Best time to have a baby is probably now!
As the battle for talent hots up in the tech and banking sector, Scotia, Canada’s third largest bank is looking to further attract and retain executive female talent by increasing maternity leave and pay. Scotiabank is expanding its maternity and parental leave top-up pay for Canadian employees and providing access to a virtual health-care program.
Eligible employees will receive six weeks of parental leave top-up pay at 100 per cent of salary, which supplements employment insurance maternity and parental benefits. As such, birth mothers will receive 12 weeks of top-up pay, up from the current six weeks.
“We’re proud to promote an inclusive culture with the enhancements made to our maternity and parental leave policy that includes all parents, whether you are a birth or non-birth mother, father, same-sex parent or adoptive parent,” said Barb Mason, Scotiabank’s group head and chief human resources officer, in a press release. “Scotiabank is committed to increase support for new parents and growing families within the organization.”
In addition, the bank’s new virtual health-care program, which is available April 1, will provide employees with real-time access to clinicians who can diagnose and offer advice on physical and mental-health concerns, new and existing prescriptions, lab and imaging orders and specialist referrals. Scotiabank noted the service will be particularly useful to employees who live in rural areas.
In 2020, Scotiabank also started providing its eligible Canadian employees with an additional two paid personal days to support their mental health. Employees now have a total of five personal days and the flexibility to take them as needed, in addition to existing sick and vacation days.
More women rise to the top in Canadian banks
Women are rising to the top faster in banking and the financial services sector than any other sector in Canada.
The average percentage of women executive officers in Canada’s 10 largest financial institutions was 26.5%, a higher percentage than in any other sector. Per company, there was an average of 5.44 women executive officers, more than twice the average for the sector as a whole.
The 10 biggest financial companies in Canada have adopted formal targets for women directors on their boards and 80% have targets for women executive officers.
Women who have their eyes on the C-suite now know where best to go.