Standard Chartered advocates menopause support with progressive policies

On October 30, British lender Standard Chartered announced a global rollout of medical coverage for the treatment of symptoms related to the menopause for all employees and their partners as part of their medical benefits package.

More than two-thirds of employees will be covered by November, with the rollout expected to be completed by April 2024.

While the menopause transition is not a uniform experience, it can negatively impact 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.

Standard Chartered recognises the need to talk openly, positively, and respectfully about the menopause and normalise conversations around it in the workplace. It has been taking action globally to increase awareness and provide better support.

It has introduced toolkits, conversation guides, and counselling support, as well as e-learning and internal events.

Employees experiencing the menopause are also well-supported by flexible working policies and workplace adjustments to help them better manage their symptoms.

This is part of the bank’s efforts towards fostering a more inclusive and supportive workplace where all employees know their health and wellbeing are priorities.

For many women, the menopause transition occurs between the ages of 45-55, and coincides with the point at which they could attain senior leadership roles.

At Standard Chartered, this represents around 7 per cent of employees. The bank partnered with the Financial Services Skills Commission in the United Kingdom to explore the impact that the 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.

“It’s clear that the menopause can have an adverse impact on women’s careers in terms of retention and progression if not managed proactively,” said Tanuj Kapilashrami, group head of human resources at Standard Chartered.

“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 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,” Kapilashrami continued.

Standard Chartered is a signatory of the Wellbeing of Women's Menopause Workplace Pledge and a member of the Menopause Friendly Employer organisation.

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