How to involve your employees even more in the development of the company? That’s certainly the question Ferrari has asked itself, and to answer it, the transalpine brand has just signed a deal with the unions, provides for the distribution of free shares with a total value of ten million euros among 5,000 employees.
According to the group’s official press release, each employee will have the opportunity to become a Ferrari shareholder by receiving free shares with a maximum value of about 2065 euros.
More and more involved employees
This equity program is expected to be launched in the first months of 2024. Ferrari also incentivizes its employees for loyalty, because if these shares are held for at least 36 months, the company will provide an additional tranche of shares, which is up to 15% of the initial allocation.
Along with this initiative, the famous prancing horse brand has also extended the “competitiveness bonus” agreement with the unions for the period 2024-2027. During these years, the annual premium may exceed 17,000 eurosoffering employees the opportunity to convert part of this amount into Ferrari shares, up to €3,000 per year.
According to a representative of the automaker, the exact amount of the next “competitiveness bonus” will be determined in February, taking into account the financial results of 2023. In 2022, employees received a bonus of 13,500 euros in recognition of the company’s excellent results.
All is well for Ferrari
Ferrari’s financial results for the first nine months of the year show continued success, with net profit up 34% to 963 million euros. This figure already exceeds the record profit of 939 million euros recorded for the whole of 2022.
In addition, Ferrari announced an expansion of its workforce by 250 new employees in the first half of 2024, half of whom are scheduled to join in January.
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Source: Auto Plus
Robert is an experienced journalist who has been covering the automobile industry for over a decade. He has a deep understanding of the latest technologies and trends in the industry and is known for his thorough and in-depth reporting.