Synchrony Expands Employee Education Benefits with Free Skilled-Trades Degrees
Event summary
- Synchrony launched a debt-free associate degree program for employees in high-demand skilled trades like HVAC, electrical, plumbing, and welding.
- The program is available to U.S. employees after three months of service through partnerships with over 20 technical colleges and trade schools.
- Nearly 500,000 skilled trade jobs are currently unfilled in the U.S., with an additional 2.1 million projected by 2030.
- Synchrony has donated nearly $1 million to skilled trade programs nationwide since 2021 as part of its Education as an Equalizer initiative.
The big picture
Synchrony's new program addresses a critical gap in the U.S. labor market, where demand for skilled trade workers is outpacing supply. By offering debt-free education pathways, Synchrony aims to strengthen its workforce while supporting industries it serves, particularly small and midsize businesses struggling with the skills shortage. This move aligns with broader trends of companies investing in employee upskilling to meet evolving industry needs.
What we're watching
- Program Adoption
- How quickly Synchrony employees will enroll in the skilled-trades degree program and its impact on retention rates.
- Industry Impact
- Whether this initiative can help alleviate the growing skilled trades shortage and support small and midsize businesses in the home ecosystem.
- Scalability
- The pace at which Synchrony can expand similar education benefits to other high-demand fields beyond skilled trades.
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