Ferrari, the luxury sports car manufacturer, has announced plans to hire 250 people in the first half of 2019. It has also introduced new employee benefits, such as a new share-ownership programme and increased bonuses.
This news comes after strikes at Stellantis, GM, and Ford plants in North America disrupted operations from September to October. Stellantis, on the other hand, is reducing its workforce in Italy through voluntary redundancy programmes.
Ferrari has revealed that half of the new hires will begin in January. The company, which employs over 5,000 people primarily in Italy, plans to launch an employee share-ownership programme in early 2024, beginning with its Italian workforce. Every employee will receive free company shares with a maximum value of 2,065 euros ($2,208). Those who hold the shares for at least 36 months will receive additional shares worth up to 15% of the initial allocation value.
The use of treasury shares will allow Ferrari employees outside of Italy to participate in the plan. Ferrari has also reached an agreement with the unions FIM, UILM, and FISMIC to extend a competitiveness award programme for Italian employees from 2024 to 2027.
This annual competitiveness bonus could rise to 17,000 euros in 2022, from 13,500 euros in 2022 and 12,000 euros in 2021. Employees can convert a portion of their bonus into Ferrari shares voluntarily, up to a maximum of 3,000 euros.