STAMFORD, Conn., July 13, 2021 /PRNewswire/ -- Furthering its
commitment to a culture of caring and providing its employees with
competitive wages and progressive benefits, Synchrony (NYSE: SYF)
today announced it will raise its minimum wage to $20 per hour for all hourly employees in the U.S.
and Puerto Rico, effective in
August.
"Synchrony's people-first investments allow us to remain an
employer of choice now and for the future."
Synchrony's new hourly minimum wage of $20 will benefit more than 5,000 full- and
part-time employees. The company also committed to fund its 2021
bonus program so that full-time hourly employees would be eligible
for a $1,000 bonus.
"Companies have a responsibility to their communities and their
employees. Our people are the heart of our business and success,"
said Brian Doubles, President and CEO of Synchrony. "We offer
one of the most competitive wage and benefits programs to
attract and retain the best talent. These investments allow us to
remain an employer of choice now and for the future."
Synchrony continues to expand and evolve its progressive
benefits, including:
- Offering maximum flexibility: Synchrony offers
industry-leading flexibility benefits for U.S. hourly associates,
including the ability to work from home post-pandemic while staying
connected through culture and purpose-driven in-person Synchrony
events. The company offers reduced hours, compressed workweeks and
flexible time-off options to help employees balance their personal
and professional needs.
- Supporting working families: Since 2020, Synchrony has
increased benefits for working families, offering paid parental
leave for 12 weeks and a lifetime maximum fertility benefit of
$30,000. With the onset of the
pandemic and through 2021, Synchrony extended emergency child and
elder backup care assistance to 25 days and provided enhanced
childcare reimbursement for up to 60 days. The company also
launched an afterschool virtual tutoring program as well as virtual
summer experiences for employees' children designed to educate and
engage across a range of topics.
- Providing total wellness benefits: To support employees'
health and wellness, Synchrony provides generous time off and leave
programs, diverse well-being coaches, financial counselors,
401K matching programs and fitness
reimbursements in addition to comprehensive health care (medical,
dental and vision coverage) and life and disability insurance.
- Rewarding employees: For 2021, Synchrony announced it
would fund its bonus program so that full-time hourly associates in
the U.S. and Puerto Rico would be
eligible for a $1,000 bonus
(prorated, for example, based on hire date and part-time
schedules). In 2020, Synchrony guaranteed its annual bonus programs
(hourly associates received a performance bonus averaging
$750). The company also provided a
special COVID-19-related bonus ($500)
for frontline associates.
- Building skills of the future: Synchrony offers
industry-leading tuition benefits, providing full-time employees up
to $20,000 per year in tuition
reimbursement and up to $4,000 per
year in academic fees to pursue college degrees in areas relevant
to their work and in high-demand fields of health care and
education. Additionally, the company offers up to $9,000 per year for technology certifications in
fast-growing fields like cyber security, software engineering and
UX design. These programs help employees build critical skills in a
rapidly changing world.
"At Synchrony our values define us and our core beliefs. A
culture of caring means continually investing in our people and
helping those around us," said DJ Casto, Executive Vice President
and Chief Human Resources Officer at Synchrony. "We have seen
how engaged employees help drive differentiated customer
experiences and ultimately strong business results. We are
dedicated to offering comprehensive progressive benefits and
flexibility to our employees."
To learn more about Synchrony's careers and benefits, please
visit: https://www.synchronycareers.com
About Synchrony
Synchrony (NYSE: SYF) is a premier
consumer financial services company. We deliver a wide range of
specialized financing programs, as well as innovative consumer
banking products, across key industries including digital, retail,
home, auto, travel, health and pet. Synchrony enables our partners
to grow sales and loyalty with consumers. We are one of the largest
issuers of private label credit cards in the United States; we also offer co-branded
products, installment loans and consumer financing products for
small- and medium-sized businesses, as well as healthcare
providers.
Synchrony is changing what's possible through our digital
capabilities, deep industry expertise, actionable data insights,
frictionless customer experience and customized financing
solutions.
For more information, visit www.synchrony.com and
Twitter: @Synchrony.
Media Contact
Angie Hu
Synchrony
Angie.Hu@syf.com
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SOURCE Synchrony