… the HR Minion. Because even minions have opinions. And giggles.

Is anyone surprised Wall Street is losing its top talent?

According to the NY Times, due to the implosion on Wall Street and all the negative feelings attached to it, a lot of people are leaving Wall Street. People who have spent their whole careers with formerly prestigious firms like Goldman Sachs and Lehman Brothers are finding jobs with small banks and overseas.

Considering the massive layoffs and government intervention it’s hardly surprising. Not too mention the massive drop in prestige these positions have suffered as well. Some people might consider this a bad thing; Wall Street is losing talented employees at a time they need them to help get out of this crisis. But I think there is more good that will come out of this than bad.

Here’s a couple reasons why:

The drop in prestige makes it easier for a more diverse pool of applicants to get their foot in the door. As messed up as this sounds, studies have shown that as the prestige of a profession dominated by men goes down, fewer men will enter that profession and thus create more opportunities for women. How much do you want to bet this applies to minorities as well?

New blood and new ideas. Not only does this open doors for a more diverse applicant pool, it also means the new ideas that come with it. Hopefully, that will change Wall Street for the better. And if those fleeing Wall Street come back some day, they will bring some new ideas back with them.

Whatever Wall Street becomes once this crisis has been resolved, and it will be resolved one way or another, here’s hoping it becomes something more stable with more integrity. I hope this talent exodus helps bring about these positive changes as well.

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2 Responses | Add your Own

  • 1 Erik :

    You are very wise to see the flight of “top talent” as a good thing, in the end. What’s top, anyway? If they all think precisely the same, then they will go ahead all doing the same thing with great confidence – right over a cliff, if that’s what in front of them.

    We’re thinking along very similar lines right now, I believe. I did a piece on my blog telling my theory that a high degree of specialization is the real cause of Depressions like this one. It’s similar to what you are writing in that we both value people-scaled, diverse and fluid arrangements.

    I think we’re on to something! Thanks!

  • 2 HR Minion :

    Erik – Cool, thanks!