The burn out and churn is intended. Big 4 accounting is the same way, recruit individuals straight out of college, work them 80+ hours a week, burn them out and have them move on. It’s a win-win, the employee gets a stamp on their resume which opens many doors and the employer gets cheap labor and less people moving up the ladder.
Goldman Sachs Working Conditions Survey
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Re: Goldman Sachs Working Conditions Survey
#22A "Big 4" partner explained this to me years ago. It's an intentional system designed to extract the most resources from a college graduate as possible. Some are promoted up the ranks, but most leave with the resume line item to do something else.
This has been the way for decades now.
Re: Goldman Sachs Working Conditions Survey
#23I wonder what they actually "do" for 95 hours a week. There is no way it can be productive work for all that time over such long periods.
Since they mention "junior bankers", i'd say most of it is:
- re-formatting presentations decks - re-formatting booklets - checking numbers - being available
The first two to three episodes of HBO's Industry (https://en.wikipedia.org/wiki/Industry_(TV_series)) reflects this well, and darkly. It is also fairly accurate w/r/t what my banker friends experienced.
Re: Goldman Sachs Working Conditions Survey
#24> "The sleep deprivation, the treatment by senior bankers, the mental and physical stress... I've been through foster care and this is arguably worse."
I know GS'ers aren't popular people. But this is no way to treat anybody.
Re: Goldman Sachs Working Conditions Survey
#25I'm not sure what the best enforcement mechanism would be, but this should be addressed through national legislation. Perhaps mandatory overtime and/or some kind of business-level tax for anyone working more than 40 hours a week? Nobody should be "exempt" from earning overtime.
These people chose a job that offered a career path to become super wealthy. These hours are the price for their shot at massive riches.
Re: Goldman Sachs Working Conditions Survey
#26As a resident in the hospital (a couple years ago) I worked 100 hours a week and there were others on the team who were putting in more hours than I was. I think the hours are similar at some law firms. Honestly I find it hard to believe people actually exist that only work 40 hours a week.
Re: Goldman Sachs Working Conditions Survey
#27Re: Goldman Sachs Working Conditions Survey
#28I have already commented with something snarky, but in seriousness:
Does it it seem to anyone else that the new generation entering the workplace (zoomers?) have wildly different expectations of what it's like vs. the reality? Not necessarily out of line with what it could or should be like (though I would say it does lean this way), but just how it is in practice?
Re: Goldman Sachs Working Conditions Survey
#29Is anyone here experiencing this? It must be really tough.
I did 80's (over 5 days) for an extended period of time twice and you definitely adjust.
Looking back, the quality of work was definitely diminished. It didn't impact me too greatly in the first because it was a sales role primarily filling out RFPs. The second time was my startup and I am confident I made plenty of bad decisions due to lack of relaxation/sleep/exercise.
Re: Goldman Sachs Working Conditions Survey
#30I don't think these are the people that deserve our sympathy. What did they think? That they would get rich by defrauding the world only 40 hours a week? > mentally I’m in a really dark place Indeed. First find some morals, then try again.
What do they do that’s immoral?
Did you ever hear of Goldman Sachs? Here's a list that is safe enough not to cause litigation: https://en.wikipedia.org/wiki/Goldman_Sachs_controversies.