Training and development the Goldman Sachs way is forward-thinking, top-down and cutting-edge. Annie Hayes talks to Thomas Osmond, vice president of Goldman Sachs university about its secrets of success.

Think of Goldman Sachs and the pound signs start jumping. At an international bank where the remuneration on offer is mind-boggling and cash-pleasing you'd have thought that training and development play second fiddle as a retention tool to the financial rewards, but not so says Osmond: "Herzberg [the psychologist] was one of the first to point out that whilst paying people well is a great attraction tool it's very weak at retention." Goldman's own research backs up this age-old theory.

What keeps the Goldman workers dedicated to the job is indeed much more than the take-home pay and it's a concept that those at the top have bought into. Such is the dedication to nurturing talent and developing staff, a whole ethos, philosophy and training model has been born – the Goldman Sachs University.

"Seven to eight years ago the learning and development function was integrated into, one and two years ago the Goldman Sachs University brand was created – it embodies our website, model, philosophy and name," Osmond explains.

Plethora of programmes

Uncovering the bare-bones of this 'university' is a job in itself as there is a remarkable breadth to what is on offer – quantity certainly plays its part. Osmond proudly tells me that there are no less than 2,000 training programmes available delivering training that encompasses everything from products and market knowledge, leadership and management, professional skills, to diversity and inclusion awareness. It becomes apparent that the term 'university' is rather apt – for what is on offer is a universal education designed to ensure that Goldman staff are best of breed.

The complexities continue. Osmond tells me that Goldman has recently shaken off its legacy for home-grown staff, indeed the university now also has to cater for 'outsiders' as the bank adapts to market conditions and its own rate of expansion: "Ten years ago it was true that we took MBA and university graduates but there's been a shift, we're keen to recruit in experience and that in turn has expanded the emphasis from training analysts to orientating all levels of hires."

At Goldman, a waltz around the building and a quick flirtation with health and safety doesn't really cut the mustard when it comes to induction. Indeed according to Osmond it takes 100 days. "The first step is about showing new staff what it is like to work at Goldman Sachs, there are videos, case-studies etc. The second step is about ensuring staff know where they need to go for various issues and then at about the four to six month mark staff are put through a day programme, a symposium. Learning," concludes Osmond, is "a process not an event".

That 'process' is very much a top-down event. At Goldman, senior business leaders are the teachers and professors. Osmond tells me that the chiefs and head honchos regularly take time out of their schedule to run a training event or teach a methodology – whether it relates to leadership or equity valuation. This does result, admits Osmond, in a leaning towards in-house training as the favoured method but it's something they are proud of and Osmond believes it is important: "The Goldman focus is very contextual."

A unique and modern approach

"Workers at the bank not only have to manage but produce at the same time, it's unusual. We've created co-heads so two people run the business not one." Management at Goldman clearly is unique and the best way to learn the ropes is from those on the ground that are doing it, it's something that has intrigued clients too, so much so they are keen for a slice of the pie themselves. Client training has grown nearly 10-fold in five years as word has spread within Goldman and to its clients.

Unsurprisingly training delivery is thoroughly modern: elearning, web casts, simulation to name but a few. Osmond tells me that the reliance on technology is crucial in ensuring the training is consistent across the globe: "We have to make sure we can train our people in Moscow even though we can't always fly trainers out to them."

I was interested to find out what employees thought of all the university's efforts. Last year the bank won the Best for Training & Development Award in The Sunday Times' annual Best Companies Awards for a large company. Among the top 20 big companies Goldman Sachs staff returned the highest positive scores, for 34 of the 70 points that make up the employee survey. These include having pride in working for the firm (88%) and having a job that is good for personal growth (84%). Surely a good indicator that the university is a people-pleaser and it's refreshing to hear that in conflict with the numbers they are so clearly able to crunch they're not so concerned with the return on investment (ROI) the university produces.

Osmond says: "Senior business people feel that what we're doing is important and both the conversations we're having and the time they invest indicate that they see the value. They've specifically said it isn't worth trying to determine ROI – 'it isn't worth the time because we know it has impact' said one senior partner. An attitude that has put them in pole position and raised the banking game.