Reference no: EM133048628

Goldman Sachs case study

Goldman Sachs was long considered one of the best financial services companies to work for,due to its prestige, high salaries, bonuses, and perks. Yet by 2014, Goldman was beginning to have trouble recruiting the best and brightest MBAs at top business schools. Part of this was due to the banking crisis of 2008-09 and the scandals that continued to plague the industry year after year, tarnishing the industry's reputation. But another reason was a change in the values and aspirations of the younger generation that made banking culture far less appealing than that of consulting, technology and start-up companies. Newly graduated MBAs were no longer as willing to accept the grueling hours and unpredictable schedules that were the norm in investment banking. They wanted to derive meaning and purpose from their work and prized work/life balance over monetary gain. The tech industry was known for fun, youth-oriented,and collaborative working environments, and the excitement and promise of entrepreneurial ventures offered much appeal. Goldman found itself competing with Amazon, Google,Microsoft, and Facebook, as well as with start ups for talent, and losing out.

The problem was compounded by the fact that its culture was regarded as stuffy and stodgy -qualities not likely to appeal to the young, particularly when contrasted with the hip cultures of tech and start-ups. In addition, it had always been slow moving in terms of implementing organizational change. What do you think Goldman needs to do to change its culture, its systems, and attract talent? Use all relevant information gained from the various chapters of the book to make your arguments on all of the steps you feel need to be taken. In this case, you are providing

1) A variety of initiatives/projects that you feel will help solve the problem, classified in order of importance.

2) Your top priority(ies) for implementation, why you chose them, the risks in implementing and how to mitigate.