Goldman Sachs "Sached" The Suit This Week
Earlier this week, Goldman Sachs announced that it will now be allowing it’s employees to come to work in more “casual” attire, so can we officially say that suits have been “Sached” from the workplace? This is actually major news because Goldman Sachs has always had an infamously strict dress code that required employees to wear a suit and tie every day in order to maintain a formal and professional appearance.
The news went viral after CEO David Solomon sent a company wide email expressing that the traditional suit and tie will no longer be required. This clearly shows that big companies are trying to make changes that align with the values of the Millennial generation, which makes up about 75 percent of Goldman Sachs’ workforce. This means that the casual workwear trend is no longer reserved for the tech companies of Silicon Valley, it is being accepted by several different New York companies…. and we can definitely picture suit makers and tailors shaking in their now outdated leather loafers.
How Millennials Are Changing The Workplace
It seems like Millennials are always getting a bad reputation for ruining things or for eating too much avocado their toast. The reality is that Millennials are an extremely important group of people, and they are making strides in many different areas. They are highly educated, with over 50% of them having a college degree; they are socially aware and involved; and they work hard (and usually for far less earnings than those of previous generations). What is certain is that Millennials are shaking things up, especially when it comes to the way that they approach their work. Millennials value relationships, creativity, innovation, and community. They tend to be more open minded and appreciate flexibility when it comes to their work schedule.
Many Millennials enjoy working from home or in another type of out of office environment. As a result of this shift, the office space and dress code has seen changes in recent years. Offices are designed to be more laid back, comfortable, and open, a major departure from the traditional cubicles that were all about efficiency and standardization. Putting on a suit to work in an office that is designed to feel home just feels out of character, so naturally there was a shift from formal work wear (a suit, tie, and dress shoes), to a more smart-casual look instead. The future of work wear is changing, and companies are adapting a more open set of dress code rules. These changes have allowed individuals to feel more comfortable in their work space, and an opportunity to be more expressive.
Other Companies Who Keep It Casual
Netflix
The words “Netflix and Chill” may have more than one meaning when you learn just how chill their working environment is. Netflix has decided to approach their employees with a sense of extreme trust. Basically, Netflix said “let’s let our employees do what they want and see what happens”. What could go wrong? Turns out that not much actually. Netflix gave employees unlimited vacation days, the choice to wear what they want, and an open concept work space. By trusting the judgement of their workers, Netflix has noticed that they have met their productivity standards while keeping employees happy. While Netflix is known to be greatly successful both as a streaming service, and as an outstanding company, its work philosophies have not really been adopted on a mass scale. Many companies are afraid to simply trust their employees to this extent. Perhaps as more Millennials take over leadership roles at big companies, we will see the mass adoption of more open work spaces such as Netflix.
Google not only offers its employees the ability to choose what they want to wear to work everyday, it also has created several different work campuses that feel like home. Google executives felt that it was important to implement a more open working philosophy in their company, and they have made some amazing strides in creating a more modern and progressive workspace. Google allows employees to work on their own time, understanding that a 9 to 5 schedule does not necessarily work for everyone. The Google Campus itself is designed to encourage creativity and to promote a fun and easy going work experience. Employees can enjoy many different activity facilities, ride their bikes outdoors, attend fitness classes, get a medical check up, and even bring their dog to work if they so choose. As a result of these changes in the workspace, Google has shown businesses that by creating a relaxed workspace, you could actually be encouraging your Employees to do more for you. When people enjoy their workspace and do not feel the pressure to follow strict rules, they actually focus more on the work that needs to be done, being creative, and gaining more skills that will benefit the company in the long run.
Twitter, along with other social media channels, are perhaps one of the most “Millennial” things in existence (super short written posts and memes for days…probably makes it second to avocado toast), and the work culture and dress code is absolutely no exception. Twitter has consistently been voted as one of the best places to work, and its employees are pleased with the company culture. What is their secret? Well, maybe learning that employees working at the Twitter San Fransisco headquarters get free meals, free yoga classes, and unlimited vacation days, might be the answer to that question. Twitter executives have noticed that when they allow their employees to have an open working schedule, laid back rooftop meetings, and encouraged a healthy lifestyle, they got great ideas, increased productivity, and loyal workers in return. When people feel at home in their workspace, they are more likely to have higher job satisfaction and perform better.
The Workplace Of The Future Will Be A Home Away From Home
The torch of who decides the rules of the workplace has been passed, and it is clear that people want more room for freedom and self-expression. People like the freedom of being able to choose when they work, how they work, and how they look at work. Companies who have allowed their employees more freedoms have seen great results and gotten amazing feedback. It is important for more traditional companies like Goldman Sachs to get on board with the times, especially if they want to appeal to younger employees. At the end of the day, allowing your employees to wear jeans to work won’t actually make your business any less credible, but it will make your employees feel more at ease.
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