Financial services industry breaking menopause taboo – boosting talent and skills
on October 18, 2022Menopause awareness is now a senior manager priority for financial services firms
17 October 2022, Financial services organisations across the UK are taking action to increase awareness of the menopause in the workplace and support employees experiencing the menopause transition according to figures published today from the Financial Services Skills Commission (FSSC).
The survey of banks, asset managers, insurers and building societies represents financial services firms collectively employing over 200,000 employees. The data [1] shows that 62% of firms have implemented menopause support systems and employee networks internally, with a further 22% planning to introduce this support in 2023. Furthermore, 51% of firms surveyed have senior leaders championing menopause awareness across their organisation and 84% of firms have reported they now offer part-time working arrangements for those experiencing the menopause.
The survey demonstrates how financial services organisations have accelerated the menopause support they offer over the last 12 months. Firms are developing policies which actively encourage staff to openly talk about the menopause. Practical measures are readily available to cultivate a more inclusive working environment, so individuals are less likely to exit the workforce or put their career development on hold due to their menopause experience.
Claire Tunley, Chief Executive at the Financial Services Skills Commission comments:
“The financial services sector is facing a huge skills shortage. Our survey published today, clearly shows firms are working hard to finally break the menopause taboo and support colleagues through their menopause transition. Generating greater awareness, understanding, and building a more inclusive working culture, will empower individuals and help retain valuable, expertise and talent. This will ensure the industry continues to build skills, drive innovation, and boost overall competitiveness.”
Tanuj Kapilashrami, Group Head of HR at Standard Chartered comments:
“We’re starting to see greater understanding on the topic, with more open and honest conversations and a willingness to advocate at all levels. But there continues to be much more to do across all industries so that the menopause no longer means a career pause for women in the workplace. By tackling the taboo and putting the right enablers in place, organisations can truly empower the workforce to grow and be at their best.”
The latest figures come almost 1 year after the FSSC and Standard Chartered published Menopause in the Workplace: Impact on Women in Financial Services [2], which showed how the menopause transition was impacting the female talent pipeline, with 25% of respondents stating it made them more likely to retire early and almost half (47%) of those surveyed said they were less likely to apply for a promotion because of their experiences with the menopause.
The FSSC and Standard Chartered will be hosting a Menopause Summit in February 2023, focusing on the practical actions to support employees experiencing the menopause transition.
—ENDS—
Note to Editors:
[1] View the FSSC menopause awareness 2022 data here
[2] View the Menopause in the Workplace: Impact on Women in Financial Services here
For further information please contact:
Lauren Verner
Standard Chartered Bank
Tel: 07500 826 143
Email: lauren.verner@sc.com
Financial Services Skills Commission
The Financial Services Skills Commission is an independent, non-partisan, member led body, representing the UK financial services sector on skills. We work directly with the sector and advocate for innovative collaboration to ensure that businesses have the talent and skills they need for the future.
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Standard Chartered
We are a leading international banking group, with a presence in 59 of the world’s most dynamic markets and serving clients in a further 83. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges.
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