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workforce expansion

Ferrari Unveils Ambitious 2024 Plans: 250 New Hires, Employee Share-Ownership Program, and Enhanced Bonuses

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Ferrari, the renowned luxury sports car manufacturer, has unveiled its ambitious plans for 2024, signaling a positive direction for the company. In the first half of the upcoming year, Ferrari intends to expand its workforce by hiring 250 individuals. This decision follows recent disruptions caused by worker strikes at Stellantis, GM, and Ford plants in North America between September and October. In contrast, Stellantis is streamlining its workforce in Italy through voluntary redundancy programs. Ferrari’s initiative includes significant enhancements for its employees. The company will introduce a new share-ownership program and improved bonuses. Approximately half of the new hires are slated to join the workforce in January. Ferrari, with a predominantly Italian employee base of over 5,000, will kick off an employee share-ownership plan early in 2024, initially targeting its Italian staff. As part of this program, every employee will be granted company shares with a maximum value of 2,065 euros ($2,208) at no cost. Those who retain the shares for a minimum of 36 months will receive additional shares, amounting to up to 15% of the initial value of the allocation. The use of treasury shares will extend this plan to encompass Ferrari employees outside Italy. Furthermore, Ferrari has successfully negotiated an agreement with the FIM, UILM, and FISMIC unions to extend a competitiveness award program for Italian employees from 2024 to 2027. This annual competitiveness bonus may see an increase to 17,000 euros, up from 13,500 euros in 2022 and 12,000 euros in 2021. Notably, employees will have the option to voluntarily convert a portion of their bonus into Ferrari shares, with a maximum limit of 3,000 euros. These strategic moves underscore Ferrari’s commitment to fostering a positive working environment and reinforcing its position in the luxury sports car market.

Amazon and Target Prepare for Holiday Shopping Rush with Massive Hiring Spree

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Amazon and Target have announced their plans to boost their workforce for the upcoming holiday season. Amazon intends to hire a significant 250,000 full- and part-time employees, marking a 67% increase from the previous year. Similarly, Target has revealed its commitment to adding nearly 100,000 seasonal positions, maintaining the same number as last year. These announcements come on the heels of Macy’s Inc.’s declaration on Monday that it will onboard more than 38,000 full- and part-time seasonal workers at its Macy’s, Bloomingdale’s, and Bluemercury stores nationwide. This represents a slight decrease from the 41,000 seasonal hires planned in 2022. Amazon attributes the increase in available positions to its establishment of over 50 new fulfilment centres, delivery stations, and same-day delivery sites in the United States this year. Additionally, the e-commerce giant has shared plans to invest $1.3 billion in pay raises for warehouse and transportation staff this year, elevating the average pay for these roles from $19 to over $20.50 per hour. John Felton, Amazon’s senior vice president of Worldwide Operations, expressed enthusiasm about the holiday season and the company’s plan to hire 250,000 more workers this year to better serve customers nationwide. To capture consumer attention and provide early holiday shopping opportunities, retailers such as Amazon and Target have been launching holiday deals as early as October, a trend that continues this year. Consumer spending has experienced fluctuations throughout the year, with notable surges in January and subsequent declines in February and March, followed by a recovery in the spring and summer. According to the Commerce Department, retail sales increased by 0.6% in August, partially driven by a significant rise in gas prices. Mastercard SpendingPulse, a tracker of spending across all payment methods, predicts a 3.7% increase in U.S. retail sales (excluding automobiles) from November to late December, representing a decrease from the 7.6% growth observed last year. Deloitte, an accounting firm, also anticipates holiday sales growth, estimating a range between 3.5% and 4.6%.