Standard Chartered Bank (SCB), the oldest international bank in the country, has been named Best Bank for Diversity and Inclusion (D&I) in the Philippines at the 2023 Asiamoney Awards, announced yesterday. The bank was cited for its commitment to promote economic inclusion by lifting participation of the youth, especially young women, in the community through education and livelihood support. Futuremakers by Standard Chartered is the bank’s global initiative to tackle inequality by supporting disadvantaged young people to learn new skills, increase their employability or provide them access to funding to start their own businesses. SCB Philippines currently works with the largest microfinance institutions in the country to provide equitable access to financial support for women-led micro and small businesses nationwide.
Leader in diversity and inclusion
SCB has received numerous accolades in recent years for its policies in promoting diversity and inclusion. It ranked 36th in the 2022 Equileap Top 100 organizations for gender equality globally; 7th in the top 10 financial sector companies; recognized on the Bloomberg Gender Equality Index 2022 for the seventh year in a row; and ranked 73rd in the Refinitiv D&I Index Score 2022 for the second time in a row.
For years, SCB has embedded diversity and inclusion into its organizational DNA, celebrated female role models and allies to reaffirm its commitment to gender equality.
In 2018, SCB signed a statement of support for the UN Women Empowerment Principles to reinforce its ongoing commitment to gender equality. The bank also signed the UK HM Treasury Women in Finance Charter and has seen a positive trend in female representation in its senior leadership roles. As of end of 2022, women represented 32% of Standard Chartered Bank’s senior leadership roles across its markets, and working to achieve its global target of 35% by 2025.
As part of its commitment to fostering an equitable and inclusive culture, the bank continuously looks at how progressive, purpose-led benefits can improve employees’ experience and help them achieve their potential.
SCB offers industry-leading policies and benefits. It is the only bank which offers its employees minimum 20-week paid maternity and parental leaves, irrespective of gender, relationship status or how a child comes to permanently join an employee’s family. This is part of the bank’s commitment to address globally prevalent societal norms around traditional roles, improve workforce participation, and provide options to those who want to take up shared childcare responsibilities.
Even before the pandemic, SCB already has a flexible workplace policy in place. The bank has implemented a permanent hybrid working model giving its employees the opportunity to work flexibly without sacrificing client service delivery and commitments. This data-led approach to work combines remote and office-based working with greater flexibility in working patterns and locations with the objective to redesign jobs, enable its workforce and prepare for the way forward.
SCB’s policy on flexible working practice and enhanced employee benefits is aligned with its aspiration to be a human organisation and a great place to work. Following the global roll-out of the policy, every employee across all its markets now has the opportunity to balance their professional and personal responsibilities.
Rowena Kapunan, Interim Chief Executive Officer, Standard Chartered Bank Philippines, said: “An inclusive environment enables us to bring the best out of our people. We are proud to take a holistic approach in empowering our staff to succeed at work and in their private lives through our enhanced policies, and are confident that an environment that genuinely respects professional and personal balance is a remarkable competitive edge.”
Gender inclusive Philippines
In the World Economic Forum (WEF) 2023 Global Gender Gap Report released in June, Philippines ranked 16th place in gender equality among 146 countries in the world, based on 4 categories: economic participation and opportunity, educational attainment, health and survival, and political empowerment.
SCB Philippines has 59:41 women to men gender ratio, and women hold 73% of the bank’s senior management positions.
SCB Philippines was recognized as the 2021 UN Women WEP Award Champion for Leadership Commitment, and in 2022 won 1st Runner Up in the Gender Inclusive Workplace category.
The bank believes that an inclusive culture is central to enabling its unique diversity and driving performance. It values and celebrates diversity across its markets and ensures that all employees are entitled to be treated fairly, equally and with respect. By focusing on employee wellbeing, Standard Chartered strives to be a differentiated workplace and best place to work.
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