Leadership Goldman Sachs
Form and location build new locations (Steph)
Where would the program be physically located?
The location of the leadership development program has a very large impact on the success of the program. If employees at Goldman Sachs do not value the program they will not put the effort into going to another location to attend. On the other hand if there is not a new location there is no significant change and the commitment GS has on professional development is not clear. We would definitely include a new distinct location for leadership development at Goldman Sachs. This new location will help employees and potential candidates realize the importance of developing the firm’s key assets, which are its high talent employees. The new location will also be able to help the firm win the ?War for Talent as leadership development is a key factor for talented people deciding where to start and grow their career. The new location will also help with the growth strategy the company is aiming towards. A new building is necessary for a company with high growth strategy and starting the building off as a development center is a great way to emphasize the focus of the organization (outstanding leaders). The new location will help GS change their traditional ?apprenticeship model of professional development into a more structural measure leadership development program. The larger capacity at the new building will allow leaders to bring more of their top talent into the program and help them grow and prosper away from their regular duties and responsibilities. The new building will be like a university, which brings the structure and systematic approach into play. To prevent any hesitation from going to the new facility for the leadership program it is important to highlight the honor to attend and have the opportunity to be apart of this program. The new location would communicate a message to employees of the prestige and commitment GS has for its top talent and leaders.
Faculty mix outside and internal (Steph)
The development program has to have a diverse faculty. Different teachers all bring different advantages to the program. There would be a more significant amount of internal trainers but it is important to make sure outside academics and inspirational leaders are also a part of the development program. Internal teachers at the new location would aid in the ?apprenticeship developmental model without institutionalizing existing practices. The impact of apprenticeship for development is very important. A large part of development comes from having a model or guru to follow and learn from. Internal teachers are also able to relate to the culture and future of the organization better then someone from outside the organization. Internal teachers can relate to participants and have a better understanding of where this development is going to take them. Internal trainers know the business and are trusted teachers (successful within the company). We would also make sure that internal trainers had the ability to attend a teaching training to ensure they were able to effectively plan and achieve their goals in teaching in the leadership development program.
A small amount of outside academics and inspirational leaders should also be used in the developmental program to broaden understandings of specific topics. Senior leaders may not have all the ideal competencies to help with development. Therefore, the academics and inspirational leaders will help keep employees in the program reminded of the benefits of being a good leader and how to use development effectively. Inspirational leaders can help remind employees why they are in the development programs and how the program is going to reward them. Academics can reinforce the general competencies that need to be developed and help employees realize their potential and areas of improvement. It is important to bring in outside teachers as it may bring different perspectives. When bringing in outside teachers we would be sure to have a review of their teaching (i.e speech or lecture etc.) to assure it is in line with company culture and not to waste employees precious time with irrelevant information (too general or off topic).
Governance and sponsorship
The issue of governance was also linked to perhaps the most essential design requirement of the proposed initiative: full partnership and support from senior business executives.
If the Committee recommended creating a stand-alone office for leadership development, new mechanisms and structures would have to be devised for staffing, oversight, structure, and support. No existing committees at Goldman Sachs seemed appropriate for or able to fill this role. Many large corporations formalized such initiatives around a chief learning officer (CLO), but Goldman Sachs had never had a CLO, and rarely filled positions at such a senior level with outside talent.