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Yuchai Machinery explores optimal path for achieving strategic objectives

"What are Yuchai's advantages, disadvantages, opportunities and threats in achieving its strategic objectives?" "What strategy will Yuchai take to better achieve its strategic objectives?" "What is Yuchai's core competitiveness?" "What battles must Yuchai win in 2015?" "What key performance indicators must the senior management fulfill in regard to the key tasks in 2015?" From November 1 to 3, members of the leading body of Yuchai Machinery Co., Ltd. (Yuchai Machinery) and some middle-level managers discussed these issues, and deciphered Yuchai Machinery's strategic objectives in the coming five years, to explore the optimal path for achieving the objectives.

In the form of group discussion, the seminar focused on the performance management program advanced to achieve the strategic objectives. According to the source, the program launched this September is aimed to clarify the relations between the company's organizational strategy, annual policies and objectives, annual business plan and annual KPI, as well as the logical decomposition system, perfect the existing performance assessment indicator system, and establish the performance assessment indicator system specific to section-level organizations and cadres; to establish and perfect the mechanism of performance management of senior and middle-level cadres, departments, sections and grass-roots level cadres; and to establish the model of performance results application to apply performance assessment results in fields such as salary distribution, incentive, staff career, cadre promotion and demotion, and training.

Wu Qiwei, general manager of Yuchai Machinery, recognized the seminar's effects. He said the process of discussion is a process of thinking about business advancement, clarifying work thinking and reaching consensuses. Through the discussion, we have acquired a deeper understanding of the company's strategic plan and a more rational understanding of how to advance strategic projects to achieve the company's strategic objectives, and have reached an initial consensus on "the battles we must win". Particularly, in the discussion about the key performance indicators for senior executives, the staff on all lines and fields made in-depth communication. The seminar has enhanced the participants' understanding of key performance indicators, further defined their responsibilities, and made assessment indicators more scientific and rational. It is of great guiding significance to the company's work planning for the next year and concrete work in the next period.

Yan Ping, chairman of Yuchai Machinery, delivered a speech at the seminar. He noted that the accomplishment of Yuchai Machinery's strategic objectives concerns the development of Yuchai Group, thus the company will spend three years reengineering its system from this year on, and push forward corporate reform systematically, conceptually and institutionally so as to continuously enhance its core competitiveness. "These are fundamental preparations for the 'second startup'." The clarification and deciphering of the corporate strategic objectives is an important beginning of Yuchai Machinery's system reengineering."

(Huang Zhirong)

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