This morning Reuters reported ([http://www.reuters.com/article/us-goldman-sachs-t…]) that in an attempt to attract and retain tech talent, Goldman Sachs is relaxing its dress code for their employees in the technology division. This was one of the first moves made by the new Chief Information Officer Elisha Wiesel, who wants to level the playing field with silicon valley, in terms of workplace environment and perks.
In an internal memo obtained by Reuters, GS told its employees in the technology division to
exercise judgement in determining when to adapt to business attire
It seems to me that this "perk" is too little too late. Google provides its employees with sleeping pods and allows them to bring their dogs into work. A more casual dress code pales in comparison with these benefits.
Does the high compensation make up for less perks? How important are dress code and image to the company culture of an investment bank? What should banks do to retain tech talent?
This is like replacing earnings reports with emojis, we all know your CEO is going to give us restated non-GAAP numbers anyway, but that doesn't mean you're adding value.
Yeah if I was a coder working for Google / FB / etc. seems way better than working for GS or any other bank. Still, wearing a suit every day to work or even business casual everyday sucks and this will likely make things more bearable lol.
I don't even know if GS comp is better than top tier SW shops. One of my troops wen't NYU->IBM Intern->GS starting at 85 + 40k bonus. That seems inline with what I've heard about google. GS is really fucking this up because most of their guys don't work in the same buildings as clients see.
Definitely not inline.. Google is $105-110k base + 40-50k in yearly vested stock/bonus for new grads.
1.) Yes. The compensation is justifiable for less perks.
2.) Incredibly important, image is everything in client facing industries (especially when the client is paying hundreds of thousands of dollars in retainer fees for your services). As a business owner using Goldman's IB services, would you like coming up to the Investment banking division for a meeting to see the employees taking a nap on your dollar? Absolutely not.
Nobody cares in tech because they work far away from the customer behind a computer in a re-manufactured volkswagen beetle made to resemble a desk. Anyone worth their salt in a client facing services role is clean cut, well groomed, and mentally present (ie. not napping on their client's dollar).
3.) To retain tech employees big banks need to change the work culture, but they should be careful to preserve some rigidness & appearances of professionalism.
Note: I used to work at a tech firm... All of the cubicle mini hoops, office razor scooters, and comfort pets resemble more of an "adult daycare" than a "work place."
This is the caliber of a response I would expect from a senior associate like yourself
My man!
Honestly, who cares?I know of a few groups who have casual days at GS (albeit none are IBD).
Yeah it seems that it is a little too late, but idk. I'd rather dress professionally and receive the high compensation rather than to take a pay cut and get the "perks."
This is so silly...Silicon Valley is lightyears ahead of Wall Street in terms of providing these perks. Goldman Sachs providing lax sartorial guidelines doesn't do jack shit. No one works at Goldman Sachs for the perks or benefits.
How are we going to show we belong to the 1% if we dress like Bernie Sanders supporters?
Don't underestimate the value of not having to wear a suit. My work attire is interchangeable with my golf course attire most days and that comfort level is one hell of a perk.
FootJoy FTW!
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