Big bonus for Ferrari employees

http://khon2.com/2014/04/10/ferrari-gives-employees-a-special-bonus-after-a-stellar-profits/

The luxury Italian automaker is handing out massive bonuses as a reward for stellar profits in 2013.

Each employee is getting a bonus worth roughly three months of their salary as part of a three-year bonus plan.

On top of that, Italian workers are set to receive just over $57,000 in recognition of the excellent financial results achieved last year.

The company’s revenues climbed 5% and trading profits were up 8.3% in 2013.

Good for them. Take care of your employees and they will take care of you.

Ferrari is doing a lot of things right. Good for them.

mazdeuce wrote: Ferrari is doing a lot of things right. Good for them.

Tell that to Alonso. :)

I'm all for a company taking care of its employees voluntarily. Though as someone who has lived in Italy and knows how powerful the trade and labor unions are there, I have to wonder if these "bonuses" and profit-sharing were something that was written into a union contract, rather than just being given out of the goodness of Ferrari's corporate heart....

Good for the workers, either way

It'd be a hell of a lot better for the employees to give them a 15% raise, no?

Until next year's sales are flat, falling short of projections, resulting in layoffs.

I guess they changed the article since Woody linked it. They changed the $57k to $5700 and it says exactly what Irish44j mentioned regarding it being a deal made with the unions.

What's the company car situation over there I wonder?

irish44j wrote: I'm all for a company taking care of its employees voluntarily. Though as someone who has lived in Italy and knows how powerful the trade and labor unions are there, I have to wonder if these "bonuses" and profit-sharing were something that was written into a union contract, rather than just being given out of the goodness of Ferrari's corporate heart.... Good for the workers, either way

What part of italy? I here that the north practically subsidizes the south, meaning the people that actually want to work are up north. They may be part of a union at ferrari, but I doubt it is one stupid enough to push so hard for concessions that they force Ferrari to lay off workers or worse go bankrupt.

HAZZARD wrote:

irish44j wrote: I'm all for a company taking care of its employees voluntarily. Though as someone who has lived in Italy and knows how powerful the trade and labor unions are there, I have to wonder if these "bonuses" and profit-sharing were something that was written into a union contract, rather than just being given out of the goodness of Ferrari's corporate heart.... Good for the workers, either way

What part of italy? I here that the north practically subsidizes the south, meaning the people that actually want to work are up north. They may be part of a union at ferrari, but I doubt it is one stupid enough to push so hard for concessions that they force Ferrari to lay off workers or worse go bankrupt.

I lived in Naples. I can't say I've ever heard that about the north vs. the south in terms of work. Northern Italians do not generally have good feelings for Neapolitans, Sicilians, or southern Italians (mostly because throughout history they were not always the same country/kingdom/culture). But 2 years in Naples and having spent time in Brindisi and Sicily, I never really got the impression that people in the south didn't want to work. It just so happens that the major cities in the North are the industrial center of the country and major urban centers of finance, fashion...Milan, Florence, Genoa, etc) Whereas the south is more rural, traditional, and with far less high-dollar industry. I mean, it is what it is. South of Naples you really don't have a ton of major urban or industrial centers, so there's more farming and lower-value industry (in spite of some poorly-designed national plans to develop the south). And there is MAJOR corruption in the south (particularly Sicily). It's not just a cliche' that the mafioso controls everything down there, which has been a major roadblock to economic development and modernization. The south is an agricultural area, and it will never be the economic power that the North is. South also has to deal with more corruption, a lot of immigrants from north Africa (legal and illegal), and a less modern/cosmopolitan worldview. If you go down south, nobody there is like "woe is me because my per capita is half what it is in Milan." They just go about their business, and really couldn't give a E36 M3 what is happening in Milan or Florence or Venice. Except Naples. Neopolitans, as a general rule, very much dislike northern Italy, and vice versa. Totally different cultures and ways of living...

Damn, but I digress. My statement wasn't meant to indicate that it being a probable union deal was a "good" or "bad" thing. Unions are far more prevalent and powerful there than they are here, so it was a pretty simple thing to assume that profit-sharing and bonuses were built into union deals with Ferrari. I would have been highly surprised if it wasn't, honestly.

Good for the workers, either way

Exactly. I give zero E36 M3s about the goodness of ferrari's corporate heart. If the unions are able to turn increasing profit into increasing income, they are doing their job and everybody is benefitting.

$57K.. Not bad...

About half what a finance guy on wallstreet's secretary would receive as a bonus...

They get 200%-400% Bonuses each year. I chose poorly in school.

Vigo wrote:

Good for the workers, either way

Exactly. I give zero E36 M3s about the goodness of ferrari's corporate heart. If the unions are able to turn increasing profit into increasing income, they are doing their job and everybody is benefitting.

Agreed.