Goldman Sachs: An Insider Perspective
Goldman Sachs has been in the spotlight as of late, namely due to excessive financial compensation for some of the company’s top brass. Case in point, protesters recently gathered outside the Chicago office to ask the company to donate its entire projected $23 billion bonus pool to prevent every foreclosure in America.
We dug into the company reviews to see how employees are faring, and how they perceive the company. We thought that if anyone was to be offended by the large sums of money given to top executives at the company it would be the employees. We assumed wrong.
In a breakdown of Goldman Sachs’ company rating*, employees report highly of compensation and benefits at the company giving it a 3.9 (satisfied) rating, and also report high marks for the senior leadership. In fact, Goldman Sachs CEO Lloyd C. Blankfein has one of the highest approval ratings among CEOs listed on Glassdoor with an 86% approval rating and 3% disapproval, while the company achieves a 3.8 (satisfied) overall rating.
Blankfein’s approval rating remains steady as you look at employee ratings in branches of the company in different countries. However, employee sentiment varies within different cities in the US, and Blankfein’s approval rating shifts significantly:
- New York, NY (Headquarters): 87% approval, 1% disapproval
- Jersey City, NJ: 96% approval, 0% disapproval
- Salt Lake City, UT : 67% approval, 17% disapproval
With all the hoopla surrounding the company, we felt it appropriate to feature a Goldman Sachs’ employee as September’s review of the month. The winning review comes from a finance analyst within Goldman Sachs, and we’ve included some highlights with the employee’s thoughts on what’s working within the company today and what needs improvement. Consistent with the overall sentiment at the company, this employee who gives high marks to senior leadership (5.0 – very satisfied) and compensation & benefits and communication, and gives a low rating regarding fairness & respect (1.5 – dissatisfied).
Pros: Emphasis on business principles, work ethics, diversity, etc.
Cons: Long hours. For certain people, salary may not compensate you enough for time lost with friends, family. [And] Lost many talented people during the year due to the lack of compensation (which is understandable), understaffing (much more work for those who remained).
Despite the challenges the company has faced publically, this employee notes that the company has a great management team. For anyone considering a career at Goldman Sachs, take the reviewer’s advice into consideration, “Good place to work, depending on your lifestyle needs.”
* Company ratings takes into account eight distinct workplace factors that include: career opportunities, communication, compensation & benefits, employee morale, recognition & feedback, senior leadership, work/life balance, fairness & respect.