A portmanteau of flexibility and security is a European term used to denote a welfare state model combined with a pro-active labor market policy. The term was first coined by the social democratic prime minister of Denmark, Poul Nyrup Rasmussen, in the 1990s and refers to the combination of both labor market flexibility as well as security for workers. The European Commission considers flexicurity as an integrated strategy to be implemented across four policy components: 1) flexible and reliable contractual arrangements, 2) comprehensive lifelong learning strategies, 3) effective active labor market policies and 4) modern social security systems providing adequate income support during transitions. In a 2003 report by the Lisbon Employment Taskforce, “Jobs, jobs, jobs — creating more employment in Europe,” temporary work was highlighted as an important component of the flexicurity model. Term mainly used in Western Europe.
Source: Staffing Industry Analysts