Given the negative impact of COVID-19 on the global economy, giving away employee incentives is probably the last thing corporate executives want to do. The same is probably true with the automotive industry where sales figures have significantly dropped following the outbreak. But Volvo begs to differ as the company is rewarding its workers with 24 weeks of compensated leave.
In its “Family Bond” initiative, Volvo employees are allowed to take a total of 24 weeks in parental leave while being paid 80% of their base salary. The leave can be taken within three years after the birth of each child. What is great about this is that the benefit not only applies to legally registered parents. Adoptive, foster-care and surrogate parents are included, as well as non-birth parents among same-sex couples.
Volvo understands that not all countries have equal parental-leave privileges. In the Philippines, for example, paternity leave is just seven days long, while maternity leave is more generous with 105. The automaker hopes to inject some uniformity into such benefits and encourage both mothers and fathers to take time off for their children without having to worry about job security and work-related responsibilities.
The Family Bond benefit is applicable to Volvo’s 40,000-strong workforce around the world, and will begin on April 1.