Harvard Case - Creating a virtual internship at Goldman Sachs
"Creating a virtual internship at Goldman Sachs" Harvard business case study is written by Prithwiraj Choudhury, Iavor Bojinov, Emma Salomon. It deals with the challenges in the field of Information Technology. The case study is 16 page(s) long and it was first published on : Nov 6, 2020
At Fern Fort University, we recommend Goldman Sachs implement a comprehensive virtual internship program that leverages technology to create a rich and engaging experience for interns, while optimizing resources and enhancing the firm's talent acquisition strategy. This program should prioritize digital transformation, innovation, and data-driven decision making to ensure its success.
2. Background
This case study focuses on Goldman Sachs' decision to create a virtual internship program in response to the COVID-19 pandemic. The firm faced the challenge of maintaining its high-quality internship experience while transitioning to a remote environment. This decision required careful consideration of the firm's IT infrastructure, technology and analytics, and organizational change management capabilities.
The main protagonists are:
- Goldman Sachs: A global financial services firm seeking to adapt its internship program to a virtual environment.
- Interns: Aspiring professionals seeking valuable experience and career development opportunities.
- HR and IT departments: Responsible for developing and implementing the virtual internship program.
3. Analysis of the Case Study
To analyze the case, we can utilize the Porter's Five Forces framework to understand the competitive landscape and the VRIO framework to assess Goldman Sachs' internal strengths and weaknesses:
Porter's Five Forces:
- Threat of New Entrants: High - New players can easily enter the virtual internship market, offering similar experiences at lower costs.
- Bargaining Power of Buyers (Interns): High - Interns have many options and can choose programs based on their specific needs and preferences.
- Bargaining Power of Suppliers (Technology Providers): Moderate - Goldman Sachs has access to a range of technology providers, but their dependence on specific platforms can create leverage for suppliers.
- Threat of Substitute Products: High - Alternative learning platforms and online courses can provide similar skills and knowledge, posing a threat to the internship program.
- Competitive Rivalry: High - Many financial institutions and technology companies offer virtual internship programs, creating intense competition for talent.
VRIO Framework:
- Valuable: A successful virtual internship program can be valuable for attracting top talent, enhancing brand reputation, and improving efficiency.
- Rare: Creating a truly innovative and engaging virtual internship experience can be difficult to replicate.
- Inimitable: The program's unique features, such as access to real-world projects and mentorship from senior professionals, can be difficult for competitors to imitate.
- Organized: Goldman Sachs' strong organizational structure and access to resources can facilitate the effective implementation and management of the program.
4. Recommendations
1. Develop a Comprehensive Virtual Internship Platform:
- Leverage cloud computing: Utilize platforms like AWS, Azure, or Google Cloud to create a scalable and secure virtual environment.
- Integrate collaborative tools: Implement tools like Zoom, Slack, and Microsoft Teams for communication, collaboration, and knowledge sharing.
- Implement learning management systems (LMS): Use platforms like Moodle or Canvas to deliver interactive training modules, assessments, and feedback mechanisms.
- Develop a robust IT infrastructure: Ensure high-speed internet connectivity, reliable hardware, and strong cybersecurity measures to guarantee a seamless experience.
2. Design an Engaging Curriculum:
- Offer a mix of interactive learning modules: Combine video lectures, case studies, simulations, and virtual group projects to keep interns engaged.
- Provide access to real-world projects: Allow interns to work on actual projects under the guidance of experienced mentors.
- Facilitate networking opportunities: Organize virtual networking events, mentorship sessions, and Q&A sessions with senior professionals.
- Utilize AI and machine learning: Implement AI-powered tools for personalized learning recommendations, skill assessments, and performance tracking.
3. Foster a Supportive and Inclusive Environment:
- Create a dedicated virtual community: Develop online forums and social platforms for interns to connect, share experiences, and build relationships.
- Provide regular feedback and mentorship: Offer structured mentorship programs with dedicated mentors to guide interns and provide support.
- Promote diversity and inclusion: Ensure the program is accessible to interns from diverse backgrounds and locations.
- Address mental well-being: Offer resources and support for interns dealing with stress, anxiety, or isolation.
4. Measure and Improve the Program:
- Track key performance indicators (KPIs): Monitor metrics like intern satisfaction, learning outcomes, engagement levels, and completion rates.
- Conduct regular surveys and feedback sessions: Gather feedback from interns to identify areas for improvement.
- Utilize data analytics: Analyze data collected from the program to identify trends, optimize resources, and enhance the overall experience.
- Continuously adapt and innovate: Stay abreast of emerging technologies and best practices in virtual learning to ensure the program remains relevant and effective.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of the case study, considering:
- Core competencies and consistency with mission: The recommendations align with Goldman Sachs' commitment to innovation, talent development, and leveraging technology for competitive advantage.
- External customers and internal clients: The recommendations cater to the needs of both interns seeking valuable experience and the firm seeking to attract and retain top talent.
- Competitors: The recommendations aim to differentiate Goldman Sachs' virtual internship program from competitors by offering a unique and engaging experience.
- Attractiveness: The recommendations are expected to enhance the program's attractiveness to interns, leading to higher application rates, improved retention, and a stronger employer brand.
6. Conclusion
By implementing a comprehensive virtual internship program that leverages technology, innovation, and data-driven decision making, Goldman Sachs can create a valuable and engaging experience for interns while optimizing resources and enhancing its talent acquisition strategy. This program will position the firm as a leader in virtual learning and attract top talent in a competitive landscape.
7. Discussion
Alternatives not selected:
- Maintaining a traditional internship program: This option was deemed unsustainable due to the ongoing pandemic and the need to adapt to a remote environment.
- Offering a purely online learning program: This option lacked the hands-on experience and mentorship opportunities that are crucial for internship programs.
Risks and key assumptions:
- Technology adoption: The successful implementation of the program relies on the effective adoption and utilization of technology by both interns and mentors.
- Cybersecurity: Maintaining a secure virtual environment is crucial to protect sensitive data and ensure the safety of interns.
- Engagement and motivation: Sustaining intern engagement and motivation in a virtual environment requires careful planning and execution.
8. Next Steps
- Develop a detailed implementation plan: Define specific timelines, roles, and responsibilities for each stage of the program development and launch.
- Pilot the program with a small cohort: Test the program with a select group of interns to gather feedback and identify areas for improvement.
- Continuously monitor and evaluate the program: Track key performance indicators, gather feedback, and make adjustments based on data and insights.
- Promote the program to potential interns: Develop a comprehensive marketing strategy to attract and recruit qualified candidates.
By taking these steps, Goldman Sachs can successfully launch and manage a virtual internship program that will benefit both the firm and its interns, ensuring a positive and impactful experience for all involved.
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Case Description
Goldman Sachs runs an annual internship for over 3,000 participants, spread across dozens of the firm's global offices. In 2020, the team brought all its resources to bear to transform the internship program into a fully virtual format in just a few short weeks. The new all-virtual internship faced challenges, but also benefited from unexpected opportunities. As the program ended, the team reflected on what worked, what they would change, and what the future of the internship program at Goldman Sachs could look like in 2021 and beyond.
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