Leadership Development at Goldman Sachs Case Solution
The design of Goldman’s new leadership development initiative
In my opinion, good leadership preparation in the organizations makes a significant impact on its success, and poor leadership skills could switch structure into out of the market. It provides the advantage to the competitors to grace the market. The systematic approach could provide the more control by generating the post of Managing Directors who are responsible for looking after the performance of the employees and resolving the emergency and short term problems. In the case of Goldman Sachs, the company’s culture and evolving strategies identified that it needs to implement the leadership principles to compete in the industry and to get the higher revenues and brand name. The employees are not well satisfied with their job because of irregular activities and the more sophisticated environment. Organization chart is not well maintained and performed accordingly in order to report to help the working employees. It is expected that the Goldman Sachs could design the Leadership development initiative by implement the Following programs:
The Mentorship Program:
From the case analysis, it is identified that the managers should use the mentorship program by sharing the working of senior executives and helps them in designing and formulating the decision of the company. The managers should interact more with the senior executive to maintain the long-term professional relationships for future benefits. It is a very successful element of leadership development and included in the corporate culture.
Moreover, the structure of program could be different for new employees and the new management. The performance appraisals could be dependent on the condition of the role, and it maintains fosters relationship in the organization. The systematic approach could be implemented by acknowledge the leadership theories and form transformational direction and apply the theory Y.
Team work Development Program:
The team development programs include the decision-making activities and build teamwork skills that could improve employee performance and productivity at the office. It mainly focused on the technology that needed to remain collaborative essentials to maintain the concentration of the employees. Goldman Sachs should apply for the teamwork and development program by providing the team benefits on a good performance and formed the division of particular team members to help other group mates and get the expected result regarding high sales and investors. Moreover, Goldman Sachs could perform different orientation to improve the emotional intelligence and communication skills of the employees such as by enhancing their vocabulary. It could help in the interaction between the manager and employee.
Furthermore, the higher management can arrange the professional seminar to enhance the intellectual level of the workers. The lecture based on the primary aspect of the workshop would be contingency theory, environment influences, and leadership skills. However, it could also be implemented by providing on the job training through experience and interaction.
Cultural advancement stage:
In my opinion, it is expected that after the customers, employers are the primary source of every organization despite if its a big one or small department. The employee always likes to work in those places where he gets the field related work and comfortable environment. Cultural advancement stage in leadership development could help the management to build the cross-cultural leadership style, which would allow the employees to feel confident in working with others in different cultures. The administration could use the model and theories such as Hofstadter’s theory of cultural dimensions, to understand and implement the applications of cultural advancement. Moreover, the practice with real world situations would help the management to acquire the cultural progress stage in the organization.
Senior leadership programs:
The systematic approach would lead towards the top leadership programs which enable by various implement studies such as House Path-Goal Theory. It is identified that the company would avail the leadership program by providing intelligence training to the managers and their staff according to their designation and performance basis. However, training should be performed by reducing the power distance in the company. The intelligence training should help to build the reputation of the company, and it would create strong client network, and in according to this, the people would be most likely to work at Goldman Sachs. Significantly, the senior leadership programs would uphold and interpret the principles to be the part of the great achievement.
It is identified that the senior leadership program is very time consuming, and it is mainly focused on the changing behavior of the employees whether they are matching with the organization criteria or not. In order to balance the employee and organization satisfaction, the senior management should formulate the strategy to resolve the problems.
Developing the “soft” skills of leadership
The nature of both work and the workplace has changed significantly, which include the increasing diversity of the workplace, and the quick adoption of social and technological change, which require a fundamental rethinking in leadership and management. Previously, employees were restricted and bounded to do the jobs of having no alternative in the market and no any source of income. However, in the modern era, the vast scope of technology has changed the working style and the behavior of the employees. Numerous opportunities have arose to avail and to get better skills, and comfortable working environment along with the better package.
As the banking industry consolidated and increased the commercial opportunities, it introduced many external competitors in the market. Goldman Sachs has to respond strategically to its rapidly changing environment, which is growing in both size and scope of the company.
The soft skills of leadership provide a new direction to management by capitalizing the labor force and to know the behavior of consumers’ spending. The bankers need to adopt the soft skills of leadership to control and manage the performance of the company. The soft skills of leadership are necessary because every employee and customer is expected to receive some respect and sweet way of behavior regarding working or investment. The junior staff members are unaware of the numerous terminologies and policies of the company once they initially join the organization so, it is very necessary for the higher management and senior managers to guide them through soft skills of leadership and assist them to learn and know the culture of the organization……………….
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