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The finance sector should introduce 12 days’ paid menstrual and menopause leave to better support women, the FSU has said.
The Finance Sector Union is calling on the finance sector to more broadly adopt menopause and menstrual policies, including 12 days of paid menstrual and menopause leave to better support women in the industry.
According to the FSU, the finance industry has one of the largest gender pay gaps in Australia and much of that is due to a lack of women in senior roles. It said that as menopause often affects female workers at a point in their careers when they are in the pipeline for senior roles, they tend to hold themselves back due to the impact of menopausal symptoms on their health.
Symptoms of menopause typically include hot flashes, night sweats, muscle and joint aches, tender breasts, and emotional changes, but can also temporarily impact memory and cognitive function.
The union surveyed 680 Australian finance workers in 2023–24, finding that almost 60 per cent of workers going through the menopausal transition were challenged by managing work demands and their symptoms.
And 60 per cent said they did not feel like they could talk to their line manager about it.
According to the FSU, more than 35 per cent of females in the finance sector who have experienced menopausal symptoms said it made them more likely to retire early and over half said menopause had made them less likely to apply for a promotion.
Workers who had already left the workforce said that menopausal symptoms including severe migraines were incompatible with the pressures of the job. These workers felt as though there was little choice when faced with the combination of a lack of understanding and the stigma and taboo associated with discussions of menopause.
As such, the union is urging more financial institutions to introduce 12 days per year for menstruation and menopause leave, saying that the finance industry has an opportunity to take the lead in breaking these stigmas and taboos to provide education and support throughout the workforce, which will, in turn, create both productive and diverse leadership.
Several leaders including NAB and Police Bank – as well as companies such as Cbus Super and Aware Super – have already implemented such a scheme under a framework that provides advice, support, flexibility, and paid leave to workers who are experiencing menopause.
It promotes flexible working arrangements (such as working from home and flexible hours to enable workers to manage systems from home), changes to the physical work environment, and cultural changes to better support workers to manage menstruation and menopause at work, among other support initiatives.
The FSU’s national secretary Julia Angrisano said that recognising “the profound impact of menstruation and the transition to menopause” would help the finance sector close the gender gap.
‘Menopause should be addressed in the same way mental health has been’
She said: “Menopause and menstruation are workplace issues and its time they are treated like other forms of leave that the finance sector has led the way on – like paid maternity leave and domestic violence leave.
“It’s clear from our members that too many women are struggling to balance the often-hidden symptoms of menopause and menstruation with their paid work.
“Because menopause and menstruation are still largely taboo subjects, the lack of understanding and stigma means that workers suffer menopausal symptoms largely in silence.
“The very great shame is that menopause often hits workers at a point in their careers when they would be in line for senior roles but are held back by their menopausal symptoms.
“We need to treat the issue of menopause at work the way that mental health has been addressed. Stigmas and taboos need to be broken to support workers experiencing the menopausal transition.”
The FSU is set to launch a Breaking taboos campaign on Thursday (19 September) – which is also Finance Industry Equal Pay Day – promoting its menopause and menstruation leave framework and raising awareness of how menopause and menstruation affect women in the workplace.
The campaign is designed to engage with members to help them normalise talking about menopause and menstruation and break the taboos and stigma that hold back workers who suffer these symptoms in the workplace.
The calls from the FSU come amid increasing calls for business leaders to better support women’s health – particularly menopause – in the workplace.
Managing menopause in the workplace will also be in focus at the upcoming Women in Finance Summit 2024, where TV journalist and keynote speaker Shelly Horton will share her experiences of perimenopause and how it could impact women and provide actionable strategies for managing symptoms and workload while balancing career and health.
At the Sydney-based event in November, Horton will also explore what the government is doing to better understand perimenopause and menopause through its ongoing inquiry into the Issues related to menopause and perimenopause.
Find out more about the agenda and speakers for the Women in Finance Summit 2024 or buy your tickets now.
[Related: Women in Finance Summit 2024 launches]
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