Menopause transition occurs between the ages of 45 and 55, coinciding with the point at which career women are taking on senior leadership roles.
As this segment represents about 7 percent of its workforce, British banking giant Standard Chartered (Stanchart) announced the 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 the employees of Stanchart are expected to be covered by November while full adoption is expected by April 2024.
In partnership with the Financial Services Skills Commission, Stanchart had conducted a survey in the United Kingdom to explore the impact that menopause has on women in 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 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,” said Tanuj Kapilashrami, the bank’s group head for human resources.
“We will continue to look for more opportunities to drive inclusion and strengthen our position as an employer of choice.”
As such, Stanchart recognizes the need to talk openly, positively and respectfully about menopause and normalize conversations around it in the workplace. Hopefully, corporate Philippines follows suit.