Goldman Sachs’ focus on work-life strategies has helped establish itself as an employer of choice in the banking sector. Understanding that people are their number one asset, the bank strives to create an inclusive environment that enables flexibility through the support of management and engendering a culture to minimise work-family conflict and assist with staff retention.
the Executive Summary.
Industry: Financial & Insurance Services
Employment size: Information not available
Employment profile: Professionals, executives and managers; financial, corporate and administrative personnel
Featured work-life programmes:
- Family Emergency leave (up to 5 days per annum)
- Paternity leave (2 weeks)
- Unpaid leave (employees may request for up to three months per annum)
Employee Support Schemes
- Parental Toolkit (maternity information for pregnant employees)
- Maternity Mentoring Program (connects expectant/new mothers with those who have been through pregnancy or adoption)
- Lactation room
- Women’s Network and Working Parent Forum
The highly intense working environment presents both opportunities and challenges to the banking sector. In order to establish itself as an employer of choice in the highly competitive banking industry, Goldman Sachs Group, Inc (Goldman Sachs) focused on work-life strategies to give it a competitive advantage.
Goldman Sachs enjoys strong support for their work-life programmes from senior management, who believe that these contribute to employee commitment, retention and engagement levels. The management provides a supportive environment to encourage all employees to utilise the company’s work-life programmes to address their needs. Senior management also undergoes the ‘Great Expectations’ training on how to manage their female staff throughout the maternity cycle.
The organisation’s work-life strategies revolve around human capital management and have a strong focus on talent attraction and retention. Two unique programmes were introduced to attract and retain high caliber financial professionals:
- “Returnship”: a paid ten-week preparatory initiative to attract and aid talented individuals back into the workforce after an extended absence from the workforce by equipping them with necessary skills and confidence to transition back into the industry.
- “New Directions” Conference: to encourage and prepare those who have spent time away from the workforce to return to the workplace.
- Workplace Culture
Goldman Sach’s open and cohesive culture provides an overarching framework for their work-life programmes. Equal opportunities are available to all employees and discrimination against employees on flexible work arrangements is non-existent as this does not hinder their mobility and career opportunities.
- Investment in Human Capital
Goldman Sachs focuses on career growth and opportunities and is open to different work proposals to attract and retain talent.
- Diversity Management
Due to its global operations, there is high labour mobility that brings employees together from diverse backgrounds. Goldman Sachs has an active Asia Pacific Diversity Committee to set the diversity strategy for the firm, which includes training for employees to cope with challenges in working with team members of different backgrounds.
- Open Communication and Flexibility
Goldman Sachs assists employees to achieve work‐life harmony through the implementation of flexi‐work options. This is made possible by maintaining open communication between management and employees to promote trust and understanding, which allows the management to continually fine-tune work arrangements to employee’s needs.
- Localised Programmes
The Asia Pacific Diversity Committee regularly reviews policies and programmes to ensure that they remain relevant within the local context. This ensures that the content and structure used for the programmes in various offices remain consistent, whilst customization has been made to ensure its relevance.
Click here to download the full Case Study.
This case study was first published on the former Employer Alliance website.