Synchrony Joins the Worker Financial Wellness Initiative
Companies in the Initiative have a shared mission of improving the financial health and resilience of American workers
STAMFORD, Conn., April 7, 2022 /PRNewswire/ -- Synchrony (NYSE: SYF) today announced it has joined the Worker Financial Wellness Initiative, a coalition aimed at making workers' financial security and health a C-suite and investor priority. The company joins the Initiative alongside companies Chipotle, Chobani, Even, Prudential Financial, and Verizon, among others. Members commit to making worker financial well-being a top priority as business leaders consider solutions to shape an equitable and inclusive workforce.
"Our people are our greatest asset. With that comes a responsibility to assure their well-being," said Brian Doubles, President & CEO, Synchrony. "At Synchrony, we take a 360-degree approach to supporting our team across all aspects of their wellness journeys, including career, health, life and finances. Joining the Worker Financial Wellness Initiative is another opportunity for us to be a leader in building financially healthy communities, while continuing to support our people, maintaining rigor and transparency in our commitment to offering some of the most competitive wage and benefits programs in our industry."
Companies joining the Initiative commit to conducting a financial wellness assessment of their workforce and will identify opportunities to improve their resilience long-term. Synchrony will continue to conduct living wage assessments to understand if their workers are able to cover the local cost of basic necessities. Last year Synchrony raised its minimum wage to $20 an hour for all U.S. employees.
This initiative builds upon Synchrony's strong culture of caring for its people. This includes progressive policies and benefits that Synchrony has unveiled for employees during the last couple of years to ensure maximum flexibility – including expanded backup childcare and 12 weeks of parental leave, the option to permanently work from home, and access to mental health and wellness sessions.
"As companies have navigated the pandemic, economic fallout, as well as the Great Resignation/Reassessment over the last two years, it's become increasingly clear that a strong human capital strategy is critical to long-term business success and resiliency," said Alison Omens, Chief Strategy Officer, JUST Capital. "Through the Initiative, we're developing a vibrant community of practice and a robust body of evidence demonstrating the connection between the financial security of workers and overall business performance."
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, powersports, 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 and Twitter: @Synchrony.
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Released April 7, 2022