产力。 受到此例启发，许多公司开始相信，持续增加奖金、佣金或股票期权等激励措施，自然会吸引最优秀的 人才，并进一步提高生产力。事实上，许多注重增长的公司，包括谷歌和Netflix等科技巨头，都采用了 越来越慷慨的激励结构，希望能够吸引和留住顶尖人才，并保持利润增长。 然而，尽管这种方法广受欢迎，却存在一个严重的盲点。它假设不断提高的激励措施总是可以得到更好 的员工，也就是吸引更多的高技能和高生产力的人才。但乔治亚迪斯和他的迈阿密大学同事恩里克·卡 斯特罗-皮雷斯所做的研究，却对这一假设提出了质疑。 他们的研究结果表明，更高的激励措施并不会自动保证招聘到更优秀的人才，在某些情况下，甚至可能 适得其反。 更高的激励措施所隐藏的弊端 20世纪90年代中期，挡风玻璃修理公司Safelite采取了一项大胆的举措，以绩效工资来取代小时工资。 也就是员工安装的挡风玻璃越多，收入就越高。其结果令人震惊。 一年之内，生产率飙升了大约44%。 "这是一个巨大的增长。"凯洛格管理学院的战略学副教授、绩效型激励专家乔治· ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released an action plan aimed at promoting the high-quality development of public funds, focusing on changing the previous model of guaranteed returns and linking fund performance to differentiated fee rates for investors based on their holding periods [1][2]. Group 1: Key Highlights of the Action Plan - The action plan emphasizes that for investors with a holding period, differentiated fee rates will be applied based on the product's performance during that period [1]. - It mandates that leading institutions in the industry should issue no less than 60% of the number of actively managed equity funds compared to the total fund issuance in the coming year [1]. - Performance assessment for funds will place a weight of no less than 80% on medium to long-term returns over three years [2]. Group 2: Fund Manager Performance Evaluation - Fund managers whose products underperform the benchmark by more than 10 percentage points over three years will see a significant decrease in their performance compensation [2]. - Conversely, fund managers whose products significantly outperform the benchmark can receive reasonable increases in their performance compensation [2]. - The new rules will only apply to newly issued funds, while existing funds will continue under the previous assessment rules, indicating a clear distinction between old and new regulations [2]. Group 3: Industry Implications - The current public fund operation reflects a focus on individual fund managers rather than team collaboration, which may lead to talent retention issues as high-performing managers often leave for private funds [4]. - The action plan encourages better performance incentives for fund managers, suggesting that extending the assessment period to 3-5 years could enhance motivation and retention of top talent [4][5]. - Addressing the distribution of excess returns for fund managers is seen as a necessary step to prevent the loss of talented managers due to inadequate incentive mechanisms [5].