Returnship Program in Goldman Sachs - Case Study Example

Returnship Program Analysis Goldman Sachs introduced the Returnship Program that was launched in 2006, and its main purpose was to bring back employees who exited their duties at the peak of their career. It is a series of mentorship, guidance and coaching programs that bring back the off-ramped employees back to their careers, to not only maximize on their corporate productivity, but also to uphold and improve personal goals such as self-actualization. Stefanie Stuart, who has applied for the program says that the Returnship program has given her a chance to go back to work. According to headhunter Carlos Padula one of the greatest challenges that many businesses, companies and corporations have been experiencing, especially in the twenty-first century is the exit of employees from their job before retirement. In most cases, this happens at the height of their career, especially to women due to maternity leave. With the numerous challenges affecting the global career platform, this has been one of the greatest blows that have led to undesirable and negative impacts, such as underproduction, underdevelopment and failure to achieve the corporate goals. Goldman Sachs has identified this challenge and the problem that has been affecting According to Chris Taylor, the human resource manager for the company, the program is already yielding results. Returnships at Goldman Sachs work in a simple and definite process. This is through developing talent, skill and productivity for former employees who have been absent from their duties and careers for an extended period, leading to under-productivity and dormancy in their talents and levels of production. Ashely Williams, who works at Goldman Sachs says the people qualified for this program “are the on-rampers and people who have been away from their duties for an extended period.” Goldman Sachs identified various challenges that employees who have been away from their duties are likely to experience. For instance, over time, especially in the twenty-first century, there is a lot of changes in workplaces and careers. For example, a lot of progress has been made not only in corporations’ management, but also in other external factors such as technology. For employees to be productive and for the implementation of their skill, they need to equip these women with the knowledge necessary for them to operate, with the changes and advancement (for instance technological) that have taken place particularly in the twenty-first century. This program was established in May 2006 and took effect in the year 2008. It has had a lot of the positive impact not only on these new employees, but also for corporations and companies’ productivity levels. Ashely Williams explains that it has, consequently, become the new trend not only at Goldman Sachs, but also in many other companies across the globe, particularly in the developed and developing states. Ashely said, “These countries have a lot of unused and underutilized professional skill that is going to waste when it is not applied in businesses and other areas of production.” Some of the countries where returnships have been adopted include countries such as China, Canada, the United States, Britain, Japan, and Turkey among others. At the same time, the trend is slowly catching up with the underdeveloped countries, especially in Africa. This is whereby, most skilled employees have had to quit their jobs in the past due to various factors such as a governmental retrenchment, poor economic management by the government leading to outcomes such as poor pay, career diversification among other reasons. Governments and various corporations have been re-tapping these skills and putting them under a training program to ensure that they get back to their careers. However, Stefanie Stuart, who applied for the returnships program, says that, not everybody is chosen to stay at Goldam Sachs and she explains it with an example, “returnships are like internships they hired you afterwards if they like what they see.” The payment of these employees, according to Goldman Sachs, is not like that for the already practicing ones, since these recruits are put on probation first. Their payments are, therefore, like that for employees on probation, in accordance with their respective companies and corporations’ employment terms and conditions, but they do get paid says Stefanie Stuart. The main reason Goldman Sachs has taken up this initiative is to ensure that they recover the unutilized talent, as well as to increase diversity in businesses in terms of skill, expertise, unique talents and capabilities. However, according to Ashely William statistics, not all the returnships recruits are hired, due to various reasons such as lack of interest and incompetence. However, since the corporation rolled out the program in 2006, these recruits started going back to their jobs in as early as 2008, and over 74% of the employees had gone back to their work by May 2012. This has a lot of negative as well as positive implications on new employees and graduates. From a positive perspective, the newly hired graduates are able to get advice from experienced employees (the returnship recruits). This is because they have sufficient information on the companies from a historical perspective, having served there and seen the gradual changes take place. However, the returnships program, for Melissa Jane a graduate of NYU School says this has come to their disadvantage considering the fact that, the recruits take up the graduates’ potential positions. However, there were other graduates who think that the returnship program is great for their future, like Graciela Garcia, who said “it is great that the day I decide to have children I can take leave or break without losing my career.” However headhunter Carlos Padula explains the returnships do not affect graduates since the people applying for these are experienced and are hired for higher capacities. The returnships could be one of the greatest innovations that Goldman Sachs has come up with Ashely Williams says it has played a significant role in reclaiming dormant skills, knowledge and expertise. At the same time, returnships have enhanced career development in businesses across the world, and also the tapping of new talent and skills. There are several challenges experienced by the returnees. With the changes in advancement in technology, they are not able to capture the new trends in the market and a new brand of machines to help them in their duties. In addition, the returnees may face challenges arising from the new teams of employees they find in the workplace after their return. The story of Kathy Bayert who holds an MBA at the Northwestern’s Kellogg School and whose resume has stints at IBM and PricewaterhouseCoopers. In 2003, she had to lay aside her career and look after her two children. At the age of forty-two years, she applies for a returnship and found out that her resume had least of her problems. During that time, she found an opportunity that was advertised by Sara Lee, but she found out that the position was meant for short-term paid position. After Bayert’s application was accepted, she was hired and within a period of six months, she was got the position of a senior manager due to her high level organizational skills. However, she had to explain that it was not easy for many women (few men) are able to expand their experience after a long period outside their career. The economist Sylvia Ann Hewlett, in her article written on July/August 2012 Atlantic titled “Why Women Still Can’t Have It All,” explains that there are challenges associated with this program. However, many have experienced good transformation through the program, especially now that companies are in search of highly qualified to take the company to success despite the high competition in the market. Returnship program is a new dawn for women. It highlights the case of Credit Suisse in London. The company decided to engage a group of eleven highly experienced women to indulge into the program. In addition, she explains the fear of many women around 70% who prefer not exiting their career due to a few of losing it. However, with the current program being implemented in several nations, it will encourage the many people, especially women who exit their career for different reasons. Some of the challenges experienced by these returnees are such as financial, emotional and mental needs. They expect a job that can satisfy their career expectations and meet their financial needs. The co-founder of Women Returners, argues that some of the US companies have set the program with a very low pay for the returnees. Such behavior denies them equality of access as well as exploiting them. In addition, there has not been a guarantee that after the program, one would be grasped by a company on a permanent basis. In addition, the number of women returning to work has been largely resulting in the impossibility of all returnees being employed on a permanent basis, especially during the period of economic recession. Setting up a successful returnship program is another area that could influence the women population across the globe. There are several considerations one ought to explore while engaging in returnship program. First, the company would consider making it smaller. Though gaining fame, the organizations that have embraced it have to keep the program relatively smaller to ensure that quality returnees are able to go through the program. High quality and high tech support will enhance their orientation process in the current market and technological situation in the region. It will emphasize on individual attention by the support to ensure the program is effective and efficient in application. Secondly, the company would identify the program champion who would ensure that the program is well maintained and taken care of. This will also ensure for the creation and assignment of one of the employees or a human resource manager, the role of championing the needs for the success of the program. Sara Lee argue that, with the CEO, the company was able to achieve its expectations in the implementation of the program. Multi supporters will drive the program into a sustainable practice for the company, hence achieving most of the goals set in the program. Thirdly, the program can be modeled on an existing internship program in the company. Setting up a returnship program may be hard to implement, hence could be in operation within the internship program that exists in many companies. It ensures that the company does not incur more costs beyond its ability. Continuity of the program depend on the availability of funds and, therefore, long term planning is relevant. Integrating the program within an existing system in internship would reduce the expenses required to begin a new program within the company. There are many benefits associated with the returnship program. The first among them being the opportunity creation for women by the corporate bodies to experience and develop their careers even after exiting due to unavoidable circumstances such as childbearing, sickness or other family issues that may cause her to exit before her retirement. Ladies have been locked out from the various lines of the corporate world due to their family responsibilities when they exit their job for a long period. They are able to give their contribution and express their talents in the corporation for their personal and career development. With the increasing competition in the provision of commodities with a need to hire competent and experienced workforce that helps the organization to gain competitive advantage. In hiring a returnee, there is a high probability that, they will be able to recapture their roles in the organization and facilitate the company through growth and sustainability after the probation period. Secondly, corporations will gain access to a variety of talents and abilities that would move the company to higher levels in the development and expansion. There is a high likelihood that, in developing experienced returnees, they will have prior experience that is essential in the corporate world. Many businesses will find it cheaper to train the returnees rather than hiring new members who are new to the corporate environment. The human resource team requires vast knowledge and understanding of the employees. Returnees consist of mainly women who have that ability that was hired by their responsibilities in bringing children up. With the varying trend in employment in women and men, there exists a difference between men and women in the employment industry with women being fewer and their respective monthly earnings. These variations are due to the perceived nature of women where they have other responsibilities of taking care of their families. This should not hinder them from re-employment due their perfect nature in organization and planning. Women are believed to perform better than men in the workplace, hence the need to motivate and allow them to deliver their duties to the organization. Leaders in the human resource departments should embrace the practice and encourage able women who previously exited their careers and help them develop their competency again. There is a high possibility of locking out very intelligent women with excellent managerial and leadership skills that may be important to the company. Most companies require excellent, innovative and inventive workforce that can influence their externalities in creating competitive advantage of which some of these women may have. Women have equal abilities and if not, better abilities than men in the corporate sector, especially in communication and public customer relations. Challenges in returnee’s incorporation in the organization range from personal, technological and industrial practices. They may face challenges in the initial stages, but resume their potential abilities after the orientation. Technological advancement should be enhanced in the corporate world to help and facilitate easier performance and computations in the business environment. They should be offered induction classes to encourage, train and motivate them. Identifying their weaknesses and their strength should be the initial process in training. It facilitates identifying their personal capabilities that can be directed towards the firm. It is recommended that they should ensure that they set up an environment that is conducive in promoting their effectiveness. The HR department and the top management should embrace their potential and reduce chances of exploiting since they are vulnerable to exploitation. The government should revise their hiring terms to accommodate this group of women in the program to empower women and encourage them. Many government departments should take it their priority to ensure that they are able to re-hire these special groups of women. With the challenging roles women plays in our society across the globe, there are prone to losing their jobs and some end up losing hope. Their career is destroyed affecting the society. Some of these women have unique talents that are rare in the corporate sector. Good strategic measures and congress may set up guidelines to reduce the gap between what women get and supplement their family income. With the high rate of divorce cases, especially in the western countries, they face more challenges from emotional, physical as well as financial instability as they lose their jobs while they take care of their families. The current trend of the organization accepting the program, the company has experienced commitment and hard work demonstrated by the women in the returnship program. They are prone to promotion due to their maturity in handling issues in the organization and their skillful management of ethical issues that affect the company. It ensures that there is competency in the development of the organization. Women play an important role, especially in this era where both men and women can compete effectively for the available chances in the job market. Incorporating these women raises the expectations of members of the society and help them to bring up their children under their supervision to ensure they are not exploited or abused. With the trend in the corporations around the world, there is competition for talents where they are nurtured and applied for the good of the organization. Giving this group of women an opportunity to re-establish their careers is not only helpful to the organization, but also a motivation to thousands of women. This is the program is centered on their rightful role in the society that does not alienate them from serving their duties. The effective way to recapture lost talents in the corporate world. Returnship program may be an excellent way to redesign employment practice to remove barriers preventing women from achieving their professional career development and establishment. Some companies in the UK have a well-structured returnship program that is gaining acceptance in the corporate world. Even though there are excess candidates in the market today, the right candidate is hardly got in the organization. Returnship programs are the ones that are trying to bridge this gap. The candidates in the returnship program are familiar with company processes and require training on the changes that have been experienced so far. With the increasing trend in the market, and taking into account that these women had a career at one time in their life, their productivity is still viable in the company. They have potential that cannot be wasted. In fact, it will motivate the young women in their early stages who aspire to develop their career as well as manage their children in upbringing them to their moral stands. In addition, this will be a mechanism that will encourage professional development and personal responsibility in the society of what is deficient in it today. Most children get to peer influence due to lack of guidance from their parents. From the understanding gained from this paper, it is clear that redefining the company hiring terms should encourage the returnship program that can be run in line with their internship programs. It is also observed that returnees do not deny the graduates an opportunity to get hired since the target group in the returnship program is highly qualified personnel. Identifying hidden potential in the women that the society has raised, may take the corporate sector into another step of increasing their talent diversity and this leads to effectiveness and efficiency. References Read More