How Synchrony is Making a More Equitable Workplace for Moms

More than 1 million women have left the workforce as of September 2022 compared to February 2020. And 45% of mothers who left the workforce cited a lack of child care or child care expense as one of the reasons they left, according to a report by national nonprofit Moms First (formerly Marshall Plan for Moms). The pandemic might have exacerbated problems facing caregivers, but those issues are hardly new.

“Moms can’t afford to go back to the status quo, and neither can our economy,” Carol Juel, Executive Vice President and Chief Technology and Operating Officer at Synchrony and Reshma Saujani, Founder and CEO of Moms First and the Founder of Girls Who Code wrote in a Fast Company op-ed. “Rebuilding work to meet the needs of women, especially moms, will not only help everyone, but also demonstrates companies’ commitments to their employees.”

Synchrony is committed to doing precisely that. We are one of the founding members of a business coalition that brings together innovative ideas and solutions to address this critical issue and normalize the challenges of working parents. Organized by Moms First, the National Business Coalition for Child Care also includes Archewell, Athletes Unlimited, Care.com, Fast Retailing, Gibson Dunn and Patagonia.

"At Synchrony, we believe investing in our people allows us to remain an employer of choice now and for the future," said Juel, who spoke at a Fortune panel on finishing the fight for women's equality with Saujani.

Because women and hourly workers represent the majority of Synchrony employees, our leadership understands the importance of workplace flexibility. We regularly listen to employee feedback and test potential solutions to create a better, stronger workforce. Here is what we have learned and where we are going.

What the Numbers Tell Us About Working Moms and the Future of Work

Alongside knowledge partner McKinsey, Moms First’s report about the child care ecosystem in America (The Business Case for Child Care) revealed a crisis that is affecting working families and women, with many unable to access high-quality, affordable child care — and these families are looking for companies to help. According to the results of interviews with 1,000 people:

• 83% reported that child care benefits would be an important factor in deciding whether to stay with their current employer or look to switch employers.
• 53% of women with young children who left the workforce temporarily said  they took on fewer hours or moved to a less demanding job cited child care as one of the reasons.
• 69% of women with children age 5 and under would be more likely to choose an employer that offered on-site child care or benefits to help pay for child care.

The business case for child care is clear. And the private sector is leading the way to improve employee recruitment and retention.

“Business leaders who offer more flexibility, child care support and opportunities to grow will win the war for talent and ultimately drive strong business results," Juel said. “We are seeing strong levels of retention and a 30% increase in our applicant pool over the past several months."

What Does a More Equitable Workplace for Moms Look Like?

While there is no one-size-fits-all approach, Synchrony has worked toward substantive solutions that are paying off for all—moms included.

For instance, after a survey revealed that 85% of our employees want some form of work-from-home options, we allowed full- and part-time employees to work remotely. As a result, 95% of female employees who are caregivers have stated that Synchrony's new way of working gives them the flexibility they need. We also launched sabbaticals to provide meaningful time to recharge.

Supporting the full power of women to the workforce extends to their paychecks — and we're committed to investing to meet our 100% pay equity goal. In fact, a 2021 analysis revealed a 1% pay gap between men and women, which we promptly addressed. We also raised the hourly wage to a minimum of $20 an hour for 5,000 employees.

Other investments mitigate the challenges of the child care crisis even more directly. During the pandemic, we launched an online summer camp for 3,700 young children of our employees. We enhanced our child care benefits to provide backup care for up to 60 days and increased care reimbursement. Our employees have already used almost 4,000 days of backup care in the first half of 2022.
 

Leading by Example

Whether we are increasing diversity, creating a return program in collaboration with The Mom Project to support working parents re-entering the workforce or normalizing parental leave (we offer parental leave for all parents, including up to 22 weeks of paid maternity leave for birthing parents), we aim to lead by example, starting from the top.

“If your team sees you taking the time you and your family need, they will do the same," Juel said.

Synchrony is a leader in launching new capabilities and solutions for businesses to help drive sales, loyalty and reach new customers with more financing options. Contact us to request more information or to find out how we can do more for your business.