Goldman Sachs
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Goldman Sachs’ culture can be defined as a blend of both bureaucratic culture and clan culture. Within a clan culture, Goldman has been able to accurately mould greed, paranoia and ambition into genuine teamwork. Despite this, Goldman Sachs’ culture remains to be bureaucratic in terms of hierarchical coordination, authority and status that are put in place to monitor behavior. To ensure that employees are competent enough to meet the company’s needs, Goldman Sachs applies a 360 performance review system. In this review process peers, subordinates, and supervisors give feedback about an employee’s performance. It also encompasses self-assessment and in some instances, feedback from customers and relevant stakeholders is taken into consideration.
360-degrees review process allows employs in Goldman Sachs to receive from their supervisors and from four to eight peers, coworkers, customers and reporting staff members. This process allows each employ to respond to it without one feeling discriminated or left out. According to Lloyd C. Blankfein Chief Executive Officer Goldman Sachs, the process allows each employee to understand how his effectiveness is viewed by others. It also provides insights about behaviors and skills. Lloyd asserts that this review is not carried out to humiliate employee but to help them identify their strengths and weaknesses so that they can bridge them to effectively work toward achieving the company’s visions, goals and missions. It also enhances professional development to come out with employees who are competent enough.
Goldman Sachs also uses the 360 performance review process as a tool for performance appraisal. This involves categorizing its employees into levels based on their annual performance. The category that is presumed to be performing worst is consequently fired while the best performing group is normally recognized and rewarded to keep motivating it. However, there have been complains from Goldman Sachs employees as to the use of this review system as a tool for performance appraisal with some saying that it culminates into grotesque bonus grabbing.
Goldman Sachs is currently applies selective recruitment for new employees. Their interview processes are lengthy and seem to scrutinize the job seeker’s competency. This has helped the company determine the appropriate competent workers. According to its Human Resource department they, they look for all refunded resumes which indicate the job seeker’s strong educational background, her innovativeness and how active he is in extra curriculum activities. The department also asserts that during the interview process they look out for employees who display maturity, excellent communication skills and are able to take charge of their attitudes. These employees must also be team players. Full time employment positions in Goldman Sachs are offered a year in advance and the company assigns buddies to each graduate who accepts to take the position. This buddy acts as a bridge between the company and the new employee and he is always available to answer questions. New hires are also invited to Goldman Sachs offices on a parent’s day to meet senior management and alumni.
Goldman Sachs also hires outsourcing firms to help it in its recruitment process. They normally carry out this through selective Precision Recruitment Outsourcing. These agencies apply a front end process which involves candidate research, internet sourcing, direct sourcing and candidate screening. In the recruitment process if such agencies, talent fusion is also pivotal. This helps in creation of a fluid program that directs large numbers of sourced and prescreened candidates into the Goldman Sachs’ hiring process. Goldman Sachs also finds it employees through internal and external job databases and employee referrals.
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