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Swedish automaker Volvo Automobiles is growing paid parental go away for workers globally to 24 weeks no matter gender, the corporate introduced Tuesday.
Staff — each hourly and salaried — who’ve been with the automaker for no less than one yr are eligible for the brand new “Household Bond” program, the corporate stated.
It covers those that turn out to be dad and mom by beginning, adoption, everlasting foster care and surrogates. Non-birth dad and mom in same-sex {couples} are eligible as properly. This system takes impact Thursday, Volvo stated.
Staff can be paid 80% of their base pay by default below this system. They can use the day without work from work in the course of the first three years of parenting a brand new baby. U.S. staff even have the choice of 19 weeks of totally paid parental go away inside 36 months of turning into a father or mother, in keeping with Volvo.
The brand new coverage is supposed to help the corporate in expertise acquisition and retention because it focuses on turning into an all-electric automobile producer by 2030, in keeping with Volvo CEO Hakan Samuelsson.
“It is one thing we imagine is setting a brand new normal within the enterprise,” he advised CNBC. “We do that, to not introduce some form of new favorable profit to our staff, we do it extra as a result of we predict it is good for our firm. We can be extra enticing as an employer. There is a competitors occurring for expertise.”
Samuelsson stated the corporate expects the brand new program to price a “appreciable sum” — possible within the “single-digit hundreds of thousands.” He stated so long as “it provides us higher, numerous administration and a stronger model, it’s going to undoubtedly be price it.”
What we do as an organization resides our values.
Hakan Samuelsson
CEO, Volvo
Volvo’s present program permits for six weeks of pay for use within the first yr of turning into a father or mother, in keeping with the corporate.
Volvo’s new parental go away program is among the many most complete within the automotive business. For instance, Common Motors and Stellantis provide U.S. salaried staff as much as 12 weeks of paid household go away for brand new dad and mom, whereas Ford Motor affords as much as eight weeks. These are along with six to eight weeks out there to beginning moms by the Household and Medical Depart Act.
Volvo determined to launch the brand new parental go away program following constructive outcomes of the same pilot program for 1000’s of its gross sales staff in Europe, Samuelsson stated.
“What we do as an organization resides our values,” he stated. “Will probably be good for our repute in all places.”
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