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March 27, 2012

Goldman Sachs’s Workplace Reputation Plummets to New Low

A new poll shows Goldman Sachs’s workplace reputation has taken a nose-dive. Again. This time, the scores are worse than during the financial crisis—according to the YouGov BrandIndex, a daily brand consumer perception index. YouGov BrandIndex poll 5,000 consumers daily and asks, “Would you be proud or embarrassed to work for this brand?”

The index scores financial institutions on a scale from 100 to -100, with 0 being a neutral score—Goldman’s current score is -36, falling well below that of its competitors, who don’t often drop far below the neutral mark.

As I mentioned in a recent post about Goldman, corporate values, including critical behaviors and daily actions, are meaningless if leaders don’t act as role models.

The "moment of truth" for employees happens every day when employees see leaders acting in ways that either support the organization's values, or don't.  Their actions speak louder than any words can.

If Goldman’s leaders want to improve their brand reputation—and avoid more disasters, similar to Greg Smith’s New York Times tell-all op-ed—they need to take an inside-out approach, stop playing the blame game, and fix what's wrong in their culture, starting at the top.

What are your thoughts on what Goldman leaders need to do differently?

-David Grossman

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