Ferrari, the renowned luxury sports car manufacturer, has unveiled plans to expand its workforce by hiring 250 individuals within the first half of the upcoming year.
This announcement, made on Monday, is part of Ferrari’s strategy to reinforce its workforce and enhance the well-being of its employees.
The hiring process is set to commence promptly, with half of the new recruits expected to join the company in January. Currently employing over 5,000 people, Ferrari is predominantly based in Italy, where most of its employees are located.
One of the most significant developments outlined in Ferrari’s announcement is the introduction of an employee share ownership plan, slated for launch in early 2024, beginning with Italian employees.
Under this plan, each employee will be granted company shares, with a maximum value of 2,065 euros ($2,208), completely free of charge.
Furthermore, employees who retain these shares for a minimum of 36 months will be eligible for additional shares, amounting to up to 15% of the initial allocation.
This initiative will initially target Italian employees and will later extend to Ferrari’s global workforce.
As part of its commitment to employee welfare, Ferrari has also entered into agreements with labor unions, including FIM, UILM, and FISMIC, to renew the competitiveness award scheme for its Italian employees from 2024 to 2027.
This renewed scheme could see employees potentially receiving an annual competitiveness bonus exceeding 17,000 euros, a significant increase from the previous maximums of 13,500 euros in 2022 and 12,000 euros in 2021.
In a bid to further align the interests of employees with the company’s performance, Ferrari will allow workers to voluntarily convert a portion of their bonus, up to 3,000 euros, into Ferrari shares.
This move not only incentivizes employees but also deepens their connection with the brand’s success.
Ferrari’s initiatives come at a time when labor disruptions have impacted several North American automotive plants, including those of Stellantis, GM, and Ford.
Additionally, Stellantis has been implementing workforce reductions in Italy through voluntary redundancy programs.
Ferrari’s proactive approach to employee engagement and benefits sets a positive example in the industry, emphasizing its commitment to its workforce and their well-being.