Employers are More Than Twice as Likely as
Female Employees (71% vs. 32%) to Have a Positive Perception of
Their Company Culture Regarding Menopause
CHARLOTTE, N.C., June 1, 2023
/PRNewswire/ -- Today, Bank of America published Break
Through the Stigma: Menopause in the Workplace, a new report
revealing half of peri- and post-menopausal women (51%) report
menopause has negatively impacted their work life, yet only 14%
believe their employers recognize the need for menopause-specific
benefits. The underrecognized need for menopause-specific benefits
comes as 20% of the workforce is in some phase of menopause
transition1 and the number of post-menopausal women is
expected to reach 1.1 billion by 2025 globally2.
"Right now, there are millions of women suffering in silence –
trying to simultaneously manage menopause symptoms, stigma and
their careers," said Lorna Sabbia,
Head of Retirement & Personal Wealth Solutions at Bank of
America. "With this report, we are addressing the issue head-on by
bringing awareness to the challenges and identifying actions for
employers. Our goal is to help women of all life stages comfortably
and confidently bring their best selves to work."
The report, which surveyed 2,000 female workers and 500 benefit
managers on menopause and its impacts in the workplace, uncovered
there is room for employers to better support women in this life
stage. The report was developed in partnership with the National
Menopause Foundation, a foundation committed to providing women
with the information and resources they need to thrive during their
journey to and through menopause.
Disconnects Between Employers and Female
Employees
While 76% of HR benefit managers say they discuss
menopause with their employees, only 3% of peri- and post-employees
say they have talked about menopause with HR, revealing a
significant disconnect between the two groups. In addition, while
71% of employers have a positive perception of their company's
culture toward menopause, only 32% of women employees share that
same perspective.
The number one reason employers say they do not offer
menopause-specific benefits is that employees have not asked for
them. Among employers who say they offer menopause-specific
benefits, top benefits include access to menopause health
professionals (40%), menopause policies such as time off or
flexible work arrangements (38%), and hormone replacement therapy
coverage by health insurance plans (38%). However, less than 1-in-3
women are aware of available benefits and only 1-in-10 use
them.
When it comes to addressing the impact of menopause on the
workplace, employers see the responsibility equally split between
employees (49%) and employers (51%). However, female employees see
the responsibility to be more on themselves (70% vs. 30%).
Menopause-Specific Benefits Create Better
Workplaces
Nearly two-thirds (64%) of women want
menopause-specific benefits. In fact, when benefits are offered,
58% of women report they have had a positive impact on their work,
mostly by allowing them to bring their best selves to work (40%).
Female employees are also likely to feel more comfortable talking
about menopause in the workplace when they have access to
menopause-specific benefits.
Additional support from employers can impact female employees'
overall perception of the workplace. Employees feel more inclined
to recommend their employer as a great place to work when
menopause-specific benefits are available (83% vs. 69%), revealing
an opportunity for employers.
"Menopause is a normal life stage in women's lives, yet there is
still a need and opportunity for workplaces to enhance their
menopause policies and benefits," said Claire Gill, founder of National Menopause
Foundation. "We hope this research will inspire employers to create
cultures that reduce stigma and foster better communication."
Impact of Menopause
Top symptoms peri- and
post-menopausal employees report experiencing include impacts to
their sleep (45%), mental health/mood (30%), physical health (20%),
relationships with family/partner (20%), ability to focus on work
(17%), daily activities (15%) and even career progression (9%).
Despite millions of employees experiencing menopause each year,
stigmas around the topic persist. The majority of women (60%)
consider menopause to be stigmatized, with 58% of peri- and
post-menopausal women reporting they don't feel comfortable
discussing their menopausal symptoms at work. Most women (80%)
consider the topic to be too personal to discuss, but other
concerns include:
- 32% fear being perceived as old.
- 28% are embarrassed to talk about their body.
- 23% do not want peers to treat them differently.
- 18% fear not being respected by male peers.
More findings, including actionable steps for employers, are
available in the Bank of America Break Through the Stigma:
Menopause in the Workplace report.
Break Through the Stigma: Menopause in the Workplace
Methodology
These are the findings of two polls conducted by
Ipsos between February 21 and March 8,
2023. The first was conducted among a sample of 500 human
resource benefit decision makers from companies that have at least
1,000 employees. No post-hoc weights were applied to the data and
findings reflect the opinion of these respondents. The second was
conducted among 2,000 women ages 40-65 that are employed full-time
at a company with 1,000 or more employees and have had a menstrual
cycle. Both surveys were conducted online in English in the
continental U.S., Alaska, and
Hawaii. Results among human
resource benefit decision makers have a credibility interval of
plus or minus 5.4 percentage points for all respondents. Results
among employed women have a credibility interval of plus or minus
2.7 percentage points for all respondents. Survey content was
developed by Ipsos in consultation with the Bank of America team.
Bank of America, Merrill, their affiliates, and advisors are not
affiliated with Ipsos.
Bank of America
Bank of America is one of the world's leading financial
institutions, serving individual consumers, small and middle-market
businesses and large corporations with a full range of banking,
investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience
in the United States, serving
approximately 68 million consumer and small business clients with
approximately 3,900 retail financial centers, approximately 15,000
ATMs and award-winning digital banking with approximately 56
million verified digital users. Bank of America is a global leader
in wealth management, corporate and investment banking and trading
across a broad range of asset classes, serving corporations,
governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million
small business households through a suite of innovative,
easy-to-use online products and services. The company serves
clients through operations across the
United States, its territories and more than 35 countries.
Bank of America Corporation stock (NYSE: BAC) is listed on the New
York Stock Exchange.
For more Bank of America news, including dividend announcements
and other important information, visit the Bank of America newsroom
and register for news email alerts.
National Menopause Foundation
The National Menopause
Foundation (NMF) was founded in 2019 by women and for women to
create an informed community where women can learn, exchange
information, find support and be inspired as they approach and
journey through menopause.
Reporters may contact:
Don
Vecchiarello, Bank of America
Phone: 1.980.387.4899
don.vecchiarello@bofa.com
MAP5704911
1 Letstalkmenopause.org, as of April 2023
2 North American Menopause Society
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SOURCE Bank of America Corporation