In an effort to create a more inclusive and supportive workplace, Standard Chartered has announced its plans to provide comprehensive medical benefits to its employees. The company will provide for treatment of symptoms associated with menopause to all of its employees and their partners.
The benefit will allow a range of options to employees including access to specialised medical practitioners and prescription medication. Additionally, employees going through menopause will receive flexible working policies and workplace adjustments, aimed at effectively managing their symptoms.
The company acknowledged that menopause can have a negative effect on employee participation in the workplace and must be managed proactively. Moreover, it will help promote open, positive and respectful discussions in the workplace.
In recent years, the Bank has taken global initiatives to enhance awareness and offer improved assistance. Recently, it implemented resources such as toolkits, conversation guides and counselling support, along with e-learning and internal events.
To better understand the effect of menopause, the bank partnered with the Financial Services Skills Commission (FSSC) in the UK. The survey revealed that almost half of the women were unlikely to seek a higher job or more work because their symptoms were too bad. Furthermore, a quarter of them also mentioned they may quit their job before they retire.
Speaking on the initiative, Tanuj Kapilashrami, group head-HR, Standard Chartered, expressed that the company is committed to proactively address the adverse impact of menopause on women’s careers. “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,” he added.
By November, more than two-thirds of the employees will be able to use this coverage, and the company expects it to be complete by April 2024.
