Being a Chief Innovation Officer is no small feat. It requires constant consideration of the future and how the company will be able to deal with the changes that will occur. The problem is that Wall Street is still dealing with its past. The stock market may have rebounded and profits may be back to pre-2008 levels, but the publics perception of Wall Street firms hasn’t changed. Even though it is important to control the perspective of the public, the most important thing when running a business is being able to recruit smart individuals. In the Late 1990’s and early 2000’s Wall Street was the best place to start a career. It was where the most money and opportunity was for a recent college graduates. It promised good fortune and possibility. After the multiple failures of the major Wall Street firms and the end of the glamour of the financial sector, college and business school graduates were looking for other professions. With the rise of Silicon Valley and the technology boom, the smartest and most competitive graduates were setting their eyes on the newest start-up or hottest trend coming out of the Bay Area. How can Wall Street challenge the enticing napping rooms, complimentary lunches, free yoga classes, and relaxed dressed code that is consistent throughout technology companies?
The only way that Wall Street, specifically, Goldman Sachs can change its image in the eyes of youth and the general public is by changing its treatment of workers. They need to implement healthy lunches and free gym classes during the day. By copying the start-up work culture, it could bring the work force back to the financials sector. Additionally, with increased breaks and a relaxed environment it could lead to more efficient workers and safer investments. When someone is holed up in a cubicle for 14 hours straight, they may not consider the ethical ramifications of their investment, because all they care about it trying to finish their work as soon as possible. They don’t care about the person that they are screwing over, they just want to go to bed and try to get a few hours of sleep before working another 16 hours the next day. Also, if you can hire more innovative employees, then it can possibly lead to smarter investing and higher returns. This is good for both the investor and the company as a whole.
The question of whom I would recruit to help with the transformation of Wall Street is a tough one. I think that I would need someone in the technology industry who knows about how to create a positive and happy work environment. I would probably fire most of the HR employees because their expertise would not be applicable except with the hiring process. From class I would probably bring West Shephard because he knows a lot about the technology world and would have a good understanding of the work environment within those firms. Next, I would bring along Laszlo Bock. He is the head of people operations at Google and would be an essential part of turning the company around. He has worked at Google since 2006, and has been able to transform the company into a playground for adults. Finally, this change in policy would create benefit for the employees, with better amenities, and the public, through safer investments. John Stuart Mill would agree with these decisions because it follows utilitarianism. Hopefully, this change would help Wall Street reach heights similar to its former glory.