Italian carmaker Ferrari has outlined significant plans for its workforce, including the addition of 250 new hires in the first half of 2024, as part of its commitment to fostering a culture of collective responsibility. The initiatives were announced by Ferrari CEO Benedetto Vigna, underlining the company’s dedication to its employees.
Workforce expansion: 250 new hires
Ferrari plans to bolster its workforce with the recruitment of 250 new employees in the initial six months of 2024. Half of these hires are expected to be confirmed by January, signifying the company’s strategic move to enhance its human capital.
Broad-based share ownership plan
In an effort to promote a sense of belonging and engagement among its employees, Ferrari will initiate a broad-based share ownership plan. Commencing in early 2024, each employee will have the option to become a shareholder in Ferrari. Participants will receive a one-off grant of shares, valued up to approximately Euro 2,065, in adherence to relevant tax regulations. Employees who retain these shares for a minimum of 36 months will be eligible for an additional tranche of shares, constituting up to 15% of the initial allocation.
This groundbreaking initiative is designed to strengthen the connection between the employees and the company, reinforcing the idea that Ferrari’s success is shared among its workforce. The share ownership scheme will extend to foreign Group companies, adhering to respective national legislations.
Competitiveness award renewal
Ferrari has renewed its Competitiveness Award agreement with trade unions FIM, UILM, and FISMIC, valid for the four-year period from 2024 to 2027. This award recognises the contributions of workers in Ferrari’s Italian companies. With the potential to surpass Euro 17,000, employees have the voluntary option to convert part of its value into Ferrari shares, up to a maximum of Euro 3,000 annually.
The renewed agreement introduces an energy consumption-related (ESG) indicator, aligning with Ferrari’s commitment to sustainability. The inclusion of this parameter reflects the company’s dedication to environmental responsibility.
Health and parenting support initiatives expansion
Ferrari is extending its commitment to employee well-being through an expansion of the Formula Benessere programme. The programme, in existence for over two decades, offers a free annual medical check-up for employees, including clinical examinations and specialist appointments. New laboratories near the Maranello headquarters will facilitate these medical visits.
Furthermore, the Formula Benessere Junior Project, catering to the children of Ferrari employees, will now cover a wider age group, ranging from 4 to 18 years.
Acknowledging the challenges of parenthood, Ferrari is enhancing its support by providing additional agile working opportunities and offering paid leave for parents of children up to the age of 10, in addition to statutory requirements.
These extensive initiatives underline Ferrari’s commitment to prioritising the well-being, engagement, and long-term success of its workforce, reinforcing the company’s stature as a global luxury brand with a people-centric approach.