STAMFORD, Conn., April 12, 2021 /PRNewswire/ -- Synchrony (NYSE: SYF), a financial services company that made "caring for others" its first core value when it was founded seven years ago, was named one of Fortune's 100 Best Companies to Work For in the U.S. in 2021. The annual ranking is one of the most respected and comprehensive measures of workplace culture and talent management best practices.
Ranking No. 37 on the list, up from No. 44 in 2020, Synchrony has earned the coveted recognition for four consecutive years. In a time marked by pandemic and social unrest, Synchrony proved how the simple yet powerful act of caring can make a company a great place to work. For example, Synchrony's swift action in the face of an unprecedented pandemic, and its staunch support of social justice issues demonstrated that the company is profoundly mindful of employees' welfare as well as their deepest societal concerns.
"From the beginning, we have said we wanted Synchrony to be both a great business and a great company that always puts people first," said Brian Doubles, President and CEO of Synchrony. "This recognition by Fortune and Great Place to Work honors the culture that we have worked so hard to build."
A Momentous Year The value of Synchrony's culture was especially apparent during the events of 2020. From the start of the pandemic, Synchrony's leadership team prioritized the health, safety and wellness of employees, quickly making the decision to move the entire workforce home, including thousands of contact center associates, in less than two weeks. Synchrony plans to continue the work-from-home option post-COVID19.
Responding to the pandemic, the company also:
Enhanced its employee benefits in real-time, including extending emergency care benefit to 60 days; the company also extended childcare and eldercare assistance to 60 days (and more if needed on an individual basis).
Launched a virtual summer camp and after-school tutoring, helping working parents keep their children enriched during the day and after-school hours. In addition, Synchrony gave hundreds of Chromebooks to employees to ensure their children had school essentials.
Enhanced employee wellness and mental health support by providing wellness coaches and mental health counsellors and a range of other benefits.
Recognizing employees' desire to help others, Synchrony launched its Gear Up Campaign, which leveraged employee, partner and cardholder networks to make and distribute protective gear, such as face masks and face shields.
Beyond the pandemic, Synchrony quickly responded to the social justice movement in 2020, increasing its industry leading – and Great Place to Work recognized – commitment to diversity, equity and inclusion. The company elevated diversity and inclusion to one of its top strategic imperatives, with Board-level accountability, provided support and learning resources to all employees, facilitated open discussions with medical and psychology professionals, and hosted a "Week of Solidarity" to stand with and learn from Black colleagues.
Methodology Inclusion on the Fortune list is especially meaningful because it reflects employees' opinions.
According to Fortune: People analytics firm Great Place to Work® surveyed over half a million employees on issues including how trustworthy, caring and fair the company is in times of crises; employees' physical, emotional and financial health; and the company's broader community impact. Analysis revealed strong links between positive employee opinions and how employees witnessed their senior leaders and direct managers during the crisis. Seventy-one percent of winning workplaces scored better than in pre-pandemic times, increasing employees' experiences of workplace trust an average of three percentage points.
Particular attention was paid to how employees' experiences varied depending on their job role, gender, race/ethnicity, payroll status, and other characteristics to ensure that the company is creating a great workplace for all.
About Synchrony Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.
Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions.