CONSHOHOCKEN, PA--(Marketwired - December 19, 2013) - A new IKEA program called "Tack!" -- Swedish for "thank you" -- was just announced. The "Tack!" program rewards everyone who has been with IKEA for over five years with an annual contribution to their individual retirement plans -- assuming that pre-agreed global targets are reached. Tack!
will start with an initial IKEA Group global funding of EUR100 million ($137 million*).
"Tack! is the Swedish word for 'thank you' and we want to show appreciation and gratitude for our co-workers' loyalty and contribution. The program is inspired by Ingvar Kamprad's wish to share success with all IKEA co-workers. All of them, no matter what position they hold, contribute and are important for our continued growth," stated Peter Agnefjäll, CEO and President of the IKEA Group.
Under the Tack! program, all full time co-workers will receive the same amount, regardless of their department, their position or salary. Part-time workers will receive a proportional amount dependent on their hours. The annual payouts will go directly into individual retirement plans. Each full-time and part-time co-worker must work for the IKEA Group for five consecutive years in order to receive a contribution. Tack!
funding will be decided annually with a pre-requisite that result goals of the IKEA Group are reached, and will be implemented with respect to local country laws and regulations.
"IKEA strives for long-term relationships with the people who are important to our success -- our co-workers. In the US, over 44% of our co-workers have 5 plus years with IKEA. This means nearly 5,700 could be eligible for the first pay out. We feel confident that the Tack!
program will be an incentive for co-workers to stay and grow with IKEA," commented Mike Ward, IKEA US president."
Tack! is being launched only a few months after the announcement of the One IKEA Bonus Program. This is a performance driven bonus system for hourly and salaried full-time and part-time co-workers paid annually when set goals are reached.
"We believe that these two programs will strengthen the IKEA Group as a great place to work, today and in the future," added Peter Agnefjäll.
*December 18, 2013 - One euro is equivalent to $1.37
The IKEA vision is to create a better everyday life for the many people. Our business idea supports this vision by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them. There are currently 303 IKEA Group stores in 26 countries, including 38 in the US. IKEA was founded in Sweden in 1943. The IKEA Group employs 136, 000 co-workers and had 690 million visitors during financial year 2012. For more information, please visit www.IKEA.com.