Goldman Sachs Deepens and Expands Initiatives to Foster Greater Diversity and Inclusion

In 2019, Goldman Sachs expands hiring targets aimed at increasing the diversity profile of its people, recognizing the many benefits of a more inclusive workplace.

Goldman Sachs is committed to building and supporting a diverse and inclusive workforce that is reflective of the countries and cultures in which the firm operates. As the seventh Business Principle states, “Being diverse is not optional; it is what we must be.”

To strengthen its global team, reinforce its core values and best serve its clients, the firm continues to seek innovative ways to implement recruitment and retention practices that help close gaps in its workforce across race, gender, sexual orientation, socioeconomic status, disability status, military service and other dimensions. Among the targets the firm has set is to have 50 percent of its global talent represented by women, as announced in an e-mail to all employees from Chairman and CEO Lloyd Blankfein and President and Chief Operating Officer David Solomon in March 2018.

In 2019, these hiring goals were expanded to include all analysts and entry-level associates, a combined group that represents more than 70 percent of the firm’s annual hiring. Within this group, Goldman Sachs also aspires to increase the representation of black professionals to 11 percent and Hispanic/Latinx professionals to 14 percent in the Americas and that of black professionals in the United Kingdom to 9 percent.

Specific initiatives geared to attracting and retaining the broadest possible range of qualified candidates include leveraging technology and engaging new media to identify talent and creating pipeline programs designed to attract people who might never otherwise look to pursue a career in financial services. Goldman Sachs is also working to establish a common language, skill set and system of accountability around inclusiveness, including classroom curricula aimed at increasing awareness and addressing inclusion with a focus on race and ethnicity.

In addition, the firm has developed more than 80 diversity-based affinity networks and interest forums globally to provide opportunities for its people to share their distinct experiences, offer feedback to the firm and deepen professional relationships across business units and divisions. As of 2018, more than half of the firm’s employees had opted in to one or more of these affinity networks, and more than 300 of its senior managers held network leadership roles.

Goldman Sachs recognizes that, for its teams to excel, all members must feel that they are operating in an inclusive environment that welcomes and supports differences and encourages input from all perspectives. Appreciating that it can best serve its clients and shareholders by tapping the rich insights, talents and judgments of a diverse workforce, the firm continues to approach diversity and inclusion as a critical business policy.

 

This article was originally published as part of a series commemorating the 150th anniversary of Goldman Sachs’ founding in 1869.