Hyderabad, 30 September 2023: Synchrony, a premier consumer financial services company, has been recognized among the Top 10 India’s Best Workplaces™ for Women 2023 by Great Place To Work® India. This acknowledgment underscores Synchrony’s dedication to its people-centric culture and its ongoing efforts to create a diverse and inclusive workplace.
Synchrony places a strong emphasis on employee well-being and diversity through a multifaceted approach. The company offers 100% work-from-home flexibility and flexible schedules, promoting work-life integration and individual choice. Synchrony fosters an open, inclusive culture where employees are valued and heard.
Synchrony is committed to advancing diverse talent, with a focus on hiring, developing, and promoting female employees. The company’s commitment to women and girls expands beyond our walls. Synchrony has committed support of nearly $500,000 for its various citizenship programs in India, primarily focusing on female education under its Education as an Equalizer program. Synchrony actively enables diversity through its Women’s Network+ employee resource group and initiatives such as the ‘Working Mothers Who Make It Work’ program.
“We are proud to be recognized as one of India’s Best Workplaces™ for Women in 2023 by Great Place To Work® India,” said Gaurav Sehgal, Senior Vice President of human Resources – Asia at Synchrony. “Our unwavering commitment to gender diversity is embedded in our hiring practices and our focus on empowering women in their careers. We have achieved a significant milestone, hiring 60% women across various roles this year. Our investment in initiatives like digital onboarding, remote collaboration tools, and e-learning platforms – The Critical Experience Program and Certification Reimbursement Program have been instrumental in facilitating professional advancement, with 43% of internal movements being women employees, of which 34% have transitioned into managerial and leadership roles. This recognition reaffirms our commitment to creating a high-trust culture and empowering workplace for women at Synchrony.”
“In today’s dynamic business landscape, recognizing the importance of gender diversity is not merely an ethical imperative but a strategic necessity. As highlighted in our recent report, the representation of women within the workforce is paramount, especially considering the growing demographic of women consumers. The commitment of each winning organization on India’s Best Workplaces™ for Women 2023 list to improving this representation is commendable. By having more women at all levels of your organization, you are uniquely positioned to understand and cater to the evolving needs of this ever-expanding consumer segment. This augmentation is pivotal for long-term success in today’s market, both in India and internationally.
Our research shows that the Best Workplaces for Women 2023 deliver a remarkable 5% more positive experience to their female employees, resulting in an astounding 89% of women demonstrating a strong commitment to going the extra mile in their tasks. It is clear that as the cultural experience for women in the workplace improves, so does the overall performance of the organization. Your dedication to creating a nurturing environment is not just empowering your female employees but is also driving business excellence.
One of the most encouraging findings in our report is the consistent upward trajectory in the representation of women within the workforce. From 21% in 2021, this figure has risen to an impressive 26% in 2023, a testament to your ongoing commitment to gender diversity. Best Workplaces have excelled in this regard, employing 17% more females in their workforce compared to their peers.
However, there is still work to be done. Despite progress, the representation of women in executive, C-level management, and CEO positions in India has remained at 16% over the last two years. This highlights the ongoing importance of fostering greater gender diversity in leadership roles for sustained progress. It is a challenge we must collectively address to ensure that our workplaces truly reflect the diversity of talent and perspectives that drive innovation and excellence.
Congratulations to all the winners on achieving this remarkable accomplishment. Your dedication to creating inclusive, empowering, and diverse workplaces not only enriches the lives of your employees but also sets a shining example for the entire business community. Together, we can continue to drive positive change and shape a future where every workplace is a Great Place To Work® For All™. “said Yeshasvini Ramaswamy, Serial Entrepreneur & CEO, of Great Place To Work India.
Synchrony prioritizes the physical and mental well-being of its employees through a robust package of comprehensive health policies and competitive benefits. The benefits package includes paid parental and care leave, maternity benefits, daycare reimbursement, family planning support, and infertility treatment coverage. Within the organization, an open and inclusive culture fosters employee engagement, with a 94% participation rate in the Great Place to Work (GPTW) survey.
Synchrony has been recognized for its commitment to diversity, equity, and inclusion over the years. This is reflected by their past accolades, including being ranked #5 among India’s Best Companies to Work for 2023, #21 under LinkedIn Top Companies in India list, Top 5 in DEI, Top 10 in Women category, and Top 25 BFSI recognition from Great Place To Work India.