- Goldman Sachs Group Inc. is relaxing its dress code for its 36,000 workers, Reuters reported. The Wall Street giant announced the move in an internal memo Tuesday.
- The firm began shedding its formal buttoned-up image in 2017 for tech workers and others, but the move led to a divide between departments, according to Reuters.
- The move may be an attempt to compete with large tech firms for talent, Reuters noted. The memo, however, reminded employees that casual dress may not be appropriate for client meetings, for example, and that workers should exercise good judgment.
As Reuters noted, the move is likely related to Goldman Sachs' talent retention and acquisition efforts. Many of the country's destination employers have long permitted casual dress, allowing employees not only to remain comfortable during the workday and bring their whole selves to work, but also avoid the expenses that come with buying and maintaining traditional business attire.
In a 2018 interview with HR Dive, Jonathan A. Segal, partner at Duane Morris LLP and managing principal of the Duane Morris Institute, said that offering broad rather than detailed dress policies are best; these can avoid sending a message that everyone must dress a certain way and evade running into cultural issues that could be interpreted as bias against certain ethnic or religious groups.
Additionally, HR can can take a note from Goldman Sachs' move and craft policies that ask employees to use their discretion, dressing appropriately for the day's events.