Stamford-based financial services company Synchrony announced on May 13 the launch of its new initiative to expand education access, coined “Education as an Equalizer.”
“The pandemic has deepened economic inequality and accelerated demands for a reskilled and upskilled workforce,” said Brian Doubles, president and CEO of Synchrony. “We believe everyone should have access to education and skills training, which are essential for driving an inclusive recovery, growing our economy and securing a strong financial future.”
The company said that $30 million of the $50 million in total funding, which will come from the Synchrony Foundation, will go toward training and upgrading skills for the company’s own workforce, building a diverse talent pipeline, increasing financial literacy skills and offering career training in fast-growing fields in collaboration with local schools, governments and organizations.
The company will reimburse its employees up to $9,000 per year to gain certifications for critical skills.
There will be $20 million set aside for scholarships, mentorships and internships for low-income students and students from underrepresented backgrounds, particularly from Black, Hispanic and Native American communities, with the goal of increasing college completion.
The funding for college completion will be disbursed in collaboration with the company’s employee diversity networks, academic institutions and nonprofit organizations and networks.
Students receiving scholarships will also have access to free online financial literacy courses from Synchrony. Other personal finance tools and resources will be made accessible to all on the Synchrony website.
