Goldman Sachs To Try Diversity
Goldman Sachs To Try Diversity – GOLDMAN Sachs will introduce a scorecard for its senior managers, linking their bonus payments to success in encouraging diversity in the workplace.
The scheme, to be introduced next year, is being finalised after more than six months of development.
The scorecard system will comprise two parts: self-assessment in which the managers chart their own progress in promoting diversity; and a company measurement of their performance against statistics.
The scorecards are used by Goldman Sachs in its US business, but it is understood the system is the first to be tried in an Australian financial services firm.
The system will apply to Goldman’s 50 most senior managers in charge of teams. The bankers will this month be asked to assess the criteria the firm intends to use.
Their performance will be judged between June and November, when the firm carries out its bankwide performance reviews.
It is expected the results will be considered when the bank calculates the senior managers’ bonus payments for 2012 and beyond.
Goldman Sachs has tried to increase diversity by establishing an internal self-governing women’s network with 300 male and female members, in addition to a Gays, Lesbians and Mates (GLAM) Group, as well as a working parent network.
The senior bankers will be judged on their participation in, and support of, those groups and the diversity of people recruited into their teams over the course of the year.
Goldman Sachs human capital management Australia head Robyn Worthington said the scorecard was seen as a tool to encourage managers to meet diversification targets.
Tags: Bonus Payments, Diversification, Diversity In The Workplace, Diversity Workplace, Female Members, Financial Services Firm, Goldman Sachs, Human Capital Management, Internal Self, Lesbians, Mates, Measurement, Promoting Diversity, Robyn, Scorecard System, Scorecards, Self Assessment, Senior Managers, Six Months, Worthington
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