Volvo Group introduces flexible benefits plan for staff

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.