The bank will follow a casual dress code throughout the year.
Today, companies are increasingly moving towards a workplace culture with a relaxed dress code, to allow the employees to feel free. However, in some companies, strict dress codes still exist, and employees are required to adhere to the same.
It is Goldman Sachs’ turn to relax the dress code now. The bank will follow a casual dress code throughout the year. There are no specific rules with regard to the appropriate way of dressing, therefore, the bank can, in theory, adopt any code it considers appropriate.
However, the employees need to decide when to wear casuals and when to don formals.
Elisha Wiesel, chief information officer, Goldman Sachs, said the bank will follow a “year-round casual dress code”, but added, “Exercise judgement in determining when to adapt to business attire as circumstances dictate, particularly if you have a client meeting”.
The bank is well known for its strict dress code since its inception, which had continued till now. Employees were banned from wearing shorts and other casual clothing.
The reason behind the relaxation of dress code is to attract young IT and tech workers. Around a quarter of the company’s total employees are engineers, who are being wooed by other companies with their relaxed standards of dressing. Attracting and retaining the best talent has been a challenge for the bank and also one of the reasons for allowing casual dressing, which workers love.
JP Morgan also relaxed the strict suit and tie dress code last year. It has now adopted a business casual dress policy across the firm.
Employees of the new generation have different expectations than those of the old. Companies need to embrace this difference to retain and attract the best employees.
This move by the bank is being welcomed by one and all.