STAMFORD, Conn., October 14, 2020 / PRNewswire / – Synchrony Named One of Top 20 Companies 2021 Forbes JUST 100 published by Forbes and JUST Capital, which features companies that are the country’s leading corporate citizens. Synchrony ranks 20th – 27 spots from last year – and second in the consumer and diversified finance industry. Within the sector, Synchrony won first place for its commitment to workers and customers.
The annual Forbes JUST 100 assesses America’s 1000 largest state-owned companies and celebrates those that outperform on critical issues that matter to the American public – like paying fair wages, upholding human rights throughout. supply chain, investment in worker training, ethical action. and with integrity, cultivating a diverse and inclusive workplace, protecting the health and safety of workers, providing good benefits and a work-life balance, and more.
“We are honored to be recognized as one of America’s RIGHTEST companies because it demonstrates our commitment to caring for our partners, customers, employees and communities during these difficult days and beyond,” said DJ Casto. , Executive Vice-President and Chief Executive Officer Human Resources Manager at Synchrony. “Synchrony was founded on a system of values of caring, daring actions and passion. These values make us who we are and allow us to make a difference in the lives of our stakeholders on a daily basis.”
JUST Capital expanded this year’s methodology to capture 38 COVID-19 specific data points from their COVID-19 Corporate Response Tracking. The new analysis includes hourly wage increases, paid sick leave and health care benefits for employees on leave (workers); payment deferrals, price cuts and services for vulnerable groups (clients); and donations in cash or in kind to support community relief (Communities).
“Today more than ever, business leaders have the opportunity to drive lasting systemic change within their business and across society,” said Forbes editor-in-chief. Steven bertoni. “This year’s JUST 100 companies show that we can face the double tragedy of the COVID-19 pandemic and racial inequality and continue to improve our actions and refocus our missions to do better and be better for all. stakeholders. “
“In the face of a global pandemic, an economic recession and a national toll of racial injustice, the American public is demanding more than ever of our business leaders,” said Martin whittaker, CEO of JUST Capital. “The companies on the 2021 JUST 100 list have stepped up to serve their workers, customers and communities this year while delivering long-term shareholder value.”
Offer benefits to working families
From 2020, Synchrony increased benefits for working families, offering paid parental leave for 12 weeks and, with the onset of the pandemic, extending emergency care benefits to 60 days for emergency care for children and the elderly (and more if needed on an individual basis.). Realizing that many employees were facing challenges outside of their (virtual) walls, the company launched an employee assistance fund with a $ 1.5 million commitment of the Synchrony Foundation to provide emergency financial assistance and relief to team members in need. The company continues to evolve its industry-leading benefit programs based on employee feedback, increasing its lifetime maximum fertility benefit to $ 30,000.
Supporting parents and working children through virtual learning
To help working parents, Synchrony launched Synchrony After School, which offers virtual tutoring, a homework club, extracurricular activities and wellness support. Synchrony After School follows the successful launch of Synchrony Summer Camp – a virtual experience for children of employees designed to educate, engage and enrich on a range of topics such as health, the arts, culture and leadership.
Offer flexible working hours
Synchrony helps employees balance work and life demands by offering flexible working arrangements, including reduced hours, compressed work weeks, flexible hours, and remote working. To help employees meet their personal and professional needs, the company recently unveiled a new approach that combines flexibility for all employees, who can now work remotely, and goal-oriented office spaces where employees can work remotely. employees can meet in person when needed in a safe. environment, staying connected with each other and Synchrony culture.
Advancing mental health wellness and support
Even before COVID, Synchrony was deeply focused on mental health. When the pandemic hit, the company launched Synchrony 360, an integrated approach to supporting the lives of employees inside and outside the company. It includes sessions on mental health and wellness as well as other resources to help families cope with anxiety caused by the pandemic and the events that highlighted systemic racial inequality. Additionally, based on contributions from the company’s African-American network, Synchrony has added more black mental health counselors to its employee assistance program to help meet the needs of black employees.
Helping customers, small businesses and communities during tough times
For customers who have been financially impacted by tough times, Synchrony takes an individualized approach to providing reliefs, such as interest and fee adjustments, deferred payments, and reassessed credit limits. The company also offers support to small businesses by providing free advice and best practices for navigating an ever-changing business environment, creating more effective digital footprints and building loyalty. The company has also partnered with several organizations, including the United States Chamber of Commerce, to create webinars on financing and managing its business in the face of adversity.
In June, Synchrony and the Synchrony Foundation committed $ 5 million to national community organizations that help small businesses, including $ 2 million at Support society for local initiatives, a national community development organization, which will provide emergency grants to businesses owned by minorities, women and veterans.
About the Just Capital methodology
Since 2015, JUST Capital has surveyed 110,000 Americans – representative of the adult American population – including more than 17,000 in 2020 alone. The survey work includes both qualitative focus groups and quantitative surveys. The 2020 annual weighting survey, conducted in partnership with The Harris Poll and NORC at the University of Chicago, includes responses from nearly 4,500 respondents. JUST Capital then tracked and assessed 931 companies across five stakeholders, 19 issues, and 336 unique data points to produce the ranking model that guides the most JUST US companies, including the JUST 100 and Industry Leader listings. This selection of companies is based on the Russell 1000 index, which represents over 90% of the US stock market value.
Synchrony (NYSE: SYF) is a leading consumer financial services company. We offer a wide range of specialized financing programs, as well as innovative consumer banking products, in key industries such as digital, retail, home, automotive, travel, health and animals. of company. Synchrony enables our partners to increase sales and retain consumers. We are one of the largest private label credit card issuers in United States; we also offer co-branded products, installment loans, and consumer finance products for small and medium-sized businesses, as well as healthcare providers.
Synchronization is changing what’s possible thanks to our digital capabilities, deep industry expertise, actionable data, seamless customer experience, and personalized financing solutions.
For more information visit www.synchrony.com and Twitter: @Synchrony.
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About JUST Capital
The mission of JUST Capital, an independent non-profit organization, is to build an economy that works for all Americans by helping businesses improve the way they serve all of their stakeholders – workers, customers, communities, the environment and shareholders. . We believe that businesses and markets can and should be a greater force for good, and that by shifting resources from $ 19 trillion private sector, we can address large-scale systemic issues, including income inequality and lack of opportunity. Guided by audience priorities, our research, rankings, indices, and data-driven tools help measure and improve business performance in the stakeholder economy. To learn more about how data-driven insight is creating a fairer future for capitalism, visit: www.JUSTCapital.com.