Synchrony has advanced to No. 25 in the 2022 Fortune 100 Best Companies to Work For list, up from No. 37 last year. The annual ranking is one of the most respected and comprehensive measures of workplace culture and talent management best practices. This year marks the 25th anniversary of the 100 Best Companies list. The ranking, based in large part on feedback from employees, underscores Synchrony’s commitment to foster an inclusive, diverse culture that puts people first.
Synchrony, a leading financial services company, has earned the coveted recognition for five consecutive years, proving how the simple yet powerful act of putting people first can make a company a great place to work. Applying that caring culture during a global pandemic has helped Synchrony recruit and retain talent, and deliver results for all stakeholders, including partners, customers and shareholders.
“Creating a people-first culture is core to who we are at Synchrony and it’s key to driving strong business performance,” said Brian Doubles, President and CEO of Synchrony. “We’ve transformed the way we hire, train, recognize and reward our people, and redefined our commitment to flexibility and total well-being. We’re not done, but this recognition from Fortune and Great Place to Work confirms that the culture we’ve worked so hard to build is a competitive advantage for us.”
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From the beginning of the pandemic, Synchrony prioritized the well-being of employees, applying Agile methodologies to innovate new ways of working and decision-making in the face of unprecedented challenges. This was particularly important for the company’s contact center associates, who comprise the majority of Synchrony’s workforce. It allowed the company to create a more flexible workplace, enabling people to do almost any job from any of Synchrony’s geographic locations. Because flexibility is the new currency, employees can work from home full-time or in a hybrid approach.
The company has also enhanced support for its people by:
- Boosting starting hourly wage: Raised U.S. minimum hourly wage to $20 per hour for 5,000 contact center associates and provided them with the highest bonus ever since the program began.
- Creating opportunities: Removed college degree requirements for 90 percent of Synchrony’s positions.
- Investing in skills training and education: Provided industry-leading tuition benefits and debt-free tuition options of up to $20,000 a year and up to $9,000 a year in tech certifications. Launched $50 million Education as an Equalizer initiative to expand access to higher education, skills training and financial literacy for employees and underserved communities.
- Accelerating actions around equity, diversity and inclusion: As part of the company’s strategic imperatives, increased representation of Black and Hispanic employees at the VP level and higher and increased the number of females in executive-level roles globally.
- Rethinking performance management: Moving from a legacy annual performance review in favor of a new coaching-based approach that delivers regular and actionable dialogue and feedback in real time.
- Expanding and strengthening well-being benefits: Launched the Synchrony Sabbatical and Employee Balance programs, which allow employees to reduce their schedules or take up to 12 months leave while retaining benefits. Synchrony also offers dedicated diverse well-being coaches and expanded this initiative to India and the Philippines.
- Prioritizing flexibility for all: Recognizing the significance of mental wellness, the company adopted Flexible Fridays with minimal morning meetings and free afternoons and enhanced flexible scheduling options for customer service associates.
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