I had a chance to connect with some of our industry’s top thought leaders at last week’s Women in Retail Leadership Summit for a true meeting of the minds. We held insightful discussions on the trends shaping today’s new working world, including the importance of supporting employees’ wellbeing, ways to combat burnout, and leadership lessons.

This year, I had the pleasure of moderating a panel on the new world of work with PetSmart’s chief customer officer Stacia Anderson; Jane.com’s chief operating officer Laura Ravo, and Walgreens’ vice president of payments Maria Smith. I’m inspired by these powerful women who are moving beyond the conventional leadership standards in order to empower their people, strengthen cultures and drive innovation.

Below are some of the key themes from our conversation.

Thriving in Today’s Hybrid Work Environment

With today’s increasingly digital-driven business models, almost every industry has found that hybrid or remote work is possible. In fact, a Gallup survey last June found that eight in 10 people work hybrid or remote, while only two in 10 work entirely onsite. At Synchrony, we offer employees flexibility and choice in where and when they work. We have found that remote work increases productivity for some employees who have the opportunity to work on their terms.

The pandemic, geopolitical and economic tensions over the past few years prompted more honest conversations in the workplace than ever before. That’s why we’re hearing so much about the great resignations and quiet quitting. Leaders must determine ways to combat these stressors, including being more mindful with their employees in order to attract and retain new talent.  In fact, according to research from Great Place to Work, the employee experience is directly linked to businesses’ ability to thrive during challenging times.

Today’s business leaders need to intentionally engage with their teams by encouraging feedback and taking action. Asking questions like, how can we better support your work life balance? Are you feeling burnt out?, will help develop trust and give leaders a better understanding of how they can help their employees be their best selves – at home and at work.

Invest in the Wellbeing of Your Employees 

Employee burnout is a growing concern, especially in an uncertain economic environment. The last few years have taught us a lot about what it takes to sustain an inclusive workforce culture that prioritizes wellbeing and allows everyone to bring their whole selves to work.

Virtual team meetings provided rare glimpses into each other’s lives that we had never had before. As the lines between home and work blurred, we all became more comfortable sharing with each other and taking the time to improve our wellbeing, whether that’s a standing lunchtime therapist appointment or attending a child’s sporting event.

Some ways to continue to bolster employee wellbeing include investing in and offering coaches and specialists focused on total wellness, financial wellbeing, benefits and career. These specialists can help equip teams to succeed in both their personal and professional lives.  Another way to support employees is to provide upskilling opportunities and encourage lifelong curiosity. At Synchrony, we help employees step into new jobs of the future within or outside the company by offering a tuition benefit of $20,000 a year for continuous learning. We also offer $9,000 a year for technology certifications.

Seeing senior leaders actively participate in their company’s wellness benefits and programs will encourage employees to adopt them. For example, our CHRO DJ Casto took time off to be with his family as they welcomed their third child. He took another break a few months later, because that is what best met his family’s needs. His approach demonstrates how anyone can take advantage of our flexibility and our wellbeing benefits.

Leaders in the Making

A strong leader makes all the difference in maintaining a successful and purposeful business. Perhaps today, more than ever before, companies need to constantly assess and evolve their policies and leadership style to prepare the next generation of leaders.

Gone are the days where employees would run into senior leadership in the halls, converse with new hires at the watercooler and have spontaneous conversations with coworkers. To thrive, leaders must adapt to the era of hybrid work, and make sure the next generation of leaders are ready to take the wheel. This requires fostering frequent, real-time connections and purposeful check-ins.

Personally, I have a career coach who I meet with frequently to discuss issues top of mind and determine ways I can improve as a leader. At Synchrony, we also have curated leadership development programs that ensure high-potential talent can gain executive sponsorship and mentorship.

Today’s employees want to be heard.  Leaders must listen, and we must act on what they tell us. If we accomplish this, we will arrive at better solutions and build more trust. Companies that step up and meet employees’ needs will win – they will attract and retain the talent to innovate and grow.

No doubt the year ahead will bring many more changes – but if we can commit to cultivating authentic leaders who build inclusive workplaces for all and lead by example, we will succeed.

Synchrony is a Diamond Partner of the Women in Retail Leadership Summit.