Ferrari recently unveiled ambitious plans to boost employee engagement by launching a ground-breaking shareholding plan and improving its bonus system. This initiative comes at a time when other players in the automotive industry are facing disruptions in their teams.
While Ferrari was named the world’s fifth best employer by Trading Platform last October, the Italian automaker shows no signs of stopping there. And the prestigious luxury sports car manufacturer has announced the launch of a new shareholding plan at the beginning of 2024.
Initially rolled out in Italy, the plan will enable every employee to receive free shares in the company.
“Each employee will have the opportunity to become a Ferrari shareholder, receiving free shares, on a one-off basis, with a maximum value of approximately 2,065 euros,” the group states in a release.
But Ferrari adds: “If the employee keeps the shares for at least 36 months, the company will grant an additional tranche of shares worth up to 15% of the first allocation”.
The plan will be financed by the use of treasury shares. It will be extended to Ferrari employees outside Italy in the coming months.
Strengthening the workforce and union collaboration
The Prancing Horse brand, which employs over 5,000 people, mainly in Italy, is not stopping there. The Italian automaker has announced its intention to hire 250 people in the first half of 2024, with half of these new recruits scheduled to start in January.
This statement comes in the wake of disruptions caused by strikes affecting operations at various North American plants owned by Stellantis, GM and Ford between September and October. At the same time, Stellantis is reducing its workforce in Italy through voluntary redundancy programs.
Ferrari has also renewed an agreement with the FIM, UILM and FISMIC unions to extend its competitiveness reward plan for the period 2024-2027. Under the terms of this agreement, the annual competitiveness bonus could reach up to 17,000 euros, surpassing the amounts of previous years (13,500 euros in 2022 and 12,000 euros in 2021).
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