Goldman Sachs: Bank boss rejects work from home as the 'new normal'
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Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#2I'm of two minds. I don't think most office work can be done from home all the time, but I think a lot of it can be done efficiently from home. On the other hand I also value the social aspect as well as the easy onboarding in-person.
For GS, if their competitors are offering better working conditions, their top employees may switch over, leaving them with the ones who don't have a choice. Maybe he would better understand it as saying "Sales employees don't need a nice car or business class tickets or commissions to make sales." Technically true, but if your competitor is offering it you might want to do it as well.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#3Let's not forget that the old money institutions are very much stuck in their ways, and there is a culture that goes with it - which is their norm.
Newer fintech companies are happy to challenge that norm and modernise it - removing some of that outdated culture.
On the other hand, I can see why a large money firm would want to have people in the office using devices/assets that are under their control/watchful eye.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#4who would have guessed that a Goldman Sachs Boss, would have showed this level of common sense in these troubling times
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#5Whilst all this work from home is nice and lovely and whatever, for me I still struggle to overlook this cynical fact:
I had a space dedicated to work in that my employer paid for. Now I must make a part of my house that space and foot the bill.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#6I guess he wants the new recruits to be able to experience the "magic roundabout"
The investment banking culture is notoriously brutal. Analysts typically work until midnight every day. Deals are unpredictable, deadlines are short and clients are demanding. There is a ritual known in banking circles as the “magic roundabout” — a graduate leaves his or her desk in the early hours of the morning, takes a cab home, and the taxi driver waits outside long enough for the young recruit to shower and change shirt before returning to the office.
https://www.ft.com/content/84adb5a4-2e53-11e6-a18d-a96ab29e3...
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#7I guess he wants the new recruits to be able to experience the "magic roundabout" The investment banking culture is notoriously brutal. Analysts typically work until midnight every day. Deals are unpredictable, deadlines are short and clients are demanding. There is a ritual known in banking circles as the “magic roundabout” — a graduate leaves his or her desk in the early hours of the morning, takes a cab home, and…
Baffles me that anyone would want to live like this. The sooner this bizarre culture dies out, the better.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#8The mechanisms of the free market should take care of it. Offering WFH is now something a bank (or any other company that is suitable for WFH) can offer as a bargaining chip. It's yet another factor (next to salary, vacation times, prestige, etc.) on which companies can compete for talent.
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#9I guess he wants the new recruits to be able to experience the "magic roundabout" The investment banking culture is notoriously brutal. Analysts typically work until midnight every day. Deals are unpredictable, deadlines are short and clients are demanding. There is a ritual known in banking circles as the “magic roundabout” — a graduate leaves his or her desk in the early hours of the morning, takes a cab home, and…
This seems like a form of hazing. How sharp and attentive to details that person is after that day?
It seems more like "I worked like that, so you too should work like that"
Re: Goldman Sachs: Bank boss rejects work from home as the 'new normal'
#10I'm of two minds. I don't think most office work can be done from home all the time, but I think a lot of it can be done efficiently from home. On the other hand I also value the social aspect as well as the easy onboarding in-person. For GS, if their competitors are offering better working conditions, their top employees may switch over, leaving them with the ones who don't have a choice. Maybe he would better under…
I doubt that WFH options are a significant factor for the best employees. There are so many other incentives/rewards/perks that imo should rank above this. Eg. Remuneration, opportunities, connection to colleagues (particularly those involved in promotional decisions).
> if your competitor is offering it you might want to do it as well.
That factor only seems relevant in isolation. Financial remuneration is surely the primary factor.