Synchrony Tops Best Workplaces With Radical Flex Model

Synchrony, a leading provider of store credit cards, has achieved the No. 1 spot on Fortune's Best Companies to Work For list, marking its ninth consecutive year and becoming the first financial services firm to top the list in 23 years. The company operates a "flex model" without mandated office days or employee surveillance, a stark contrast to the prevailing return-to-office wave. This model extends to all employees, including hourly contact center workers, a radical departure from typical financial services hybrid arrangements.

Chief Human Resources Officer DJ Casto asserts that mandating office attendance shows a failure to learn from recent workplace shifts. Synchrony's CEO Brian Doubles emphasizes that flexibility is built on trust, with 85% of employees previously expressing a desire for remote work options. This trust is further reinforced through frequent performance reviews, ensuring employees understand their standing without micromanagement.

This trust-based approach has yielded significant financial success, with earnings per share climbing nearly fourfold since the permanent hybrid work commitment in 2021. Synchrony is also leveraging this established trust to introduce AI, transparently communicating its potential impact and framing it as an opportunity to enhance employee roles and efficiency. The company has reduced its real estate footprint by 50%, reconfiguring remaining spaces for collaboration.

Synchrony's success is validated by its high ranking on the Best Companies list, which relies on confidential employee surveys measuring credibility, fairness, respect, pride, and camaraderie. The company's commitment to flexibility, particularly for its contact center associates, is highlighted as a key factor in employee well-being and retention, especially during challenging economic times. Leaders acknowledge the importance of in-person collaboration for innovation and mentorship but reject rigid mandates.