Gen Z are increasingly looking for jobs that reflect their values, so philanthropic and volunteering opportunities are a great way to attract talent, says Asahi Pompey
Steve Jobs once confessed that the secret to his success was going to “exceptional lengths to hire the best people in the world”.
Our experience is that to attract exceptional talent you need to offer exceptional opportunities. Research shows that young people gravitate to organisations where core values and personal principles intersect. And increasingly for those starting their career, that includes having an impact not just in the company they work for, but beyond, in their communities.
Good ideas know no hierarchy
Philanthropic and volunteering programs addressing society’s biggest challenges are nothing new for large organisations. However, far too often, the marquee initiatives to support our communities are shaped primarily by top executives, leaving limited room for more junior employees to contribute directly. Good ideas know no hierarchy, and today’s problems require us to harness the full power of our people. It is a no-brainer that some of our best ideas will come from those just starting in their careers.
By democratising impact, and giving employees of varying seniority a stake in the firm’s philanthropy, businesses can empower a new generation of talent, cultivating a sense of ownership in the organisation. More than this, though, we can tap into a whole new perspective.
The power of competition
At Goldman Sachs, we’re particularly proud of our Analyst Impact Fund (AIF), an annual competition which gives our early career analysts around the world the opportunity to pitch for a $550,000 philanthropic pot to charitable organisations. To date, nearly 6,000 analysts have participated from more than 50 offices, deploying over $5m to more than 165 non-profits.
This year, more than 150 teams of analysts put their skills to work for a new type of client. Working directly with a non-profit of their choosing, our bench of young talent battled to better the world, identifying how a significant investment could grow the organisation’s impact. In line with our disciplined approach to philanthropy, teams needed to design pitches for how the firm could support their non-profit, judged against a six part test – innovation, scale, impact, clarity, measurement, and partnerships.
As a business defined by its apprenticeship culture, many of the skills junior talent need are learned on the job. Teams were guided and mentored by Goldman Sachs partners across the world, in how to develop and deliver their pitches — skills that will be invaluable as they grow in their careers.
Earlier this week, four teams took the stage for the grand final watched by more than 2,500 people.
This year’s competition, judged by Goldman Sachs CEO David Solomon and a panel of 30 partners, was won by a team of analysts in the Global Banking & Markets division in Sydney. They pitched on behalf of onebillion, a London based nonprofit that develops educational software for reading and numeracy for children around the world. With the winning $250,000 investment, onebillion will produce 3,000 new devices, develop a new fifth grade curriculum and roll out a Spanish-language product to scale their reach into Central America. onebillion plans to reach 10 million learners by 2029.
Ambition meets impact
For junior people who are just starting their careers, opportunities to stand out, showcase their unique talents and carry forward the culture of the business are valuable moments to demonstrate what they are capable of achieving. Our analysts tell us that the Analyst Impact Fund is one such monumental moment in their careers, giving them a platform to directly impact people’s lives and advocate for causes close to them.
During the competition, the personal stories of our analysts and how they relate to the causes that they were backing truly spoke volumes. They shared solutions to issues that are currently “keeping them up at night”, and often that they personally had overcome.
Genesis Santana, a 24-year-old real estate investing analyst from New York, spoke about how the Quill tool she was pitching for would have helped her to learn English when her family moved to the US from the Dominican Republic when she was six.
And Sherrie Zhang, a 23 year old investment banking analyst, was just as moving when explaining how her literacy skills would have benefitted from a onebillion tablet when she was growing up in Sydney as the daughter of parents heralding from Shanghai.
This competition casts light on the ambition and potential of young employees, who are beyond driven and committed to having an impact at work and beyond. And, as their employers, it’s our job to get creative and empower them to do so.
Asahi Pompey is global head of corporate engagement and president of Goldman Sachs Gives