Ikea U.S. offers workers bonuses, retirement contribution amid record 2023
Following record sales growth in its fiscal year, Ikea U.S. is offering bonuses to its employees.
The company will dispense a total of $54.5 million to co-workers across two-thirds of its workforce as part of "One Ikea Bonus" program, a performance-based payout system designed to incentivize “everyone in each location working toward the same objectives.”
On top of bonuses, Ikea U.S. will announce its contribution to Tack! for co-workers this year. Tack!—meaning thank you in Swedish—is a loyalty program that all co-workers within the Ingka Group are invited to participate in to strengthen retirement benefits. Through Tack!, all eligible co-workers get an extra contribution to their pension funds in appreciation of their loyalty and contribution, regardless of their position or salary level.
In FY23, Ikea U.S. had a record year achieving over $6.3 billion in total sales of goods and services, marking a 6.6% growth in revenue from the year-over-year (YoY). E-commerce was also up by 3.3% YoY, and online visitation increased by 6.3% compared to last year.
"Our co-workers are the heart of Ikea and our success in the U.S. is a reflection of their commitment to our values and vision," said Neena Potenza, chief human resources officer at Ikea U.S. "By investing in our people, we are building an Ikea for the future. It is important that co-workers at all levels can be recognized and rewarded. Not only is it the right thing to do, but it is good for our business."
In addition to giving bonuses to its workers, Ikea U.S. also announced price cuts for consumers. Throughout the month of December, the company. will offer discounted items as part of a "24 Days of Deals" promotion and its annual Winter Sale. In November, Ikea U.S. re-introduced New Lower Price, a sale that reduced prices on hundreds of products across the retailer’s entire range in all U.S. stores and on IKEA.com.
Ikea operates 55 U.S. locations, with locations in in San Francisco, Arlington, Va., and Southlake, Texas opening this year.