Flexicurity is a policy approach that attempts to combine flexibility of labour markets for employers and security of employment for employees. It has the potential to substantially enhance the competitiveness of the European economy and create higher levels of employment.

The European Foundation for the Improvement of Living and Working Conditions (Eurofound), the Dublin-based EU agency, has drawn on its research results to produce a resource pack containing fact sheets covering the issue from three distinct perspectives: finding the right approach nationally from the Member States, putting flexicurity into practice at company level, and evaluating the impact of flexicurity on workers' lives – as well as providing an analysis of how flexicurity affects vulnerable groups.

The idea of flexicurity is straightforward: the need of employers to be flexible has to be balanced with the workers’ need to have a secure income. However, getting to grips with the different components of flexicurity and understanding the diverging approaches of Member States remains a challenge. One fundamental question to be addressed is: which parties should assume the main responsibility for ensuring both security and flexibility – employers, the state, or a combination of the two in conjunction with the social partners? The responsibility for flexicurity should be shared between all partners involved and all levels, if it is to be a successful approach.

"A one-size-fits-all approach across Europe to flexicurity will not work – each labour market has its own characteristics to take into consideration," argued Jorma Karppinen, Eurofound’s Director, at the launch of the resource pack on 1 October 2008. "Our work is aimed at creating a better understanding of the challenges and realities involved, offering advice on how to achieve flexicurity that benefits workers, employers and the state."

Eurofound argues that flexicurity will go from being a buzz-word to a reality in all EU labour markets in the coming years. A proper approach to flexicurity requires security based on employment security, not job security, and containing a mix of rights and tools. Given the multidimensional nature of flexicurity, policymakers have to strive for an integration of different policy areas, to be able to provide flexible and reliable contractual arrangements, comprehensive lifelong learning programmes, effective active labour market policies, and modern social security systems. Crucially, the most vulnerable workers need specific attention so as avoid the risk of falling into in-work poverty.