This approach and commitment to ED&I is evident in a range of initiatives designed to support and empower their 9,000 employees, creating a truly inclusive and supportive workplace. Here are some of them.
Parental leave policies
In 2017, Standard Chartered became the first financial institution in Singapore to offer 20 weeks of paid maternity and adoption leave to female employees, regardless of how long they had worked at the company.
And in 2023, the bank further enhanced its parental leave benefits, providing 20 weeks of paid leave for all parents, including fathers and adoptive parents.
Understanding how personal and family life impacts the workplace, this policy aims to improve workforce participation, offer flexibility, and support diverse family planning choices. The bank also provides a $5,000 newborn allowance and a s part of their flexible benefits, colleagues have a Health Savings Account which could also be directed to cover their maternity and childcare expenses if it meets their priority needs .
These measures , which align with the Singapore Government's push for greater paternity involvement, led to a 22% year-on-year increase in colleagues taking more than 10 weeks of paternity leave.
Support for menopausal employees
Recognising the impact of menopause on women's career progression, Standard Chartered introduced medical coverage for menopause-related treatments for all female employees globally.
This decision followed a survey with the Financial Services Skills Commission, revealing that menopausal symptoms deterred nearly half of the respondents from seeking promotions or additional responsibilities.
To address this, the bank rolled out educational materials globally to normalise workplace conversations about menopause.
This initiative, set to take effect in 2024, underscores the bank's commitment to supporting women’s wellbeing while also enhancing talent retention.
Flexible working arrangements
Standard Chartered has now formalised flexible workplace arrangements for its Singapore employees, with over 80% of colleagues participating .
This flexibility empowers employees to manage their home and work commitments effectively, improving mental wellbeing and work / life balance.
The bank's efforts have already had an impact, contributing to significant progress in gender diversity; women now hold 32% of senior leadership roles and comprised nearly half of the Singapore senior management team in 2023.
Mental health
The bank has trained 72 Mental Health First Aiders over the past three years, with the goal of destigmatising mental health issues and providing support to colleagues in need.
Additionally, the 2023 Leesman Hybrid Workplace sentiment survey (a benchmarking tool that a looks at how well the workplace is supporting the employee in the work they are undertaking), completed by over 1,600 employees, showed that 86.7% felt that working in the office positively impacted their wellbeing, while 82.0% felt able to maintain a healthy work-life balance.
Workplace design for wellbeing
Standard Chartered has also prioritised neuro inclusion in workplace design, with new guidelines to support this initiative in all office projects from 2024 onwards.
What’s more, five of the bank’s sites, covering over 85% of employees in Singapore, have achieved the 2023 WELL Health-Safety Rating . This Rating was awarded by the International Well Building Institute which is granted to buildings that have been able to demonstrate best practice with regards to processes, and practices that support health, safety, and wellbeing.
Conclusion
Standard Chartered Singapore's holistic approach to inclusion, from parental leave policies to mental health support and flexible work arrangements, highlights its dedication to creating an inclusive, supportive, and healthy work environment.
These initiatives not only foster a culture of openness and support but also contribute to the overall wellbeing and professional growth of its employees.