share on
Employees going through menopause are currently supported with flexible working policies and workplace adjustments to help them better manage their symptoms.
Standard Chartered has announced a global* rollout of medical coverage for treatment of menopause related symptoms to all employees and their partners, as part of their medical benefits.
More than two-thirds of employees will be covered by November this year, with the rollout expected to be completed by April 2024.
While the menopause transition is not a uniform experience, Standard Chartered said it understands that it can have a negative effect on participation in the workplace if not proactively managed. As such, its coverage will offer a range of options including access to specialised medical practitioners and prescription medication.
The Bank added that it "recognises the need to talk openly, positively, and respectfully about menopause and normalise conversations around it in the workplace," and with this mindset, has been taking action globally in recent years to increase awareness and provide better support. This includes introducing toolkits, conversation guides, and counselling support, as well as e-learning and internal events. Employees going through menopause are also supported with flexible working policies and workplace adjustments to help them better manage their symptoms.
This is part of its efforts to foster a more inclusive and supportive workplace where all employees know their health & wellbeing are a priority, it affirmed.
For many women, menopause transition occurs between the ages of 45-55 and coincides with the point at which they could attain senior leadership roles, and at the Bank, this represents about 7% of employees, it was stated.
Additionally, as part of a joint study between the Bank and the Financial Services Skills Commission in the UK, which explored 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 due to 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, commented: "It’s clear that menopause can have an adverse impact on women’s careers in terms of retention and progression if not managed proactively.
"Our extension of medical benefits to include coverage for treatment of menopause related symptoms, as well as recent enhancements to parental leave benefits, both underline our commitments to create an inclusive environment where everyone can thrive and to lift the participation of women and other 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."
Standard Chartered is also a signatory of the Wellbeing of Women's Menopause Workplace Pledge and a member of the Menopause Friendly Employer organisation.
*According to the Bank, it should be noted that the expansion of medical cover for menopause related symptoms will not be extended currently to a few select markets due to planned divestitures of all or parts of the business in these markets.
Lead image / Shutterstock
share on
