Goldman Sachs is going to decrease campus recruiting and use more automatic recruiting tools. I applaud GS to finally taking the interview process to the next step. I always thought that interviews were often inefficient and waste of resources. It is plagued by bias and it takes away valuable time from many productive workers. Google learned that their interview processing was not so efficient so they minimized interviews and created a better guideline to hire people. GS is now following. I think school agnostic approach will give more opportunity to less represented schools and increase diversity at GS, which will help the firm perform better. Plus, it will save cost and not eat away productivity. I hope that other firms follow GS’s approach.
I think GS can further increase the efficiency of the hiring process by setting up worldwide competitions. Also, it would be cool, if GS experimented with Turtle Trader style hiring, where it would they pick random candidates and teach them how to be a banker or a trader.