At Synchrony, driving actionable change is what we do – for our employees, for our customers and for our communities. Our holistic approach has empowered us to make some significant progress on our Equity, Diversity, Inclusion and Citizenship (EDIC) journey, while making adjustments based on our lessons learned along the way.
Over time, we have been deliberate and thoughtful in our actions to create an authentic and impactful focus on equity, diversity, inclusion and citizenship. Along the way, we’ve had to be vulnerable enough to acknowledge our own internal barriers and brave enough to move forward without having all the answers. Our leadership is committed to this journey and maintaining the organization’s confidence that we are going to do right by our people.
- Brian Doubles, President and CEO of Synchrony and Michael Matthews, Chief Diversity, Inclusion & Corporate Responsibility Officer
Our Approach
WE LEAD WITH EQUITY…ON PURPOSE
At Synchrony, we lead with Equity in everything we do. This is intentional. More than a consideration, Equity is at the foundation of our initiatives and enables us to make profound, long-lasting change.
Our guiding principles – we are committed to outcomes, we are driven by data and we model collaborative governance and accountability – provide the groundwork for how we approach equity, diversity, inclusion and citizenship and are embedded in all of our Equity, Diversity, Inclusion and Citizenship efforts.
EDIC North Star
AT SYNCHRONY, WE ARE COMMITTED TO ENRICHING EVERY LIFE WE TOUCH BY LEADING WITH EQUITY IN EVERYTHING WE DO
Our Equity, Diversity, Inclusion and Citizenship North Star is Synchrony’s compass, giving us direction and clarity into what progress looks like for the organization.
Evolve the workforce to reflect the DIVERSITY of the populations in the communities we serve
Nurture a culture of INCLUSION where employees can be their authentic selves and valued
Increase access to education in our COMMUNITIES’ underserved populations
Synchrony Global Representation
GLOBAL WORKFORCE REPRESENTATION
Our WHY is simple – a diverse workforce isn’t a “nice to have”: it’s a business imperative that drives real outcomes.
Our Global Diverse Talent Methodology
ADVANCING DIVERSE TALENT
We are building the next generation of leaders, not just for our company but for the world. We understand that there are so many possibilities in our world, but access to those opportunities is not equal for everyone. We are changing that, starting within our doors.
Advancing Diverse Talent (ADT) is Synchrony’s global diverse talent methodology designed to increase and sustain our focus on representation and progression across our most underrepresented groups. Our MOSAIC Leadership Institute gives diverse talent greater access to the executive leadership team and hones a commitment to five tenants of their leadership journey: inspire, innovate, engage, achieve and become.
Increasing diverse representation year-over-year amongst our ADT areas of focus is now one of the metrics used by our Board of Directors in determining bonus funding for more than 4,500 leaders across the company.
Conscious Inclusion
WE GO BEYOND LISTENING; WE TAKE ACTION
Our people are empowered to be vulnerable and have the courage to lead and weigh-in on tough conversations. We acknowledge how experiences that occur outside of our walls can affect us, so we can make space for the varied ways we show up.
INCLUSIVE BENEFITS FOR ALL
Synchrony offers a suite of benefits to support every employee and their diverse needs. Here are a few examples:
- Industry-leading 22-Week Maternity/Parental Leave
- Enhanced Fertility and Family Planning
- Gender Affirming Benefits
- Enhanced Employee Assistance Program (EAP) Search Criteria
- Diverse Well-Being Coaches
GLOBAL DIVERSITY EXPERIENCE
Annually, since Synchrony’s IPO in 2014, hundreds of employees – from hourly call center associates to members of our Board of Directors, from the U.S. to India and the Philippines – come together for our Global Diversity Experience.
The conversations and new relationships that continue after the yearly event create an organic network of equity, diversity, inclusion and citizenship champions. The Global Diversity Experience mirrors the space we create every day at Synchrony, where we go beyond the boundaries of a traditional corporate environment to create a place where all points of view can be shared and respected.
OUR DIVERSITY NETWORKS+
More than 50 percent of our workforce – over 9,500 employees – belong to one or more of our eight Diversity Networks+.
Our Diversity Networks+ help amplify diverse voices and bring Synchrony employees together for support, development, and connection. These voluntary, employee-led groups help cultivate a culture of inclusion. The ideas, actions and passion they bring helps foster a workplace where everyone feels not only welcomed but accepted and valued for who they are.
The “+” in “Diversity Networks+” is deliberate. It’s there to remind our employees that they can participate in allies, even if they don’t belong to the demographic represented by a particular network – that we don’t just want them to be partners, we need them to “be the plus” in our work in order to further equity, diversity, inclusion and citizenship at Synchrony.
Education as an Equalizer
SYNCHRONY’S PHILANTRHOPIC PLATFORM, EDUCATION AS AN EQUALIZER, BUILDS ON OUR EFFORTS TO ADDRESS LONG-STANDING ECONOMIC INEQUALITY WITHIN OUR COMMUNITIES
At Synchrony, we believe that education has the potential to change the trajectory of one’s life, and therefore that of their children’s too.
Through investment, engagement, and collaboration with academic institutions, nonprofits, government and business, we hope to provide new and greater opportunities to underserved individuals and to light a path to a prosperous and fulfilling future for them and their children.
In 2021, we launched Education as an Equalizer and committed $50 million to the effort. Our three focus areas are:
- Pathways to college completion: Help low- and moderate-income, minority and marginalized students earn a four-year college degree
- Building skills for the future: Help low- and moderate-income, diverse students attain the skills and training needed for meaningful and gainful employment, including at the Synchrony Skills Academy and with OneTen
- Closing the Financial Knowledge Gap: Provide education that allows people to gain the necessary skills to understand and manage their personal finances
Our Investments
INTEGRATING ESG INTO OUR BUSINESS
Because building a more equitable, inclusive economy is a business imperative, in 2021, Synchrony Ventures committed $15 million in venture capital funds led by diverse partners with a track record of investing in minority-owned startups. In 2022, Synchrony Ventures committed a further $5 million to support this strategy.
In 2023, Synchrony announced a $100 million commitment in Ariel Alternatives’ Project Black, which aims to scale sustainable minority-owned businesses and position them as leading suppliers to Fortune 500 companies. Our investment in Ariel and Project Black will help give Black, Hispanic and women entrepreneurs the support they need to grow long-term.
LEARN MOREOur end goal is simple: we want to design an environment that meets the unique needs of all. No matter how the equity, diversity, inclusion and citizenship landscape fluctuates, our focus will remain steadfast on driving sustainable change.