A great place to work, according to 92% of employees, is Synchrony.
Flexible, equitable, and well-being investments are made by Synchrony.
The 2023 100 Best Companies to Work For® list in the United States, compiled by Fortune magazine and Great Place to Work®, now ranks Synchrony (NYSE: SYF) at number 20. Synchrony has proven to be one of the best places to work in the country by receiving this recognition, which was earned by exceeding strict benchmarks. The ranking, which is primarily based on employee feedback, highlights the company’s commitment to innovate the employee experience and how work is accomplished by valuing its employees, creating a new leadership model, and advancing equity, diversity, and inclusion.
Visit synchronycareers.com/life-at-synchrony to hear from Synchrony employees about working there.
For the sixth year running, Synchrony has won the prestigious award, proving that putting the needs of employees first results in a great workplace, higher employee engagement, higher employee retention rates, and better business results.
According to Brian Doubles, president and chief executive officer of Synchrony, businesses must change their ways of thinking and abandon outdated paradigms if they are to adapt to the demands of a modern workforce. We realise that our company’s most valuable asset is its workforce. We can improve our thriving culture and foster greater innovation and commercial expansion by actively seeking out their opinions and addressing their issues. We’ve adopted a new way of working that puts flexibility, personal preference, and wellbeing as its focal points. Furthermore, we will keep creating a fair workplace that benefits everyone.
Women and hourly workers make up the majority of the workforce at Synchrony. In the most recent Great Place to Work survey, 92% of Synchrony employees said their company is a great place to work (compared to 57% at a typical U.S. company), and 93% said their work environment allows them the flexibility they require.
The culture we are all proud of can be fostered when we pay attention to what our employees need and take appropriate action, according to DJ Casto, executive vice president and chief human resources officer of Synchrony. “We’ll keep collaborating with our staff to develop flexible work arrangements, innovate with coaching to create high-performing teams, offer market-beating pay and benefits, and advance equity for all.
The business has invested in the following areas:
Choice and flexibility: The business continues to go all out when it comes to giving employees the option to work from home (full-time or part-time) or in the office. In order to better meet the needs of hourly workers, Synchrony also provides flexible work arrangements.
New strategy for performance management: Starting in 2022, Synchrony will abandon the annual reviews and ratings in favour of more frequent manager-employee coaching sessions and performance reviews that foster trust and accountability.
Total wellbeing: Synchrony offers a variety of mental health initiatives and wellness resources, such as a team of 15 diverse well-being coaches who are available to employees and their families, a sabbatical programme that allows employees to take time off (for up to a year), career coaches and financial wellness advice.
Pay equity and industry-leading wages: Synchrony supports its dedication to fair and equitable pay with opportunities for employees and industry-leading wages. Hourly workers in the US are paid more than the minimum wage of $20. Since becoming a standalone business, the company has also given annual bonuses to hourly frontline employees, including a one-time $1,500 inflation bonus in 2022. In order to achieve and maintain 100% pay equity across genders and racial/ethnic groups, Synchrony has made investments.
Support for working parents: The company provides 12 weeks of paid parental leave for all new parents and 22 weeks of paid maternity leave for expectant parents, which is among the longest in the industry. Additionally, Synchrony offers up to 60 days of emergency backup eldercare and childcare benefits in addition to improved fertility and family planning benefits.
Promoting equity, diversity, and inclusion: By using a data-driven strategy, Synchrony has had success in identifying, attracting, and advancing diverse talent. In order to help high-potential employees receive executive sponsorship and mentoring, the company also redesigned its leadership development programmes. Due to these initiatives, 50% of women and nearly 40% of people from underrepresented groups received promotions to vice president or higher levels. Strong career development programmes are offered by Synchrony’s Mosaic Leadership Institute, and they include:
Cross-functional, vice president-level women leaders can accelerate their personal growth through the Women’s Leadership Experience, a nine-month programme.
During a nine-month immersive programme called Strategic Pathways, senior executive mentors will coach vice president-level participants on how to advance their careers.
Fellows: In order to develop the skills necessary to become a senior vice president, participants take advantage of networking opportunities with executive leaders.
Associate vice president talent has access to leadership coaching and senior leadership sponsorship through the Leadership Experience for Advancing Professionals (LEAP) programme.
Industry-leading skills initiatives include debt-free tuition options of up to $20,000 per year and up to $9,000 per year for technology certifications, in addition to tuition benefits. Skills training and education are also covered. Career opportunities have increased as a result of the company’s preference for skills over degrees. Since 2021, Synchrony has partnered with OneTen to hire nearly 900 untrained Black workers. Additionally, over 960 Hispanic workers without college degrees have been hired by the business. To help people with non-traditional backgrounds get ready for the rapidly expanding fields of AI and cybersecurity, Synchrony has launched a non-degreed professional development pilot with more than 200 employees and a 12-month tech apprenticeship programme.
Methodology
One of the most reputable and thorough assessments of workplace culture and talent management best practises is the Fortune 100 list of the Best Companies to Work For. More than 500,000 employees from Great Place To Work CertifiedTM companies with at least 1,000 employees provided anonymous survey responses, which Great Place To Work analysed to determine this year’s honorees. The results of the surveys paint a complete picture of the working environment. Companies also provided essays describing their initiatives to provide innovative and generous support for employees, which were verified against survey results from the workforce. Honorees were chosen for their ability to provide favourable outcomes for workers regardless of their position, race, gender, sexual orientation, employment status, or any other demographic characteristic.
