Business
Standard Chartered: Standard Chartered extends employee medical benefits to cover menopause
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CHENNAI: Global financial major Standard Chartered on Wednesday rolled out 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 the month of November with the rollout expected to complete by April 2024.
“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. In the bank, this represents around 7% of employees,” Standard Chartered said. “While 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 specialised medical practitioners and prescription medication,” it added.
With a need to talk openly, positively, and respectfully about menopause and normalise conversations around it, the bank has introduced toolkits, conversation guides and counselling support as well as e-learning and internal events.
Employees experiencing the menopause will also be supported by flexible working policies and workplace adjustments to help them better manage their symptoms.
Standard Chartered 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: “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.”
More than two-thirds of employees will be covered by the month of November with the rollout expected to complete by April 2024.
“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. In the bank, this represents around 7% of employees,” Standard Chartered said. “While 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 specialised medical practitioners and prescription medication,” it added.
With a need to talk openly, positively, and respectfully about menopause and normalise conversations around it, the bank has introduced toolkits, conversation guides and counselling support as well as e-learning and internal events.
Employees experiencing the menopause will also be supported by flexible working policies and workplace adjustments to help them better manage their symptoms.
Standard Chartered 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: “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.”
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