Source: Fortune
Summary
Synchrony, the largest provider of store credit cards in the US, has been named the No. 1 company on Fortune’s Best Companies to Work For list. The company’s flexible work model, which allows employees to work from home or in the office, has been a key factor in its success. Synchrony’s CEO, Brian Doubles, and Chief Human Resources Officer, DJ Casto, believe that trust and flexibility are essential for employee motivation and engagement. The company has seen an increase in applicants from across the financial services sector, and its earnings per share have climbed nearly fourfold since 2020.
Our Reading
The numbers tell one story. Synchrony’s flexible work model is not just a perk, but a key part of its business strategy. The company’s trust in its employees is reflected in its decision not to track hours or measure time in the office. Instead, employees are judged on their results and impact. This approach has paid off, with Synchrony’s earnings per share increasing nearly fourfold since 2020. The company’s emphasis on trust and flexibility has also helped it to attract top talent from across the financial services sector.
Synchrony’s approach is in stark contrast to other financial services companies, such as JPMorgan Chase and Goldman Sachs, which have mandated five-day workweeks in the office. Synchrony’s CEO, Brian Doubles, believes that this approach is outdated and that trust and flexibility are essential for employee motivation and engagement.
The company’s decision to roll out AI is also shaped by its emphasis on trust and transparency. Doubles believes that AI will improve the quality of employees’ work and free up their time to focus on more strategic and challenging tasks. Employees appear to be buying into this vision, with 80% saying they believe AI will create opportunities for them and improve their jobs.
Synchrony’s success is a testament to the power of trust and flexibility in the workplace. Its approach is not a one-size-fits-all solution, but rather a tailored approach that reflects the company’s unique culture and values.
Author: Evan Null
