Close Menu
    Facebook X (Twitter) Instagram
    • Our Story
    • Partner with us
    • Reach Us
    • Career
    Subscribe Newsletter
    HR KathaHR Katha
    • Exclusive
      • Exclusive Features
      • Research
      • Point Of View
      • Case In Point
      • Dialogue
      • Movement
      • Profile
      • Beyond Work
      • Rising Star
      • By Invitation
    • News
      • Global HR News
      • Compensation & Benefits
      • Diversity
      • Events
      • Gen Y
      • Hiring & Firing
      • HR & Labour Laws
      • Learning & Development
      • Merger & Acquisition
      • Performance Management & Productivity
      • Talent Management
      • Tools & Technology
      • Work-Life Balance
    • Special
      • Cover Story
      • Editorial
      • HR Forecast 2024
      • HR Forecast 2023
      • HR Forecast 2022
      • HR Forecast 2021
      • HR Forecast 2020
      • HR Forecast 2019
      • New Age Learning
      • Coaching and Training
      • Learn-Engage-Transform
    • Magazine
    • Reports
      • Whitepaper
        • HR Forecast 2024 e-mag
        • Future-proofing Manufacturing Through Digital Transformation
        • Employee Healthcare & Wellness Benefits: A Guide for Indian MSMEs
        • Build a Future Ready Organisation For The Road Ahead
        • Employee Experience Strategy
        • HRKatha 2019 Forecast
        • Decoding and Driving Employee Engagement
        • One Platform, Infinite Possibilities
      • Survey Reports
        • Happiness at Work
        • Upskilling for Jobs of the Future
        • The Labour Code 2020
    • Conferences
      • Rising Star Leadership Awards
      • HRKatha Futurecast
      • Automation.NXT
      • The Great HR Debate
    • HR Jobs
    WhatsApp LinkedIn X (Twitter) Facebook Instagram
    HR KathaHR Katha
    Home»Employee Benefits & Welfare»Volvo Group introduces flexible benefits plan for staff
    Employee Benefits & Welfare

    Volvo Group introduces flexible benefits plan for staff

    HRK News BureauBy HRK News BureauJune 17, 2021Updated:June 18, 20213 Mins Read7536 Views
    Share LinkedIn Twitter Facebook
    Share
    LinkedIn Twitter Facebook

    Volvo Group India has introduced Volvo Flex, a flexible benefits plan, to provide comprehensive benefits choices that meet the needs and varied lifestyles of their diverse, multi-generational workforce. Volvo Flex Plan offers a wide range of insurance and non-insurance benefits centred around the health and wellbeing of over 2,500 white-collared employees.

    As per Volvo Group, much thought has gone into this flexible plan, which factors in the employee inputs, available market offerings, with some of the offerings being co-designed on the basis of employees’ feedback. Volvo Flex shall offer certain core benefits, along with additional Flex Points to tailor the rest of the plan, to suit individual requirements.

    Earlier, the Company followed a standard compensation and benefits structure, where everything was fixed in terms of allowances and the same bouquet of benefits were enjoyed by all employees. But now, the firm has made it flexible as per the needs and requirements of employees. Since people are facing challenges in dealing with COVID, initially the Company made the health and wellbeing benefits flexible and later in the year, all other benefits will also come under the Volvo Flex programme, according to Amit Sharma, CHRO, Volvo Group, India.

    “Though currently Volvo Flex is centred around health and wellbeing, gradually we will expand this to other benefits too. This will allow the employees to build a customised benefits plan that will better meet their personal and family needs.”

    Amit Sharma, CHRO, Volvo Group, India

    Sharma says, “At Volvo Group, the health of our employees matters to us, which is why health and workplace safety issues are given top priority at Volvo Group. We look after each other, aiming to create environments where all of us are able to perform with full dedication. Caring and being cared for is an important part of our culture and this mindset is what makes us strong and capable of continued success. Introduction of Volvo Flex carries forward this philosophy. Though, currently, Volvo Flex is centred around health and wellbeing, gradually we will expand this to other benefits too. This will allow the employees to build a customised benefits plan that will better meet their personal and family needs.”

    Giving an example of how this programme will work, Sharma says that earlier the medical insurance cover benefits were not so flexible. The Company decided how much the cover amount would be and who all would be the beneficiaries. Now, with a minimum cover amount, employees can select how much is going to be the cover amount and who all they want to cover under the insurance plan.

    “Earlier, for married employees, the benefit was extended to their partners and children and for the unmarried employees, to their parents. But now, employees can choose who all they would want to cover under the plan,” mentions Sharma.

    With this step, the Company endeavours to enhance its employee experience and aspires to be the most admired employer in the industry. Volvo Group claims that this new flexible benefits programme makes the Company one of the handful of organisations in the country, to have introduced such flexibility in their benefits structure.

    Amit Sharma flexible benefits plan Volvo Flex Volvo Group
    Share. LinkedIn Twitter Facebook
    HRK News Bureau

    1 Comment

    1. Joseph Raviraj on June 18, 2021 1:15 am

      Fantastic, superb ????

      Reply
    Leave A Reply Cancel Reply

    five × one =

    Related Posts

    Madhya Pradesh government lets women work night shifts

    July 7, 2025

    3 more months to choose between UPS & NPS

    June 26, 2025

    Amazon India to invest Rs 2000 Cr. in associate safety, employee well-being, overall operations

    June 20, 2025

    Agilisium gifts Hyundai Creta cars to all its long-serving employees

    June 16, 2025

    QUICK HR INSIGHTS

    EDITOR'S PICKS

    How AI is creating a workforce of the mentally walking dead

    July 8, 2025

    The tortoise and the hare: Which leadership style conquers chaos?

    July 4, 2025

    The heart versus the head: Why startups struggle to balance culture and capability

    July 3, 2025

    How this Indian Insurance company broke the career development deadlock

    July 2, 2025
    Latest Post

    US Department of Veterans Affairs quietly reduces workforce by 30,000

    Global HR News July 8, 2025

    The US Department of Veterans Affairs (VA) is undergoing one of its largest workforce reductions…

    Nationwide Bharat Bandh on 9 July to see massive worker participation

    News July 8, 2025

    A nationwide general strike, or Bharat Bandh, is set to take place tomorrow, that is,…

    Will AI now decide promotions and increments of employees?

    Research July 8, 2025

    Everyone has been harping about how artificial intelligence needs to be embraced; how it will…

    EPFO Mangaluru targets 25,000 new enrolments under incentive scheme

    News July 8, 2025

    The Employees’ Provident Fund Organisation (EPFO) Regional Office in Mangaluru has announced a target to…

    Asia's No.1 HR Platform

    Facebook X (Twitter) Instagram LinkedIn WhatsApp Bluesky
    • Our Story
    • Partner with us
    • Career
    • Reach Us
    • Exclusive Features
    • Cover Story
    • Editorial
    • Dive into the Future of Work: Download HRForecast 2024 Now!
    © 2025 HRKatha.com
    • Disclaimer
    • Refunds & Cancellation Policy
    • Terms of Service

    Type above and press Enter to search. Press Esc to cancel.