Bank employees will now have access to medical cover for treatment of menopause-related symptoms
Standard Chartered recently announced the global rollout of medical coverage for the treatment of menopause-related symptoms to all its employees and their partners as part of their medical benefits.
More than two-thirds of its employees will be covered by November, with the rollout expected to be completed by April next year.
While the menopause transition is not a uniform experience, it can have a negative effect on participation in the workplace if not proactively managed, therefore the bank’s coverage will offer a range of options including access to specialized medical practitioners and prescription medication.
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Standard Chartered recognizes the need to talk openly, positively, and respectfully about the menopause issue and normalize conversations around it in the workplace. In line with this, the bank has been taking action globally in recent years to increase awareness and provide better support. They have introduced toolkits, conversation guides and counselling support, as well as e-learning and internal events.
In the Philippines, Standard Chartered has also been extending additional support to its employees through awareness sessions on topics such as “Navigating Menopause in the Workplace.”
Fostering a more inclusive and supportive workplace
Employees experiencing menopause symptoms are also well supported by flexible working policies and workplace adjustments to help them better manage their symptoms. This is part of Standard Chartered’s efforts towards fostering a more inclusive and supportive workplace where all employees know their health and well-being are priorities.
For many women, menopause transition occurs between the ages of 45 to 55 and coincides with the point at which they could attain senior leadership roles. In the bank, this represents around 7 per cent of
employees.
Standard Chartered has also partnered with the Financial Services Skills Commission (FSSC) in the UK to explore the impact that menopause has on women in the senior leadership talent pipeline.
Nearly half of the women surveyed were found to be less likely to apply for a promotion or take on additional responsibilities because of the severity of their symptoms, and a quarter said they were more likely to leave the workforce before retirement.
Tanuj Kapilashrami, Group Head, Human Resources, Standard Chartered, said: “It is clear that menopause can have an adverse impact on the careers of women in terms of retention and progression if not managed proactively.”
“Our extension of medical benefits to include coverage for the treatment of menopause-related symptoms, as well as recent enhancements to parental leave benefits, both underline our commitment to creating an inclusive environment where everyone can thrive and lift the participation of women and the underrepresented groups in our workforce and the communities in which we operate. We will continue to look for more opportunities to drive inclusion and strengthen our position as an employer of choice,” she added.
According to Tanuj, all employees can access a minimum of 20 weeks of paid parental leave, irrespective of gender, relationship status or how a child comes to permanently join an employee’s family.
Standard Chartered is also a signatory of the Well-being of Women’s Menopause Workplace Pledge and a member of the Menopause Friendly Employer organization.