In the aftermath of neoliberal reforms and the emergence of the activation paradigm, welfare states’ recalibration based on the social investment and social innovation strategies, influences not only the definition and management of social risks, but also those who are expected to implement and administer reforms. This article explores the perceptions and experiences of traditional social work professionals and emerging social policy workers in a context of weak welfare policies. A qualitative study of three policy areas in the region of Veneto highlights the specific declination of social investment and social innovation in this context and shows the tensions emerging among social policy workers.