The world’s largest manufacturer of two-wheelers, Hero MotoCorp Ltd has launched a voluntary retirement scheme (VRS) for its employees.
The VRS is applicable to all employees. The company has introduced the VRS to consolidate roles, reduce layers, and increase empowerment in the organization.
Hero MotoCorp has kept the benefits of the employees in core expectations. The company will be providing various benefits to its VRS staff including a package. The company will provide other benefits including a one-time lump sum amount, variable pay, gifts, medical coverage, retention of the company car, relocation assistance, and career support.
The company said, “The VRS has been designed in line with the vision to make the organization agile and ‘future-ready’, consolidating roles and reducing layers to increase empowerment and agility.”
Hero MotoCorp has been trying to manage staff issues. In a span of over the last two years, the company had changed the leadership team. Additionally, the company had new heads for marketing, R&D, procurement, HR, strategy, and electrification.
The company has nearly 9,200 employees across its operations in India excluding the worker workforce. The company has six facilities located at Dharuhera and Gurugram in Haryana, at Chittoor in Andhra Pradesh, Haridwar in Uttarakhand, Neemrana in Rajasthan, and Halol in Gujarat. The company has two facilities globally in Bangladesh and Columbia.
Recently, Air India is offering a voluntary retirement scheme for its non-flying staff. This is the second time the company is offering VRS to employees. The airline is accepting the offer for voluntary retirement till April 30.
