Why is GS Now Allowing Some of Its Employees to Dress Casually?

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?

 
Best Response
Yossif:
Does the high compensation 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?

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."

"A man can convince anyone he's somebody else, but never himself."
 

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.

 

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.

Commercial Real Estate Developer
 

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