Essay Sample on Goldman Sachs' Toxic Culture

Published: 2022-07-07
Essay Sample on Goldman Sachs' Toxic Culture
Type of paper:  Case study
Categories:  Organizational culture
Pages: 3
Wordcount: 574 words
5 min read

Organizational culture defines how stakeholders in an institution interact with each other. It's created by the actions taken by them. Through their daily operations, leaders have the ability to make or break organizations and even set the tone for the company's culture through their actions and decisions. One of the vital steps for any leader to improve the workplace culture defines the values that reflect the firm. After the identification of the core values that define the organization, they should highlight the concrete behaviors that reflect those values. This incorporates treating the other stakeholders i.e. other employees and customers with trust, respect, and dignity. Various ways can be used by Goldman Sachs' leaders to shape the company's organizational culture. Some of the most effective ways include:

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Modeling of behaviors

The leaders have to lead by example and walk the talk. The company's team looks at how they take the lead, display and communicate their expectations to their management and customers.

Establish a purpose to believe in.

People always want to know what is expected of them with clarity, their role requirements and how it impacts the organization. They should communicate to the subordinate staff on how the company's purpose communicates with their specific job.

Set expectations and enable people to build the required skills.

This can be done by improving their professional skill set to enhance more customer interaction and ensuring that customer satisfaction becomes a tenet of Goldman Sachs primary values. It includes training and coaching to reinforce the company's vision and mission.

Reinforce an accountable culture.

Accountability is a vital way to enable leaders to influence workplace culture. Holding people accountable makes them understand their responsibilities and as leaders in Goldman Sachs, they are accountable to their customers.

Making it personal for the workforce.

While modelling the desired workplace behaviors, leaders establish a definite purpose and hold themselves accountable. This involves a proper understanding of what personally motivates the staff and gives them the opportunity to develop proper skills and work environments that enhance efficient customer relationships.

Personal reaction

Leaders play a vital role in influencing organizational culture. According to Whitehurst, building or establishing an innovative culture boils down to how one behaves as a leader. In this case, if the management of Goldman Sachs is interested in changing the culture of the organization, their initial step should be to look themselves in the mirror and ensure that they set the kind of behavioral example they would like everyone else in the organization to emulate. Most of the companies that are found to be truly successful are led by people that embrace their uniqueness and diversity and use them as a competitive advantage. The company should, therefore, emphasize meeting their customer's demands and ensuring that they form a tenet of the company's values as opposed to focusing on immense profits and financial deals.

Leadership traits and skills are vital components to promote a healthy organizational culture. There exist no specific leadership characteristics that are required to enhance a healthy culture within an organization. However, a successful organization incorporates a combination of the standards of the organizational culture and the employees' personal win. Goldman Sachs' leaders should, therefore, have the skills of sharing in the company's vision while motivating the subordinates to reach their desired goals altogether through proper customer relationships.

Works cited

Whitehurst, Jim. "Leaders Can Shape Company Culture Through Their Behaviors." Harvard Business Review. N.p., 2016. Web. 24 July 2018.

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