Synovus: Keeping the Competitive Edge
Keeping the Competitive Edge
Saint Leo University
SYNOVUS: KEEPING THE COMPETITIVE EDGE 2
This report was conducted to examine Synovus Financial Corporation’s rise as the top company to work for and to recommend ways of maintaining that competitive edge. Synovus is a financial services company located in Columbus, Georgia. It has 30 bank divisions which provide mortgage, banking, and investment services to customers in Georgia, Alabama, Florida, South Carolina and Tennessee. The company in 1998 reached the number one position on Fortune Magazine’s list of “best companies to work for in America. A nine year run inside the top 100 ended with the economic crisis of 2007. The capital restrictions created by the economic crisis necessitates innovative means to regain positioning inside the top 100 list but also a re-emphasis on some “old fashion” motivators. Improved communications, personalized employee recognition, employee-shareholder programs and increased responsibility will be critical during the economic recovery. If Synovus adheres to these principals, the company should not only be able to regain its’ position in the top 100 but also retain its’ top talent.
Synovus Financial Corporation provides financial services through its banks, subsidiaries and a Total System Service payment processing operation. (georgiaencyclopedia 2006) The company originated in 1888 and currently has over $ 29 billion in assets and is home based in Columbus, Georgia. It has 30 bank divisions which provide mortgage, banking, and investment services to customers in Georgia, Alabama, Florida, South Carolina and Tennessee. The organization is best described as a midsized regional network of decentralized community banks. Strong customer relationships, an emphasis on personalized service, and active
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