The bank will train leaders to better support their teams
Scotiabank has announced that they’ll be increasing their mental health coverage to $10,000 starting April 2022, following an increase in usage of the benefit among employees. According to the bank, the expanded benefits will cover all employees eligible under the Canadian Benefits Plan as well as their dependents. It’ll include various services, such as clinical counsellors, internet-based cognitive behavioural therapy, psychologists, and more.
The coverage can also be further broadened to people beyond immediate dependents, including parents, siblings, and children, if employees take the option to assign funds into a Wellbeing Account.
"Employees also have 24/7 virtual access to healthcare providers as part of Scotiabank's core coverage to further support mental and total wellbeing," the bank added.
The expanded mental health care benefit comes as officials noted an increase in the number of workers availing the package.
Read more: Inside Scotiabank's culture of inclusion
"We were concerned as we were seeing an increased uptake in use of mental health benefits and know employees are seeking support from their team and employer when it comes to mental health," said Dominic Cole-Morgan, senior vice president, Total Rewards. "Increasing our benefits coverage and support for mental health are necessary to help our team members to thrive for every future, and we're pleased to announce the expansion of our mental health coverage as part of our commitment to support employees and family wellbeing.”
In addition to the expanded benefits, the company will also be providing training for leaders and people managers in Canada from November 17. The workshops seek to help them in supporting employees and reducing the stigma surrounding mental health in the workplace. An internal global event for people managers is also underway, according to the bank. It aims to improve the managers' one-on-one conversations with their staff, as well as how to be more supportive leaders of their respective teams.
