Volvo has announced that it will be offering 24 weeks of parental leave to its 40,000 employees across the globe in all of its plants and offices from next month.
The ‘Family Bond’ policy will give all employees who have worked for at least a year at the company a total of 24 weeks of leave at 80 per cent of their base pay. It applies to either parent and can be utilised at any time within the first three years of parenthood.
The inclusive policy applies to all legally registered parents, including adoptive, foster care and surrogate parents, alongside non-both parents in same-sex couples.
Håkan Samuelsson, chief executive of Volvo Cars, said: “We want to create a culture that supports equal parenting for all genders.
“When parents are supported to balance the demands of work and family, it helps to close the gender gap and allows everyone to excel in their careers. We have always been a family-oriented and human-centric company. Through the Family Bond programme, we are demonstrating and living our values, which in turn will strengthen our brand.”
The move follows on from a parental leave pilot scheme that was launched in the EMEA region in 2019. It found that 46 per cent of all applicants were fathers. The pilot also found that employees appreciated the policy for being gender-neutral as well as inclusive and adaptable to different employee needs.
Hanna Fager, head of corporate functions at Volvo Cars, said: “This is more than a new parental leave policy for our employees – it is the embodiment of our company culture and values.
“We want to lead change in this industry and set a new global people standard. By opting all our employees into paid parental leave, we narrow the gender gap and get a more diverse workforce, boosting performance and strengthening our business.”