Multi-national research

Adopting a flexible, standardized approach

Scotiabank, a Canadian multinational financial organization, demonstrates how global companies can balance comprehensive mental health support with local needs by implementing a global benefits strategy, all while ensuring regional adaptability.

Scotiabank: A flexible yet standardized approach to employee benefits

Scotiabank, a Canadian multinational financial organization, exemplifies how MNCs can provide comprehensive mental health support while respecting localized needs. As part of its diversity, equity, and inclusion strategy, the bank aims to align benefits across its global markets, with most employees set to receive these benefits by 2028 and all employees by 2030.¹Designed to fill gaps in coverage across different markets, the strategy will initially focus on women’s health, mental health and expanding same-sex-partner coverage. In terms of mental health coverage, the company had previously expanded annual coverage for services such as clinical counselors, internet-based cognitive behavioral therapy, and psychologists for its employees in Canada from C$3,000 (US$2,250) to C$10,000 (US$7,500), but this level of support was not extended to other markets.^2,3

Women sitting in the office chairs and are in the middle of discussion

The bank’s approach is an extension of its ongoing initiative to establish a minimum global standard for parental leave by 2025.⁴This approach to global alignment not only ensures consistency, but also caters to the unique needs of employees in different regions—the goal is to provide all employees with equitable and culturally appropriate support, while taking into account their specific cultural and legal contexts. Such initiatives enable companies like Scotiabank to set the standard and take the lead in establishing global norms and expectations for employees. “Employers need to be mindful of what the conversation looks like locally, but at the same time, being an advocate and pushing where it makes sense,” Ayman Alvi, the bank’s vice-president of global pensions and benefits, told Benefits Canada in February 2024. “I think finding that balance is critical to ensuring we’re moving forward.”⁵ Such an approach can only be good for the company’s reputation, both among current and potential employees, as well as among potential business partners. And just as importantly, the return on investment is evident.^6,7

References

Janes S. Comparing workplace mental-health supports around the world. [Internet]. Montreal: Benefits Canada; 2024. Available from: https://www.benefitscanada.com/archives_/benefits-canada-archive/comparing-workplace-mental-health-supports-around-the-world/.
Scotiabank. Spotlight on our mental health and wellness Employee Resource Group. Toronto: Scotiabank; 2022. Available from: https://www.scotiabank.com/careers/en/careers/blogs/posts.spotlight-on-our-mental-health-and-wellness-employee-resource-group.html.
Wolfe B. Scotiabank supporting employee well-being by aligning benefits offerings across global markets. [Internet]. Montreal: Benefits Canada; 2023. Available from: https://www.benefitscanada.com/benefits/health-benefits/scotiabank-supporting-employee-well-being-by-aligning-benefits-offerings-across-global-markets/.
Benefits Canada. Scotiabank enhancing parental leave benefits globally by 2025. [Internet]. Benefits Canada.com; 2022. Available from: https://www.benefitscanada.com/benefits/health-benefits/scotiabank-enhancing-parental-leave-benefits-globally-by-2025/.
Janes S. Comparing workplace mental-health supports around the world. [Internet]. Montreal: Benefits Canada; 2024. Available from: https://www.benefitscanada.com/archives_/benefits-canada-archive/comparing-workplace-mental-health-supports-around-the-world/.
Dobson KS, Szeto A, Knaak S, Krupa T, Kirsh B, Luong D, McLean R, Pietrus M. Mental health initiatives in the workplace: models, methods and results from the Mental Health Commission of Canada. World Psychiatry. 2018;17(3):370-371.
Evans-Lacko S, Koeser L, Knapp M, Longhitano C, Zohar J, Kuhn K. Evaluating the economic impact of screening and treatment for depression in the workplace. Eur Neuropsychopharmacol. 2016;26(6):1004-1013.