This report analyzes and compares SYNCHRONY FINANCIAL's employee health insurance and employee benefits with its industry and in Connecticut State.
Providing a smart employee benefits package is critical for attracting top talent and retaining valuable employees. Today, employee benefits play a vital role when candidates consider accepting a job offer.
Many companies offer today over-the-top perks, like yoga classes, haircuts, catered meals, and acupuncture. In this report, we focus however on traditional benefits. It's a work in progress that we will expand and update on a regular basis.
This report contains the following sections
Career benefits
SYNCHRONY FINANCIAL offers good career benefits and onboarding programs for its team members in an effort the make them feel like a part of the family. SYNCHRONY FINANCIAL believes that every employee has a valuable set of skills so it helps them plan their careers with good developmental resources and mentorships.
- CAREER PLANNING: SYNCHRONY FINANCIAL continually evaluates its team members to determine the potential and direction of employees' careers. The impressive tools that SYNCHRONY FINANCIAL uses for career planning allow employees to develop their skills and gain new insights about the industry.
- COACHING AND MENTORING: By using a suitable coaching and mentoring program, SYNCHRONY FINANCIAL can determine what should every team member focus on to grow and increase productivity.
- DEVELOPMENT RESOURCES: SYNCHRONY FINANCIAL encourages its team members to work on their existing skills and gain new ones continually. By providing valuable development resources, SYNCHRONY FINANCIAL supports their team members on their journey to perfection. Employees have a wide range of valuable resources at their disposal for professional and personal growth.
- GED REIMBURSEMENT: SYNCHRONY FINANCIAL does not offer ged reimbursement.
- LEADERSHIP PROGRAMS: SYNCHRONY FINANCIAL offers a wide variety of top-notch courses and seminars for every team member who aspires to a leadership position. Employees are encouraged by SYNCHRONY FINANCIAL to grow as leaders and learn how to make tough calls.
- ONBOARDING: SYNCHRONY FINANCIAL does not offer onboarding.
- RECOGNITION PROGRAMS: Aware of the fact that its team members work hard, SYNCHRONY FINANCIAL implemented a suitable Recognition program with informal rewards to make sure the team members know they are appreciated.
- TUITION REIMBURSEMENT: SYNCHRONY FINANCIAL has a first-class Tuition Reimbursement Program and pays 50% of costs for college degrees or courses that will benefit employee's current or future role at SYNCHRONY FINANCIAL.
Benefit | SYNCHRONY FINANCIAL | Industry | Connecticut |
|---|---|---|---|
| Career planning Benefits | |||
| Coaching and mentoring Benefits | |||
| Development resources Benefits | |||
| GED reimbursement Benefits | |||
| Leadership programs Benefits | |||
| Onboarding Benefits | |||
| Recognition programs Benefits | |||
| Tuition reimbursement Benefits |
Healthcare benefits
SYNCHRONY FINANCIAL offers top-notch health benefits to its employees, of which some can be used by employee's family members. Besides an affordable healthcare insurance and a dental plan that includes recounstruction surgery, team members can enjoy SYNCHRONY FINANCIAL's top-notch maternity support program, nutritional and psychological counseling, and health plan incentives.
- COUNSELING: SYNCHRONY FINANCIAL has an excellent counseling program for its employees and their family members. Team members are encouraged by SYNCHRONY FINANCIAL to talk freely with experts about everything that bothers them. Whether it's something at the workplace or something at home, experienced counselors are there to help. This excellent counseling program offers help any time of the day, seven days a week. Even a certain number of family sessions is included.
- DENTAL PLAN: Team members at SYNCHRONY FINANCIAL have a first-class dental plan at their disposal and can count on 100% coverage for preventative dental care, as well as some more complex dental procedures. SYNCHRONY FINANCIAL partially pays for dentures and braces as well.
- HEALTH INSURANCE: SYNCHRONY FINANCIAL provides an exceptional health insurance plan that covers all sorts of medical expenses for employees and their families, including hospital stays and surgical procedures.
- HEALTH PLAN INCENTIVES: SYNCHRONY FINANCIAL does not offer health plan incentives.
- HEALTHCARE SPENDING ACCOUNTS: To financially help its team members with medical emergencies, SYNCHRONY FINANCIAL offers a suitable healthcare spending account where employees can deposit a part of their paycheck, free of taxes, and use it to pay hospital bills or other eligible expenses. Any remaining funds left at the end of the year are forfeited.
- MATERNITY SUPPORT PROGRAM: Aware of the challenges that come with pregnancy, SYNCHRONY FINANCIAL has created a superior maternity support program to support its expecting team members.
- TELEHEALTH: SYNCHRONY FINANCIAL does not offer telehealth.
- VISION PLAN: SYNCHRONY FINANCIAL provides a remarkable Vision Plan covers all sorts of eye-related medical assistance for its team members, with an additional option for covering the costs of glasses and contact lenses.
Benefit | SYNCHRONY FINANCIAL | Industry | Connecticut |
|---|---|---|---|
| Counseling Benefits | |||
| Dental Plan Benefits | |||
| Health Insurance Benefits | |||
| Health Plan Incentives Benefits | |||
| Healthcare Spending Accounts Benefits | |||
| Maternity support program Benefits | |||
| Telehealth Benefits | |||
| Vision Plan Benefits |
Financial benefits
SYNCHRONY FINANCIAL offers superb financial benefits for employees and their family members. A superb 401(k) plan makes sure that employees have a secure retirement, while a generous, fully paid parental leave allows expecting mothers and fathers to enjoy their child's first year. Along with paid vacations, employees can enjoy fully paid commuting as well.
- 401(K) PLAN: SYNCHRONY FINANCIAL has an excellent 401(k) plan is designed in such way that suitable team members can get the most out of it and enjoy many perks that come with it. For each employee's contribution of up to 6% of salary, SYNCHRONY FINANCIAL offers an excellent program that matches it 100%, which is among the highest matches on the market. This way, 401(k) is the best option for employees who want to have a financial stability in their late years. There is no vesting period, so the contributions are immediately for the employee to keep right from the start. For those who need help managing their 401(k) plan, SYNCHRONY FINANCIAL offers individual financial consultations so that each employee can create a personalized investment plan.
- ADOPTION ASSISTANCE REIMBURSEMENT: SYNCHRONY FINANCIAL has an impressive Adoption Assistance Reimbursement program. It is one of the best available as it covers various court fees and attorney costs for team members, even if the child comes from a foreign country.
- BONUS PAY: SYNCHRONY FINANCIAL has an impressive bonus plan. It makes sure that hardworking team members are properly rewarded for their individual contribution to projects as well as their cooperation with other team members.
- CHILDCARE DISCOUNT: SYNCHRONY FINANCIAL does not offer childcare discount.
- COMMUTER BENEFIT: SYNCHRONY FINANCIAL offers exceptional commuter benefits for its team members and enables them to pay for all sorts of transportation fees, regardless of their distance from the place of work and the costs involved.
- DAYCARE FLEXIBLE SPENDING ACCOUNT: SYNCHRONY FINANCIAL has a solid daycare spending account that fills from each paycheck before taxes. This allows team members to partially cover costs of daycare while they are at work.
- DISABILITY: SYNCHRONY FINANCIAL offers a top-notch short-term disability coverage for its team members. Through disability program, part of the employee's salary is replaced by the coverage for a limited time. This enables team members to have a financial stability during the difficult period of their lives and helps them to get back on track.
- LIFE INSURANCE: SYNCHRONY FINANCIAL offers a great life insurance policy to its team members for an affordable price. SYNCHRONY FINANCIAL participates with 50% of the costs of the policy which makes it enticing for employees to buy it. Beneficiaries of team members can expect to get up to 1 year worth of employee's salary.
- PAID TIME OFF: SYNCHRONY FINANCIAL wants for its team members to lead a happy and fulfilled life so it has a great vacation policy for every employee. The number of paid vacation days depends on how long has a certain member been part of the team.
- PAID VOLUNTEER TIME OFF: SYNCHRONY FINANCIAL does not offer paid volunteer time off.
- PARENTAL LEAVE: SYNCHRONY FINANCIAL has a top-notch parental leave policy for eligible team members like new mothers and fathers, including adoption, surrogacy and foster care.
Benefit | SYNCHRONY FINANCIAL | Industry | Connecticut |
|---|---|---|---|
| 401(k) plan Benefits | |||
| Adoption assistance reimbursement Benefits | |||
| Bonus pay Benefits | |||
| Childcare discount Benefits | |||
| Commuter benefit Benefits | |||
| Daycare flexible spending account Benefits | |||
| Disability Benefits | |||
| Life insurance Benefits | |||
| Paid time off Benefits | |||
| Paid volunteer time off Benefits | |||
| Parental leave Benefits |
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