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Consulting Challenge 4

Leadership Development at Goldman Sachs
by

Megan Cochran

on 30 October 2012

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Transcript of Consulting Challenge 4

Intro to Problems Guiding Quotes and Principles Our Methods Faculty Content Implementation Evaluation Key Take-Aways References Hiring external coaches = $$$ Instead, we'll train YOU!
One-time cost
You own the resources
Beneficial to have internal trainers Getting Senior Leaders On Board It's crucial that they support the program Tool for succession planning

Makes their job easier

"Academic Faculty" title at graduation

Make it an expectation with evidence. (Cohn et al., 2005) Atakan, M., & Eker, T. (2007). Corporate Identity of a Socially Responsible University: A Case from the Turkish Higher Education Sector. Journal Of Business Ethics, 76(1), 55-68.
Cohn, J. M., Khurana, R., & Reeves, L. (2005). Growing talent as if your business depended on it. Harvard Business Review, 83(10), 62.
Conger, J. A., & Benjamin, B. (1999). Building leaders: How successful companies develop the next generation (p. 278). San Francisco, CA: Jossey-Bass.
David V, D. (n.d). Article: Leadership development:. A review in context. The Leadership Quarterly, 11(Yearly Review of Leadership), 581-613. doi:10.1016/S1048-9843(00)00061-8
Groves, K. S. (2011). Integrating leadership development and succession planning best practices. Ieee Engineering Management Review, 39(3), 64-81.
Gumusluoglu, L., & Ilsev, A. (2009). Transformational Leadership and Organizational Innovation: The Roles of Internal and External Support for Innovation. Journal Of Product Innovation Management, 26(3), 264-277
Harshman, C. L., & Schindler, J. M. (1999). Team Leader Training : 24 Complete Modules for Developing Team Leaders. McGraw-Hill
Hewes, R. P., Greenly, R. G., Pendergast, K. N., & Evans, C. H. (2012). Learning from senior leader engagement and insight. T+D, 66(7), 42-46.
Kram, K. E. (1985). Mentoring at work: Developmental relationships in organizational life. Glenview, IL: Scott Foresman.
Newhall, S. (2012). Preparing our leaders for the future. Strategic HR Review, 11(1), 5-12. doi:10.1108/14754391211186250
Pernick, R. (2001). Creating a Leadership Development Program: Nine Essential Tasks. Public Personnel Management, 30(4), 429. 4 Day-Long Lectures Per Program Lecture 1-
Vision & Goals, Succession Planning, Planning Teams, Feedback Lecture 2-
Communication, Problem-Solving, Influence, Conflict Management Lecture 3-
Customers, Suppliers, Info Sharing, Business Planning, Performance Planning Lecture 4-
Continuing Improvements, Evaluation, Individual Coaching, Measuring Progress "Our client's interests
always come first." Leadership Development! 1. Who should be developed?

2. Who should be faculty?

3. What should be the content of training?

4. How do we implement leadership development? Lectures External Training of Internal Faculty We are offering a plan with 10.9% ROI! Trained internal faculty at NJ center Limited classroom time +
mentoring on a work-related project “Goldman Sachs is Leaders working with Leaders” (Gumusluoglu, 2009) Evaluation at every graduation to keep improving Mentors (Harshman and Schindler, 1999) Provides work related support and psychosocial support (Kram, 1985)

Helps mentees learn ropes and culture

Independent Development Plan ( Pernick, 2001)

Sets leadership and performance goals Make sure it works! 1. Reaction (satisfaction)

2. Knowledge and skill transfer

3.Business impact

4. On site behavioral change

5. Monetary return on investment Graduation/ Removal Graduation at the completion of all 12 weeks (Pernick, 2001)

Must meet performance and leadership goals

Fall behind on goals for 3 weeks = removal from Academy

Dramatic acts demonstrate real commitment to leadership development (Pernick, 2001) Facility Maintain Culture
and Quality Across the Board Build Leaders To Keep Up With Globalization Be Able To Promote our Best Talent Develop our #1 Resource: People Distinct Location (NJ) = Status & Commitment Leadership Project Criteria: “There had to be a business reason to do this, and the results had to be palpable” 42% of current employees have worked at GS for TWO years or less Many felt “a multi-day program would never fly” “Once you’re here, you’re in, so the question becomes how to make you better.” Design Collaboration across all Business Units in one facility Facilitate project completion Mentees have the opportunity to learn from senior management Feedback and empirical measures The center becomes an assistant resource, not a distraction. Selection of Participants (Harshman & Schindler, 1999) Rotating Lecture Series 4 Lectures (every 3 weeks) (Pernick, 2001) N.J Facility Management and the Academy Approve the Project Leadership is Fostered and Results are Measured and Rewarded Senior Mentors and Lecturers are Assigned to Applicants The Leadership Academy Provides Resources and Facilitates Project Completion Candidates offer an Application with an Existing Task or Project In a
Team but Retaining Personal Responsibilities Customer to Comment on Quality of Services Ability to Measure Financial Performance The Leadership and Mentoring Academy Creating a System That Facilitates Growth and Leadership Without Distracting or Boring Participants COSTS Personnel Costs for the Academy Program Senior Leaders: 6.3 million
Junior Leaders: 4.2 million (salary/260)x(days of training)x(number of personnel) Personnel Costs for the Academy Program Initial Training Costs: $5,000
Personnel Costs: $ 400,000 Cost of Developing and Maintaining the Facility Estimated Budget: $2 million Reducing Turnover from 23% to 15% Avoided Costs: $120 million Estimated Increase in Revenue Revenue Increase of 13%: $1.7 million BENEFITS (1,200 fewer turnovers)x(average year salary of 100,000) (Newhall 2012) TOTAL RETURN OF INVESTMENT with modest turnover alone: ROI= 10.8% $12.9mill ~171 each time based on ratios Corporate University Atakan, (2007)
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