Goldman Sachs is a financial company that was founded in 1869.
The company is a leading global banking, securities, and investment firm.
They advise companies on buying and selling businesses and help raise capital and manage risk, allowing them to grow.
Also, Goldman Sachs offers credit cards to customers with credit scores higher than 660.
Goldman Sachs is an international company, and there are currently close to 40,000 employees all over the world.
Like all companies, there are good and bad things about working for Goldman Sachs.
If you’re considering applying for a job or aren’t sure whether to accept a job offer, you should understand the pros and cons of working for the company.
When you have the necessary information, you’ll be able to decide if this is a company you want to work for.
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Pros of Working For Goldman Sachs
Goldman Sachs is a large, international company with thousands of employees.
Most people stay with the company because of the perks and benefits employees receive.
Below is a list of the good things about working for Goldman Sachs.
1. Wellness Reimbursement
A wellness reimbursement provides employees to receive reimbursements for their health-related expenses and is part of the company’s wellness initiative. This benefit helps reduce employees’ healthcare costs, which can improve their productivity and performance.
2. 401K
Many people start saving for retirement early and have 401K accounts.
Employees can select an amount they want to be taken from their paychecks to go into their 401K accounts.
Goldman Sachs offers 401K and will match each employee’s contribution.
For example, if an employee chooses to put $100 from each paycheck into their 401K account, Goldman Sachs will also put $100 in the account.
This is an excellent benefit because many companies contribute a percentage of the employee’s contribution, and Goldman Sachs matches it.
This allows employees to achieve their financial goals faster.
3. Health Benefits
Goldman Sacs provides all employees health insurance, dental, and vision coverage.
Employees can choose between two PPO plans and two plans with high deductibles.
They can choose between an HMO or PPO for dental and have Davis Vision for their vision coverage.
Goldman Sacs also provides benefits that may not be covered under the health plan, such as financial costs for fertility treatments that aren’t covered by insurance.
They also offer surrogacy assistance not covered under insurance and extra mental health benefits.
Finally, employees in the process of adopting receive benefits outside of what the insurance covers.
4. Paid Leave
Goldman Sachs execs understand that things happen in life that can prevent employees from working, and they provide paid leave.
If an employee has a baby or adopts and is the primary caregiver, they qualify for primary caregiver leave.
The company also offers bereavement leave for employees who have lost a family member, so that the employee can focus on their family and less on their financial situation.
Finally, employees get 20 days of PTO and eight sick days a year.
Most companies don’t offer this much paid time off, and it’s an excellent benefit and one of the great things about working for the company.
5. Childcare Benefits
Goldman Sachs provides childcare benefits to employees with young children.
The benefit provides access to on-site daycare if available at the facility or reduced childcare costs at an outside childcare facility.
This benefit helps parents pay for childcare, which is very expensive today.
Having the company cover childcare or a portion frees up cash in the employees’ budget.
6. Juneteenth
Juneteenth falls on June 19th every year, and the date celebrates the emancipation of enslaved people in the United States.
Texas was the first state to recognize Juneteenth as a holiday, and President Joe Biden signed the Juneteenth National Independence Day Act in 2021, making it a U.S. holiday.
Employers aren’t required to give employees the day off with pay, but Goldman Sachs does.
7. Fitness Centers
Many Goldman Sacs offices have on-site fitness centers that employees can use for free.
This is an excellent benefit for employees who like to work out right before or after work.
If the office doesn’t have an on-site fitness center or the employee prefers to work out elsewhere, Goldman Sacs discounts gym memberships.
This benefit allows employees to stay fit for free or at a discounted price.
8. Opportunities Outside the U.S.
Goldman Sachs is an international company, and there are job opportunities all over the world.
If an employee chooses to leave the U.S. to be closer to family or for any other reason, the company will often help them find a job at an office in the country of their choosing.
Cons of Working For Goldman Sachs
Unfortunately, no employer is perfect, and there are downsides to working at most companies. Current and former Goldman Sachs employees admit that the benefits are excellent but also report downsides of working with the company. Below is a list of some of the things that employees don’t enjoy about working for Goldman Sachs.
1. Lack of Guidance
Some employees complain about the lack of guidance they receive in their positions.
Many management team members have been working for the company for years, and they assume that employees are on the same level and don’t get the guidance they need to complete tasks correctly.
2. No Clear Path for Advancement
When a person loves their job, they want to stay and try to work their way up in the company.
Many employees say advancement is challenging because most managers don’t do performance reviews.
This makes it difficult for employees to know if they could be promoted due to their performance.
Employees hoping to advance their careers in the same company may not want to work for the company.
3. New Employees Have a Lot To Learn
Many employees say there is much to learn when joining the team.
Some people are able to learn quickly, but if a person isn’t a fast learner, they might not make it through the first month.
4. Poor Work-Life Balance
Goldman Sachs expects employees to devote a significant amount of time to their work, which can be challenging for many people.
Employees with families, going to school, or having frequent commitments may not be able to handle the hours as it will affect their work-life balance.
Most managers expect employees to make work their top priority, and those who can’t won’t do well working for Goldman Sachs.
5. Investment Restrictions
Goldman Sachs puts restrictions on employee investments.
They do this because most jobs are in the financial sector, so employees who want to build up their portfolio may not take the job due to the investment restrictions.
For example, short-term trading is now allowed for employees.
Anyone who works for Goldman Sachs isn’t allowed to make a purchase and sale, or sale and purchase of a security.
This includes shares of a mutual fund or any other regulated collective investment within two months of the initial purchase or sale date.
6. Job Security
Most people look for careers with job security so they don’t find themselves without a job unexpectedly.
If a person is looking for a job with excellent job security, Goldman Sachs may not be the best company to work for at the moment.
On January 10, 2023, Goldman Sachs announced plans to lay off 3,200 employees due to a challenging economy.
14 Pros and Cons of Working for Goldman Sachs – Summary Table
| Pros of Working For Goldman Sachs | Cons of Working For Goldman Sachs |
|---|---|
| 1. Wellness Reimbursement: | 1. Lack of Guidance |
| 2. 401K | 2. No Clear Path for Advancement |
| 3. Health Benefits | 3. New Employees Have a Lot To Learn |
| 4. Paid Leave | 4. Poor Work-Life Balance |
| 5. Childcare Benefits | 5. Investment Restrictions |
| 6. Juneteenth | 6. Job Security |
| 7. Fitness Centers | |
| 8. Opportunities Outside the U.S. |
Should You Work For Goldman Sachs?
It is a great place to work based on the perks, benefits, and pay that Goldman Sachs offers.
The employee benefits show that the company really cares for its employees and their well-being.
The execs understand that employees need time off for their personal lives and provide PTO for many reasons.
The company matches employees’ contributions to their 401K accounts, allowing long-term employees to retire comfortably.
If you hope to move up in the company and don’t want to be aggressive, this job may not be for you.
The same is true if you have many responsibilities outside of work because the company doesn’t offer flexible schedules.
Finally, if you want a job where you can be sure you’ll always be needed, you may want to look elsewhere.
Overall, Goldman Sachs is an excellent place to work, and you should consider applying.
