Lessons From Goldman Sachs’ Employee Benefits Strategy
The competition for talent is leading investment bank Goldman Sachs to rethink its approach to employee benefits.
The Wall Street Journal recently outlined several ways that Goldman Sachs is adjusting its HR policies in an attempt to reduce employee burnout and become a magnet for top job candidates.
These moves coincide with a labor market in which salaries continue to rise, and Americans are resigning from their jobs by the millions. Per MIT Sloan, between April and Sept. 2021, more than 24 million U.S. workers left their jobs. This is an all-time record.
With growing job opportunities due to the rise of remote work, employees and job candidates have more options than ever, and leverage is tilting in their favor.
Goldman Sachs Introduces New Perks
Founded in 1869, Goldman Sachs has roughly 40,000 employees worldwide and has a market cap of ~$134 billion.
Some of the benefits the bank has introduced recently include:
- Increased retirement fund matching contributions for U.S. employees
- Expanded time for bereavement leave
- Unpaid sabbaticals for long-time employees
- Paid leave for pregnancy loss
- Paid family leave for employees facing issues tied to COVID-19
Also, the company has cut the one-year waiting period before it matches employee retirement fund contributions, per the Wall Street Journal.
The aim of the bank is to offer these benefits to create a leading value proposition for current and prospective employees.
To learn other approaches for attracting and retaining employees, access the resources below:
- How to find and recruit magnet employees
- How to approach employee retention using mentors
- Upskilling your workforce to improve employee retention
- Lessons and advice for hiring the best employees
- Resources for managers to drive employee engagement
Need help with your hiring and employee engagement efforts? Contact us for a free consultation: sales@recruitAbility.ai.