Press release
203KB
june 16, 2020 - Volvo
The Volvo Group takes measures to reduce cost and accelerate transformation
The COVID-19 crisis is expected to have a negative effect on economic activity in many of the #Volvo Group’s major markets in the short and medium term. #Volvo has continuously adjusted its operations to lower demand from record levels in the first half of 2019 by utilizing the installed flexibility, while at the same time accelerating the transformation towards sustainable transport solutions. As the next step, the #Volvo Group plans to further reduce the white-collar workforce globally by approximately 4,100 positions during the second half of 2020.
“The Corona epidemic and the global measures taken to fight it has led to a market situation impacting our industry severely. The effects are expected to be lower demand going forward and we need to continue to adjust our organization accordingly. In parallel, we will accelerate the competence shift needed for new technologies and business models,” says Martin Lundstedt, President and CEO of the #Volvo Group.
Since mid-2019, the #Volvo Group has adjusted its activity levels by using the installed flexibility, terminating temporary and consultant contracts. During the second half of this year, the Group plans to further decrease the white-collar workforce with approximately 4,100 positions whereof around 15% are consultants. Approximately 1,250 of these positions are in Sweden.
The need for staff reductions would have been higher without various governmental support packages enabling short-term layoffs and other similar measures.
The staff reductions will be carried out in different ways across the Group, depending on the local business situation, country legislation and labor market practices. In some countries, including Sweden, the planned measures include notices of redundancy.
“The #Volvo culture will continue to be our guiding star in this work, where we will work as one team together with the unions to make this adjustment in a responsible way,” says Martin Lundstedt. “With these changes the #Volvo Group will maintain a position of strength, be adapted to the new market situation and continue to be a leader in the transformation towards sustainable transport and infrastructure solutions.”
June 16, 2020
9926f1d0de9f65a4 org
1860x1050, 838KB
Related news |
||
|
|
|
march 28, 2024
|
march 20, 2024
|
february 21, 2024
|
|
Small and mighty indeed – we are celebrating today, because our fully electric Volvo EX30 has landed a big accolade at the prestig... |
Volvo Trucks has received an order for 100 electric trucks from logistics company DFDS. With this latest order, DFDS has almost do... |
NOTICE TO ANNUAL GENERAL MEETING OF AB VOLVO (publ)AB Volvo (publ) (“Volvo”) gives notice to attend the Annual General Meeting at ... |
Download all 
You might be interested in |
||
|
|
|
january 02, 2024
|
november 23, 2023
|
november 14, 2023
|
|
Volvo Cars announces today that Vanessa Butani has been appointed Head of Global Sustainability, from 1 April 2024. Vanessa succee... |
Volvo Trucks has scooped the prestigious industry award for its Volvo FH Electric. It’s the first time ever that an electric truck... |
CRH, the global leader in building materials solutions, and Volvo Group, the leader in transport and infrastructure solutions, hav... |
Italian 
Download all 
Share
Share via mail 
Automotive
Sport
Events
Art&Culture
Design
Fashion&Beauty
Food&Hospitality
Technology
Nautica
Racing
Excellence
Corporate
OffBeat
Green
Gift
Pop
Heritage
Entertainment
Health & Wellness