Here’s How One of the Nation’s Leading Consumer Financial Service Companies Fuels DEI Efforts

As one of the nation’s leading consumer financial services companies, Synchrony has made diversity, equity, and inclusion (DEI) a top strategic business imperative.

Held accountable for advancing an inclusive culture by the company’s CEO Brian Doubles, the executive leadership team at the Stamford, Connecticut-based firm dedicates time, resources, and rigor to move the company’s DEI agenda forward. This includes establishing regular reviews with the CEO and the Board, serving as executive sponsors and mentors, and tying performance metrics and bonuses to increasing diverse representation.

Data revealed that Synchrony’s comprehensive efforts have sparked some rather impressive results. For example, data showed that diverse representation rose annually over the past three years. Synchrony’s workforce grew to 46% non-white and 59% female by late 2021.

Since 2020, almost 40% of its hires at the vice president level or higher have been ethnically diverse individuals (including Black talent), and a similar percentage in those roles gained promotions. To boot, there has been an increase of more than 70% in the promotion of Black senior vice presidents at Synchrony since January 2020, comprised of 45% Black women executives in diverse positions ranging from commercial to operation to tech roles.

Making accountability a key part of DEI efforts

Advancing DEI has always been foundational to Synchrony. The company began sharpening its focus around hiring, developing, and promoting minorities, including Black talent, when Michael Matthews was named its chief diversity, inclusion, and corporate responsibility officer three years ago. The actions were also fueled by the global call to dismantle systemic barriers to equity and advancement after the murder of George Floyd. Matthews dug into deeper levels of data with Synchrony’s leadership team, which included looking closely at promotion rates at the VP level and above and realizing that the company had work to do around representation.

That led to the creation of a data-driven initiative in 2020 called Advancing Diverse Talent (ADT). Synchrony uses data analytics to identify gaps and opportunities within its workforce and informed strategies to hire, develop, and advance underrepresented talent. ADT has prompted the company to focus on increasing Black and Hispanic employee representation in all roles, particularly at the VP level and above. Synchrony knows this work will be an ongoing process.

“I don’t think we will ever get to a finish line,” Matthews stated in an interview.

Curtis Howse and Monica Evans have fully embraced this charge. Howse is an executive vice president and CEO of Synchrony’s Home and Auto platform. Evans is a recently-promoted senior vice president of sales and merchant experience who is part of Howse’s senior leadership team. They talked to BLACK ENTERPRISE about the ADT Leadership Institute, which includes curated mentorship and sponsorship programs for diverse high-potential talent. They discussed the importance of C-suite sponsorship, which has become an important differentiator in increasing diverse senior leaders.

Howse has held several senior leadership roles at Synchrony, including EVP and CEO of Payment Solutions, Head of Direct-to-Consumer and driving growth and digital innovation for Synchrony Bank, a $63 billion-plus consumer banking platform, and for the Synchrony Mastercard.

Howse reflected on the importance, early in his career, of having sponsors and mentors he could learn from, talk to, and ask questions. At Synchrony, he gained support and opportunities from Margaret Keane, executive chair of Synchrony’s board of directors and its former CEO. He credits her efforts with helping him gain his current role.

Connecting with a role model to help you excel 

Howse emphasized it is the responsibility of leaders to help create the pathway for Black talent and train the next generation of leaders. He said mentors and sponsors played critical roles in his advancement and career growth. “They helped me see my potential even when I couldn’t see it myself,” he said.

“More importantly, they helped position me to develop and achieve my potential.”

It is imperative for diverse people to bring attention to company-building accomplishments as they are often taught to keep their heads down and focus solely on doing their jobs, Howse said. “Mentorship and sponsorship allow you to leverage resources to facilitate the growth and maturation needed to become a strong leader and be able to advocate for yourself.”

Howse serves as an executive sponsor of Synchrony’s Black Experience+ Network, part of the company’s employee resource groups or Diversity Networks aimed to attract, retain, and develop Black talent and help ensure a strong pipeline of future talent and leaders. More than 10,000 employees—more than 60% of Synchrony’s workforce—are engaged across eight Diversity Networks geared to provide strategic counsel, programming, networking, and creating a sense of community. Through its Diversity Networks, the company has established and expanded partnerships with historically Black colleges and universities (HBCUs) like North Carolina A&T State University, Howard University, Florida A&M University, and the University of Arkansas Pine Bluff.

Howse supported Evans when opportunities arose that he thought would be a good fit and encouraged her to try paths she had not considered.

Applying leadership skills to help others grow

For her part, Evans said she had the good fortune to participate in several ADT leadership development efforts, including ADT Fellows. The sponsorship program includes offering opportunities to help participants understand the skills required to become a senior vice president. Evans said the program involved webinars focused on purposeful leadership, including five commitments to “a lifelong journey for your leadership role: inspire, innovate, engage, achieve, and become.”

Evans said the program helped her gain access to Synchrony’s executive leadership, both formally and informally. She was able to learn about their operating styles and understand critical competencies.

Her experience working with her executive sponsor, Alberto “Beto” Casellas, Synchrony’s executive vice president and CEO of the Health and Wellness platform, was invaluable. It helped her learn the value of having an executive sponsor who speaks on your behalf when you’re not in the room. She joined Casellas’ executive leadership meetings, where she experienced firsthand his leadership style and team members’ styles, which significantly influenced her leadership approach.

Evans, too worked with an executive coach, allowing her to build her confidence and overcome her inner critic, who she called “Monique.”

Asked what she learned that other aspiring Black American executives should highly value, Evans’ response was sponsorship. Those relationships can help budding executives grow, develop the necessary skills to advance, and provide champions willing to back and expose them to company leaders.

Evans says those being sponsored need to do their part.

“You need to be intentional about your career and really go out to develop the relationships.”

Evans plans to “pay it forward” and serve as a mentor and sponsor. She noted the ADT Fellows Program gave her the confidence and leadership tools to co-lead Synchrony’s Black Experience Women’s Initiative, where she manages the engagement and program strategy to help foster sisterhood and help Black women grow and develop their careers.

“That’s what we’re looking to do,” she said. “We want to build their confidence, help them grow, and to be able to succeed in higher roles within the organization.”