Harvard Case - Goldman Sachs Goes to Rikers Island
"Goldman Sachs Goes to Rikers Island" Harvard business case study is written by Elena Loutskina, Mary Margaret Frank, Gerry Yemen, Stephen E. Maiden. It deals with the challenges in the field of Finance. The case study is 16 page(s) long and it was first published on : Aug 11, 2017
At Fern Fort University, we recommend that Goldman Sachs (GS) proceed with the Rikers Island project, but with a modified approach that prioritizes community engagement, transparency, and long-term sustainability. This approach should involve a phased implementation, starting with smaller-scale pilot projects to demonstrate the program's efficacy and build trust with the community. GS should also focus on developing a comprehensive financial literacy program that addresses the unique needs of the Rikers Island population, including those with criminal records.
2. Background
Goldman Sachs, a leading global investment bank, is exploring a partnership with the City of New York to provide financial literacy and job training programs to inmates at Rikers Island, a notorious correctional facility. The program aims to reduce recidivism rates and improve the economic prospects of formerly incarcerated individuals. The case study highlights the potential benefits of the program, such as increased employment opportunities and reduced crime rates. However, it also raises concerns about the ethical implications of GS's involvement in the criminal justice system and the potential for exploitation of vulnerable populations.
The main protagonists in this case are:
- Goldman Sachs: A global investment bank seeking to expand its social impact initiatives.
- City of New York: Seeking innovative solutions to address the challenges of recidivism and economic inequality.
- Inmates at Rikers Island: The intended beneficiaries of the program, facing significant barriers to reintegration into society.
3. Analysis of the Case Study
This case study can be analyzed through the lens of Corporate Social Responsibility (CSR) and Social Impact Investing. GS's involvement in the Rikers Island project aligns with its CSR goals, demonstrating a commitment to social good and community development. However, it also raises questions about the potential for 'impact washing,' where a company's social initiatives are used primarily for marketing purposes rather than genuine social change.
Financial Analysis:
- Cost-benefit analysis: GS needs to conduct a thorough cost-benefit analysis to determine the financial viability of the program. This analysis should consider the costs of program development, implementation, and staff training, as well as the potential benefits in terms of reduced recidivism rates, increased tax revenue, and improved social outcomes.
- Return on Investment (ROI): GS should measure the program's ROI by tracking key metrics such as employment rates, earnings, and recidivism rates. This data will allow GS to demonstrate the program's effectiveness and justify its continued investment.
- Financial sustainability: The program should be designed to be financially sustainable in the long term. GS should explore partnerships with other organizations, including foundations, government agencies, and private businesses, to secure funding and ensure the program's longevity.
Social Impact Analysis:
- Community engagement: GS must engage with the community, including former inmates, local residents, and advocacy groups, to ensure the program is designed to meet their needs and address their concerns. This engagement should be ongoing and transparent, with regular feedback mechanisms to ensure the program's responsiveness to the community's needs.
- Ethical considerations: GS must carefully consider the ethical implications of its involvement in the criminal justice system. This includes ensuring that the program does not exploit vulnerable populations or perpetuate existing inequalities. GS should also be transparent about its motivations for participating in the project and its commitment to social justice.
- Program effectiveness: GS needs to develop a robust evaluation framework to assess the program's effectiveness in reducing recidivism rates and improving the economic prospects of formerly incarcerated individuals. This framework should include both quantitative and qualitative data, and it should be independent of GS to ensure objectivity.
4. Recommendations
- Phased Implementation: GS should implement the program in phases, starting with smaller-scale pilot projects in specific areas of focus, such as financial literacy or job training. This approach allows for flexibility, adaptation, and the opportunity to demonstrate the program's efficacy before expanding to a larger scale.
- Community Collaboration: GS should establish a community advisory board comprised of former inmates, local residents, and advocacy groups to provide input and guidance on program design and implementation. This ensures that the program is responsive to the needs and concerns of the community it aims to serve.
- Financial Literacy Focus: The program should prioritize financial literacy education, addressing the unique needs of the Rikers Island population. This includes providing training on budgeting, debt management, credit scores, and financial planning.
- Job Training and Placement: GS should partner with local businesses and organizations to provide job training and placement services. This includes developing skills-based training programs, facilitating job fairs, and providing mentorship opportunities.
- Transparency and Accountability: GS should be transparent about the program's funding, outcomes, and impact. This includes publishing regular reports on program metrics, conducting independent evaluations, and engaging with stakeholders to ensure accountability.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: GS's expertise in finance and investment management aligns with the program's focus on financial literacy and economic empowerment. This project also aligns with GS's commitment to social impact and its desire to contribute to positive social change.
- External customers and internal clients: The program's external customers are the inmates at Rikers Island, who stand to benefit from improved financial literacy and job training. The internal clients are GS employees, who can gain valuable experience in social impact initiatives and contribute to a more just and equitable society.
- Competitors: GS should consider the competitive landscape of social impact initiatives and identify potential partnerships or collaborations with other organizations working in the field.
- Attractiveness ' quantitative measures: While it is difficult to quantify the exact ROI of a social impact program, GS should conduct a comprehensive cost-benefit analysis to assess the program's potential impact on recidivism rates, employment rates, and other relevant metrics.
6. Conclusion
GS's involvement in the Rikers Island project presents a unique opportunity to make a positive impact on the lives of formerly incarcerated individuals and contribute to a more just and equitable society. By adopting a phased implementation approach, prioritizing community engagement, and focusing on financial literacy and job training, GS can create a program that is both effective and sustainable. However, it is crucial for GS to be transparent about its motivations, ensure ethical practices, and measure the program's impact to demonstrate its commitment to social responsibility.
7. Discussion
Alternatives:
- Direct investment in Rikers Island: GS could invest directly in Rikers Island infrastructure, such as building new educational facilities or providing technology upgrades. However, this approach would likely face significant regulatory hurdles and could be perceived as profiting from the criminal justice system.
- Focus on specific industries: GS could focus its efforts on specific industries that are known to hire formerly incarcerated individuals, such as construction or hospitality. This approach would require a deep understanding of the labor market and the specific challenges faced by individuals with criminal records.
Risks and Key Assumptions:
- Program effectiveness: There is no guarantee that the program will be effective in reducing recidivism rates or improving the economic prospects of formerly incarcerated individuals. GS must carefully monitor the program's impact and be prepared to adapt its approach if necessary.
- Community buy-in: The program's success depends on the support and engagement of the community, including former inmates, local residents, and advocacy groups. GS must build trust and demonstrate its commitment to social justice to ensure the program's acceptance and sustainability.
- Financial sustainability: The program requires ongoing funding to be successful. GS must secure funding from various sources, including foundations, government agencies, and private businesses, to ensure its long-term viability.
8. Next Steps
- Conduct a feasibility study: GS should conduct a comprehensive feasibility study to assess the program's potential impact, costs, and benefits. This study should include input from stakeholders, including former inmates, local residents, and advocacy groups.
- Develop a pilot program: GS should develop and implement a pilot program in a specific area of focus, such as financial literacy or job training. This pilot program should be carefully monitored and evaluated to assess its effectiveness.
- Establish a community advisory board: GS should establish a community advisory board to provide input and guidance on program design and implementation. This board should be comprised of representatives from the community, including former inmates, local residents, and advocacy groups.
- Secure funding: GS should secure funding from various sources, including foundations, government agencies, and private businesses, to ensure the program's long-term sustainability.
By taking these steps, GS can develop a program that is both effective and sustainable, making a positive impact on the lives of formerly incarcerated individuals and contributing to a more just and equitable society.
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Case Description
Yi Hua, the leader of an impact-investing initiative at Goldman Sachs, was examining a new financial arrangement in a proposed public-private partnership called the Rikers Island Social Impact Bond (SIB). The proposed SIB was the result of a partnership between Goldman Sachs, the New York City (NYC) Department of Correction, Bloomberg Philanthropies, and three nongovernmental organizations (NGOs)-MDRC, Osborne Association (Osborne), and the Vera Institute of Justice (Vera). The investment that Goldman Sachs was considering would finance the implementation of a cognitive behavioral therapy program for teens (aged 16 through 18) incarcerated at Rikers Island. The goal of the program was to lower the likelihood of those teens returning to jail following their release (i.e., recidivism). If predetermined outcome-based metrics, which focused on lowering recidivism, were reached, the NYC government would repay Goldman Sachs its contributed capital along with a return. The case helps students develop an awareness of the growing innovative financial structure that attracts private capital to finance governmental efforts to address social issues: SIBs. Alongside SIBs, the following related issues could be discussed: financial and social returns, models of investing for social impact, measuring social impact, private-sector financial resources used for public benefit, and private debt vehicles. This case can be used as an introduction to SIBs in an MBA course or in undergraduate electives dedicated to impact investing, public-private partnerships, or other related courses covering the role of business in society. The material can also be used in executive education around issues of cross-sector collaboration to address social issues.
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