Big Bank vows to align benefits to new standards of care

Initiative focuses on closing health gaps for LGBT+ and women employees

Big Bank vows to align benefits to new standards of care

Scotiabank has announced a commitment to a more consistent experience for employees by launching its Global Inclusive Standards of Care strategy.

According to a press release, in alignment with the Bank's Diversity, Equity and Inclusion goals and Inclusion Commitments to create a workplace where every employee belongs, and can perform at their best, Scotiabank will work toward aligning benefits offerings in each of its markets to the Global Inclusive Standards of Care.

It stresses that in the majority of countries where the Bank operates, employees will see their benefits enhanced within the next five years, with the total Scotiabank footprint meeting the standards by the end of 2030.

The global standards of care will initially focus on health gaps for the LGBT+ community and women. Inclusive benefits will cover areas like mental health, women's health and expanded same sex partner coverage, helping to remove barriers for under-represented and under-served groups.

"As a Bank, we understand the important role benefits play, not only in becoming an employer of choice, but ensuring that all employees feel included and supported, allowing them to thrive as their authentic selves," said Barb Mason (she/her), Group Head and Chief Human Resources Officer. "Part of that culture is providing a standard of benefits that support all of our employees and having a broader and more inclusive offering that better meets their unique needs. Our Global Inclusive Standards of Care are an important part of that journey and I look forward to the impact they will make for our employees."

In 2022, Scotiabank announced a global minimum standard for parental leave in 24, providing eight fully paid weeks for all parents with a new child and eight additional fully paid weeks for parents who have given birth. The Global Inclusive Standards of Care strategy is another step forward in the bank's journey of enabling an inclusive environment for all employees.

During Pride month and every day of the year, Scotiabank is committed to building supportive workplaces, and fostering opportunities for our LGBT+ employees, customers and communities.

According to the bank, these efforts include:

  • The voluntary self-reporting in Scotiabank's Employment Equity Narrative Report on the representation of LGBT+ employees and a new DEI goal announced in 2022 to increase employees who identify as being lesbian, gay, bisexual or another diverse sexual orientation to 7% or greater by 2025.
  • Enhanced coverage for gender affirming procedures and benefits for all employees in Canada, Ireland and the United States, as well as their dependents. In addition, Scotiabank's health care benefits include the same-sex partners of employees in Canada, the United States, Brazil, Chile, Colombia, Costa Rica, Mexico, Panama, Peru, Uruguay, Barbados, and Trinidad and Tobago where the Bank was the first organization to do so.
  • Expanded offering of the LGBT+ Sponsorship Program (now Empower Program), which focuses on employees across Canada who have self-identified as LGBT+ and who have been identified as high potential. The 2022 Program saw the addition of focused 1:1 coaching sessions, with a dedicated Program Manager, and included networking, education, career mapping and more. Since the Pilot in 2021, the Empower Program has actively developed 24 LGBT+ employees across the enterprise, 22 of which remain at Scotiabank.
  • Scotiabank is a founding member of Partnership for Global LGBTI Equality (PGLE) and the first Canadian bank to adopt the United Nations Global LGBTI Standards of Conduct for Business.

Through ScotiaRISE, Scotiabank's 10-year, $500 million initiative to promote economic resilience among underrepresented groups and our ongoing community partnerships, Scotiabank works with several organizations focused on supporting the LGBT+ community including: Outright Action International, The 519 Church Street Community Centre, Rainbow Railroad, and Friends of Ruby