In classmate Michael Pratt’s blog, he delves into the structure of the well established investment firm, Goldman Sachs, and discusses the massive overhauls they’re experiencing. Goldmans Sachs which has historically produced very successful individuals, many of which are are of Caucaisan background, is modifying its hiring process to employ more visible minorities.
It’s interesting to see a huge firm such as Goldman Sachs whose primary focus is to generate profits be concerned with an issue such as social enterprise that is widely unrelated to their current operations. On one hand, Sachs employs its workforce based on merit and in order to generate the most optimal output. On the other hand, Sachs takes into account the cultural backgrounds of its prospective employees and offers a greater amount of jobs to minorities.
I agree with Michael’s insight that a differentiated firm that represents all cultures and backgrounds, not just affluent Caucasian males, is better at attracting the best and brightest from all backgrounds. I also believe that Sachs’ efforts to diversify its work force has the ability to provide a range of different views within the workforce and allow Sachs to maintain a competitive advantage.