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Returnship Program in Goldman Sachs - Case Study Example

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The author of the paper "Returnship Program in Goldman Sachs" will begin with the statement that 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. …
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Download file to see previous pages 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 Goldman Sachs and she explains it with an example, “returnships are like internships they hired you afterward 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. ...Download file to see next pagesRead More
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