Term Paper on "Analyzing Roles of Workplace HRM"

Term Paper 4 pages (1474 words) Sources: 4

[EXCERPT] . . . .

The organization runs a policy where equal employment opportunities are given and diversity across business functions and structures is appreciated.

Particularly, according to the Goldman Sachs seventh rule of Business, 'For organizations to progress, men and women must exhibit the mixture of cultures and societies in which they operate'. Breaching such policy can create consequences such as cease of employment (Balnaves, 2015).

Goldman Sachs designs, implements and pursues many programs in order to encourage the diversity in workplace. These programs are introduced in Asia and include an Asia Disability Awareness Forum, Working Parent Forums, Business-wide Women's Systems and Lesbian, Gay, Bisexual and Transgender Systems (Balnaves, 2015). The Human Rights Operation Institution, a LGBT advocacy organization had nominated the firm as 'best workplace' according to its Annual Report of 2013. Goldman Sachs is also named by a working mother as one of the Best100 Organizations and a Best Organization for Multinational Women in 2014. In addition to that, it is also listed in the 50 Top Employers for Women by The Times in 2014 (Balnaves, 2015).

Regarding gender equivalence, as of August 2013 in the U.S., women form 21.1% of the organization's senior officials and executives and 36% of the overall workforce. This percentage is greater than 'female supervision/senior level officers and managers' at 18.2% for U.S. corporations operating "securities, service contracts and other monetary investment and related activities" in 2013. Statistics of Goldman Sachs are also above than the 16.1% of women employed at the same level in similar companies for 2013 (Balnaves, 2015).

The organization's total percentage of female workers in the U.S. is less than "securities, commodity contracts and other financial investment and related activities" organizations, and little higher than "dealing securities and banking investment" organizations, at 40% and 35.4% for 2013. There are two woman directors working at Goldman Sachs, less than the average of 16% of women board directors in Fortune 500 Organizations in 2012 and 2013, and 19.2% for U.S. Stock Index Businesses in 2014. Goldman Sachs may seem as a succeeding company, in accordance with its developed policies but also requires a continual and improved commitment, implementation and execution of equal employment policies to attain gender equivalence (Balnaves, 2015).

Significant Workplace Trends

Old Age Employees

There is no doubt about the fact that large number of workforce is getting older in U.S. According to the U.S. Bureau of Labor Figures, it is expected that the number of persons who are 55 years of age or older in the workforce will increase by 12 million, which amounts to about 43% of the total workforce, by the end of 2018. Increase in life expectancy and labor force contribution of post- retirement age people means that the upcoming labor force will have a broader range of age groups employed together (Society for HRM, 2011). Workers of all ages feel a sense of development and decrease the tensions between generations of workers. One more important aspect is that older employees could impose cost of health care, which tends to increase as the risk of illness is higher in older workforce. This could require organizations to have proper wellness and disease prevention programs for employees emphatically.

Diversity

Diversity in organizations has grown with employees coming from various cultures and nations. Along with that, employees who have local knowledge of developing market, global viewpoint and awareness of the business culture are appreciated. Unsurprisingly, increasing global workforce is also leading to increase in multiculturalism within organizations (Society for human resource management, 2011).

Skills

HR specialists see skills shortages as a long-term issue in the labor force. A study carried out by SHRM shows that, a post-recession employing research from the spring of 2010, 62% of organizations that intended to hire employees in 2010 were asked if they would require diverse skill sets for their new occupations. The response revealed that there was an established demand for expertise (Society for HRM, 2011).

Workplace Flexibility

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