Ron Everett, Senior Vice President & Eastern United States Servicing Leader, Synchrony
Ron Everett, senior vice president and Eastern United States servicing leader at Synchrony, sat down with Invest: to discuss prioritizing employees during economic uncertainty, the importance of community involvement, reflecting on Charlotte’s rapid growth and more.
What have the past 12 months looked like for the company’s growth?
Synchrony made a bold move in the past year with the acquisition of Ally Lending which is another opportunity. Through this acquisition, Synchrony will create a differentiated solution in the industry, offering both revolving and installment loans at the point-of-sale in the home improvement sector. Despite economic challenges that the industry is facing, we are still making sure we are anticipating and meeting the needs of our customers in the financing spaces they want to be. We continue to work closely with our partners and their priorities to make sure we continue to align with them.
How does Synchrony prioritize its employee base?
This is one of the things I am most proud of. Synchrony was recently named Top 5 Best Company to Work For in the U.S., and we celebrate our inclusive culture that we’ve cultivated over the last decade. When I think about the reasons that we are ranked in fifth position, it is because we are not only meeting the needs of our customers, but we are also actively listening to our employees. We have remained a flexible workplace and offer competitive, industry-leading benefits, which differentiate us in the financial services space. Our employees have the ability to work from home, in the office, or both in a hybrid environment. We decided to double down on our strategy of flexibility for all our employees, including our customer service representatives.
How are you navigating market uncertainties and strategies to mitigate potential challenges?
Synchrony is positioned to manage its business for the long term and has successfully done this through multiple economic cycles. Inflation is the type of thing you look at and see its indicators, but perception also plays a role. Consumers will want to address both of those things. There has to be a certain level of confidence associated with it, and consumers are going to become more confident in their ability to purchase things. Without having a crystal ball, I see 2025 continuing on the trajectory of what we will see in the second half of 2024. We will continue to see things level off and different sectors stabilize. I am hopeful that consumer confidence will continue to build with people willing to go out and make bigger purchases again. Ultimately, this will also influence the psyche and confidence we are looking for in 2025.
What has Synchrony provided the community that other companies have not?
Black Experiences+ is one of the company’s eight Diversity Networks (or ERGS) that I have had the privilege of leading for the company. We are incredibly proud of the work we have done in the community. We partner with our equity, diversity, inclusion and community (EDIC) teams in order to make sure everyone’s voices are heard.
We have partnered with the Executive Leadership Council (ELC) to provide students with scholarships and mentorships. We also partner with universities to support their existing scholarship programs and initiatives. Of note, one of those universities is N.C. A&T State University, where I sit on the Executive Advisory Board at their business school. We continue to explore opportunities to be active in different sectors.
I am very proud that Synchrony is proactive in identifying areas of opportunity and going to where that need is. If that need is around education, that’s where we will be. If that need is to make sure we are looking at childcare, parental leave or mental health for families, that’s where we will be.
What have you enjoyed from Charlotte’s changes in the past five years, and what would you like to see more of in the next five?
I have enjoyed seeing the growth of this city with many jobs and opportunities coming to Charlotte. People are looking at Charlotte as a destination city. It’s almost like North Carolina’s secret sauce is out. Charlotte is a very progressive city in its inclusive nature. I have not enjoyed the city traffic. As the traffic has gotten worse, one of the things I get a little concerned about is, to a certain degree, whether we have grown too fast. I see it in little and big markers, including land development projects. I do worry about who is being displaced. I worry about what we are doing for lower-income people to ensure they do not get priced out of Charlotte. These linger in my mind when I see the positives around growth and those who are moving here. As more people move in, housing costs go up. Who is being impacted on the lower end of the economic chain?
