Shaping the future of work: Synchrony's approach to inclusive workforce

Mediawire
New Delhi [India], January 30: In the dynamic landscape of modern workplaces, companies are recognizing the importance of fostering a culture that attracts and nurtures diverse backgrounds and talents. Beyond the conventional realms of traditional benefits, organizations are turning towards unique and exclusive employee initiatives to set themselves apart in this competitive talent market. These initiatives go beyond the norms and address the distinctive needs of the workforce. Such benefits not only contribute to the overall well-being of employees but also play a pivotal role in shaping a workplace where individuals feel valued and supported.
Diversity and inclusion are vital to organizational success and companies like Synchrony are setting a remarkable example. Our commitment to advancing diverse talent is not merely a box-ticking exercise but a comprehensive strategy ingrained in our organizational DNA. By actively identifying and addressing gender gaps, Synchrony is shaping the composition of its workforce. Through the Advancing Diverse Talent (ADT) framework, Synchrony aims to bridge existing gaps and create a workplace culture that promotes diversity and inclusion at all levels.
While recruitment is a crucial aspect, sustaining a diverse workforce necessitates a workplace culture that listens and adapts. Synchrony's approach involves periodic roundtables where employees can voice their needs and concerns, emphasizing flexibility, training, career growth, and mentorship opportunities. This commitment to an inclusive culture is reflected in the introduction of 100% work-from-home flexibility.
Moreover, Synchrony goes beyond conventional benefits, recognizing that individual growth is multifaceted. The company's emphasis on health and well-being extends to inclusive initiatives such as coverage for gender affirmation surgery, hormone therapy, and support for same-gender spouses and/or domestic partners. The provision of fertility-related benefits, including surrogacy coverage, underscores a commitment to enabling employees to manage their family planning in harmony with their career and educational pursuits.
This progressive approach to employee well-being is not just a philanthropic gesture but a strategic business priority with tangible outcomes. The flexibility offered has played a pivotal role in decreasing attrition rates in the current year compared to 2022. This is further validated by a robust retention rate and an overwhelmingly positive response in the Great Place to Work (GPTW) survey, with 94% of employees participating, and an impressive 97% asserting that Synchrony is indeed a great place to work.
In addition to these transformative internal initiatives, Synchrony has garnered external recognition for its focus on employee satisfaction and inclusivity, positioning itself among the elite in India's corporate landscape. Notably, Synchrony secured the coveted #5 spot among India's Best Companies to Work For 2023 by the Great Place to Work® India, a testament to the organization's commitment to fostering a workplace that not only attracts top talent but also nurtures their professional growth. Furthermore, its standing as one of the Top 10 Best Workplaces for Women, as acknowledged by Great Place to Work® India, underscores Synchrony's dedication to gender inclusivity and equality.
In a remarkable stride towards LGBTQ+ inclusion, Synchrony earned the prestigious India Workplace Equality Index 2023 Top Employer recognition in the Bronze category. This accolade not only highlights the company's commitment to creating a diverse and welcoming environment for all employees but also signifies its leadership in promoting LGBTQ+ inclusion efforts within the corporate sector.
Synchrony is also actively engaged in community-focused initiatives that extend its impact far beyond the workplace. Through the company's "Education as an Equalizer" scholarship and after-school tutoring programs, Synchrony is actively addressing educational disparities and creating opportunities for underprivileged students. Of the 521 students from lower economic backgrounds benefiting from this program, an impressive 80% hail from diverse groups such as under-represented women and people with disabilities, showcasing Synchrony's dedication to inclusivity and social responsibility. Collaborating with organizations such as United Way of Hyderabad, U & I Trust, Nirmaan Organization, and ASSIST, Synchrony is implementing this program across India, helping to contribute to a more equitable and empowered society.
Beyond the recognition, it is crucial to acknowledge that unique and exclusive employee benefits are a powerful tool for attracting and retaining top talent. In an environment where competition for skilled professionals is fierce, companies that prioritize the holistic well-being of their workforce are helping to shape the future of work.
In addition to tangible and unique benefits, the importance of employee engagement initiatives cannot be overstated. A well-designed engagement strategy is integral to building a workplace where employees are actively contributing to the company's success. Initiatives such as mentorship programs, skill development workshops, and team-building activities foster a sense of belonging and purpose. Recognition programs that acknowledge and celebrate individual and team achievements contribute to a positive work environment. As companies invest in these initiatives, they find a direct correlation with higher retention rates and increased employee satisfaction. After all, an engaged workforce is a community that can propel the company toward its goals.
In this fast-paced, ever-changing environment, innovative HR initiatives and exclusive employee benefits combined with a commitment to diversity, inclusivity, and employee well-being, enable companies like Synchrony to set a high benchmark. As we navigate the complexities of the contemporary workplace, it is evident that attracting and retaining top talent goes beyond traditional compensation packages. It is about creating an ecosystem where individuals thrive, feel valued, and actively contribute to the collective success of the organization. Building the workplace of the future is not just about the benefits employees are given but also how the company is empowering them to grow and prosper.
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