Episode 136: What’s It Really Like to Be a Goldman Sachs Intern?

Intern Demographics and Selection

• The Summer 2019 intern class represented the firm's most diverse cohort to date.
• Catherine Dorvitz (Baruch College) and Rebecca Shiner (Yeshiva University) will transition to full-time analyst roles.
• Dane Holmes serves as Head of Human Capital Management, overseeing people activities and leadership development.

Diversity, Inclusion, and Management Strategy

• Diversity is framed as a driver for better client solutions, a specific desire of top talent, and a prerequisite for a true meritocracy.
• 82% of interns surveyed indicated that developing managers who foster inclusive environments is a high priority.
• The firm is investing in education to ensure managers understand diverse perspectives and are empowered to care about individual team member goals.
• Interns define diversity holistically, emphasizing unique life experiences and skill sets over superficial demographics like race or gender alone.
• Managers are encouraged to use diversity as a catalyst for conversation, specifically inviting dialogue with those perceived as different to uncover commonalities and new learnings.

Work-Life Balance Definitions and Preferences

• Survey data reveals a generational split in defining work-life balance:
  • 62% of interns associate balance with spending time with friends and family.
  • 17% associate balance specifically with the ability to disconnect at the end of the day.
• Dane Holmes emphasizes "intentional living," where work and personal passions (family, community, charity) are intertwined rather than treated as opposing forces.
• Interns Rebecca and Catherine identify as part of the 17%, prioritizing mental disconnection to prevent burnout and maintain full presence in personal pursuits.
• The firm's culture encourages managers to actively identify and intervene in cases of potential burnout, such as employees consistently working late or on weekends.

Recruitment and Brand Loyalty

• Interns demonstrate a preference for "brand loyalty" over "product loyalty," valuing the firm's broader societal impact and reputation over specific role responsibilities.
• This shift necessitates a change in recruiting strategy from defining specific job tasks to showcasing the firm's purpose and potential for internal mobility.
• 92% of surveyed interns expect to work for five or fewer employers in their lifetime, contradicting stereotypes of high mobility among younger generations.
• Dane Holmes attributes this retention expectation to economic stability gained post-financial crisis and the empowerment of the current generation to seek specific cultural and structural fit.

Artificial Intelligence (AI) and Technology

• Interns predict AI will have the most profound global impact over the next decade, viewing it as a tool for enhancement rather than job displacement.
• The firm views AI through the lens of historical tools (e.g., the car, the internet), expecting it to create new opportunities and increase efficiency while disrupting existing processes.
• AI is being integrated into recruitment to match candidate skills with job opportunities more effectively than manual, ad-hoc interviewing.
• Digital natives acknowledge the necessity of managing technology use, setting boundaries (e.g., phone-free zones) to maintain focus and relationships.

Future Outlook and Personal Development

• Optimism centers on increased global connectivity, shared humanity, and the empowerment of individuals to actualize their potential.
• Catherine Dorvitz is planning to study international economics abroad in Berlin before graduation.
• Rebecca Shiner will finish her degree in January and is focusing on business law coursework.
• The panel shared current reading lists, including The Road to Character, Homo Deus, Lean In, and various historical fiction novels.