Goldman Sachs' investment banking division is promising to promote and give raises to its junior bankers faster in an attempt to recruit and retain the most talented employees.
This move, which was announced Thursday in an internal memo obtained by CNBC, comes amid increased hiring competition from start-ups and large technology companies.
"We recognize this population (of young employees) is critical to the success of our business and contributes to our pipeline of future leaders," the memo said. "Our aspirations for these professionals and their experience at the firm are high: we seek to attract the best talent to Goldman Sachs, provide these individuals with unique development opportunities, and retain our most talented people for the long term."
To that end, the investment banking division announced that it would be moving "noncore banking tasks" away from its junior employees — likely lightening the load for those holding the notoriously long-houred analyst roles. The bank also said that it will offer its junior employees a rotational assignment for 12 months to "broaden their skill set and build relationships across our businesses."
Finally, the bank said it will now promote analysts to the role of associate as soon as they have completed two years. Compensation "will be adjusted in accordance with that promotion," the memo said.
"Promotion decisions will be communicated to analysts earlier in their first year. Starting in the summer of 2016, junior bankers will move to a summer compensation cycle for their first three years," the memo said.
The investment banking division is "committed to evolving our practices to remain an employer of choice for talented individuals at the start of their careers," it said.
"Since the financial crisis, finance as a status career has diminished and the relative attractiveness has shifted significantly in favor of tech," Adam Zoia, CEO of search firm Glocap Search, told CNBC in 2014.
Speaking earlier this week, Goldman's president and chief operating officer, Gary Cohn, said his firm was working to cultivate the right work-life balance for its employees.
A spokesman for Goldman confirmed the contents of the memo to CNBC, but declined to offer further comment on the initiatives.
—CNBC's Mary Thompson and Trusha Chokshi contributed to this report.