It’s been almost a week since disgruntled Goldman’s employee Greg Smith penned his NYTimes op-ed on his former employer. The fallout continues. Multiple articles have appeared questioning the future of Wall Street. Have graduates lost interest in applying? Are current employees reconsidering career choices as they look at their shrunken bonus checks?
On the other hand, James Gorman CEO of Morgan Stanley told Fortune that when he spoke recently at Wharton Business School there were two overflow rooms of students eager to apply. He added that only two managing directors, out of a total of 1800, had resigned since shrunken bonuses were paid.
Who to believe?
Whatever the truth, this discussion is ALWAYS about compensation and nothing else. It’s as if Wall Street’s management is unable to find any other reason to work there. Stuck in a PR maze, management is unable to articulate compelling alternative incentives apart from financial remuneration.
The PR Verdict: “D” for Wall Street and its lack of creativity in generating compelling reasons to work there. No wonder the industry’s image is stuck in a negative spiral.
By solely focusing on compensation there is little hope of changing the ongoing conversation. There are many careers that sing their praises on benefits and values which have nothing to do with compensation. Wall Street’s HR departments and management committees might want to look to them for some much needed inspiration.
What’s your PR verdict on how Wall Street sells itself as a career choice?