Synchrony Unveils Great Transformation Initiative with Great Place To Work
New Leadership Training Program Designed to Encourage Candor, Empathy and Accountability
STAMFORD, Conn., Oct. 11, 2023 /PRNewswire/ -- Synchrony (NYSE: SYF) today announced its participation in the Great Transformation initiative with Great Place To Work. This groundbreaking, three-year research initiative brings together a cohort of 11 companies committed to creating better, more inclusive workplaces through targeted, data-backed pilot initiatives that are designed to unlock the full potential of employees and improve agility, resilience and innovation.
Synchrony is testing new ways to train leaders to lead differently and enhance the employee experience, identifying and developing leadership behaviors that accelerate individual and team performance, including candor, empathy, moving from managing to coaching and accountability.
The company is investing in its top 300 leaders through a comprehensive, year-long development program which include three-day interactive sessions called Impact Sessions, along with accountability partners and coaching. These agile pilot initiatives will test the hypothesis that when top leaders model these desired behaviors, they can deepen a culture where all employees feel like they belong – accelerating progress in Diversity, Equity, Inclusion and Belonging while achieving strong business performance.
"Synchrony is a values-led company and culture," said Brian Doubles, President & CEO of Synchrony. "In partnership with both Great Place To Work and our employees, we're challenging ourselves to embrace the mindset shifts needed to unlock innovation, accelerate equity and drive strong business results."
To measure progress, Synchrony will deploy new leadership assessment tools that will allow leaders to benefit from constructive feedback from their peers. The company will also continue to conduct its ongoing pulse surveys with employees, introducing new questions focused on leadership and support from their direct managers. Together with Great Place To Work, the company will put data-driven insights into action and share learnings to enhance effectiveness around leadership development.
"Synchrony has boldly taken action to transform its organization," says Michael C. Bush, CEO of Great Place To Work. "Leaders must transform and evolve, and these companies understand that to be the best in the world, you need to lead for all. Every leader wants to generate greater innovation and productivity, and by tapping into the full potential of their people, they can do that. A 'for all' leader ensures every employee can contribute their best. Thanks to the work of this cohort, we now have the metrics to measure the experience the leader creates for all levels of their organization. When that happens, companies outperform. That's the future of leadership."
Synchrony's People-First Investments
Synchrony, which was named a Top 20 Best Company to Work For in the U.S. and a Top 5 Best Workplace in Financial Services and Insurance by Fortune magazine and Great Place To Work, continues to build on its people-first culture and investments. The company has co-designed industry-leading benefits and programs with employees to better support their evolving needs, offering teams maximum flexibility, total well-being and equity. Synchrony replaced a legacy annual review and rating system with a new model designed to encourage more frequent coaching conversations between managers and employees and clarity of outcomes.
The company also treats equity, diversity and inclusion as a strategic imperative, using data to guide strategy to ensure access and opportunity for all and cultivating eight Diversity Networks+ to promote diversity of thought and drive a culture of inclusion.
"In today's hybrid work environment, employees desire leaders who build trust through listening and guiding, who set clear expectations and empower them to innovate," said DJ Casto, Executive Vice President and Chief Human Resources Officer of Synchrony. "Synchrony continues to invest in its people to lead and think differently, reshaping how work gets done and setting an example for others to follow."
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally-enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com.
About Great Place To Work®
Backed by 30 years of data, Great Place To Work is the global authority on workplace culture. Through its proprietary For All™ Model and Trust Index™ Survey, it gives organizations the recognition and tools to create a consistently positive employee experience. Its mission is to help every company become a great place to work for all, driving business growth, improving lives, and empowering communities. Through globally recognized and coveted Great Place To Work Certification™ and highly competitive Best Workplaces™ Lists, Great Place To Work enables employers to attract and retain talent, benchmark company culture, and increase revenue. Their platform enables leaders to truly capture, analyze and understand the experience of every employee, and compare outcomes with data collected from more than 100 million employees in over 90 countries worldwide. Learn more at greatplacetowork.com and on LinkedIn, Twitter, Facebook and Instagram.
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Released October 11, 2023