SECTION D [25 MARKS] Read the following and Answer the questions that follow:

Organisational Culture

Goldman Sachs said Tuesday it is relaxing the dress code for all its employees, a move once considered unimaginable for the Wall Street firms leagues of monk-shoed partners and bankers in bespoke suits. The new firm-wide flexible dress code was announced in an internal memo, which said the shift was due to the changing nature of workplaces generally in favour of a more casual environment. The memo sent to the banks 36,000 employees and was penned by Chief Executive Officer David Solomon, a former investment banker who took the role in October, along with Chief Financial Officer Stephen Scherr and Chief Operating Officer John Waldron.

Historically known as a white-shoe investment bank, Goldman Sachs traditionally required formal business attire. But since 2017, the bank began relaxing its dress code for employees in the technology division and other new digital businesses. This created a divide in the workforce as clear as denim versus pinstripes. Like other Wall Street banks, Goldman has been competing to secure the best employees. Large technology firms and hedge funds often have more relaxed offices and perks.

a) It is said that Goldman Sachs has been competing to secure best employees. Advice the company on any 5 ways to consider in order to keep its best employees. (10 marks)

b) Evaluate steps to consider when carrying out change strategies. (15 marks)