BURLINGTON, ON, Dec. 4, 2015 /CNW/ - Today, the IKEA Group announced that €105 million ($148M CAD) has been paid out to co-workers around the world as part of "Tack!", the company's co-worker retirement savings program. "Tack!", which means "Thank You" in Swedish, pays all eligible employees around the world the same proportional amount in relation to hours worked, regardless of unit, position or salary level.
"At IKEA Canada, our approach to success is integrating both Business and People together. We strive to provide our valuable co-workers with a Great Place to Work filled with development and career opportunities while recognizing their continued efforts and contribution to our success," says Stefan Sjöstrand, President of IKEA Canada. "FY15 was a fantastic year for IKEA Canada, and I'm proud they we have been able to give back to our co-workers and contribute positively towards their deferred profit sharing plan in Canada."
Inspired by the founder Ingvar Kamprad to share in the success of IKEA, co-workers annually receive an extra pay-out in addition to existing benefits and RRSP contribution programs in their respective countries. In addition to Tack! all IKEA Group co-workers are also included in the performance driven One IKEA Bonus that can potentially give every co-worker around the world an extra month's salary a year.
"IKEA Canada has a strong ambition to expand coast to coast, doubling the number of stores in Canada," continues Sjöstrand. "With programs such as Tack!, One IKEA Bonus, competitive wages and benefits, and social and community engagement opportunities, we hope to attract values driven co-workers to steer our continued growth in Canada."
Canadian co-workers agree that Tack! is a meaningful program whereby IKEA is helping them prepare for their future:
"For me, the Tack! program provides a sense of togetherness and accomplishment. ALL IKEA co-workers work towards a common goal and this is a reminder that we all need each other to succeed, no matter what position we hold."
Ernestine, Customer Support Centre Co-worker, Montreal
"The TACK program is a fantastic way to demonstrate the IKEA values in practice. I feel so thankful to work for such a wonderful company that values our uniqueness and that gives back to the co-workers. We invest our passion and enthusiasm every day to help create a better everyday life for the many and IKEA does the same in return by being a fantastic company to work for and showing us by investing in our future.
Donna, Co-worker, IKEA Ottawa
The "Tack!" total funding is divided between all IKEA Group countries, based on each country's proportion of the total salary and wages. A pre-requisite for a funding of the Tack! program is that the IKEA Group achieves their goal. For each completed full financial year of employment, an individual amount will be set aside for each employee as an allocation. After the completion of three consecutive financial years of employment (plus a two year vesting period), the employee begins to receive the allocations as a contribution to a pension plan. In Canada, the allocation will be deposited into a Deferred Profit Sharing plan, which complements IKEA Canada's RRSP program. Every full time IKEA Canada employee will receive $1420 from the 2015 "Tack!" program. Part-time co-workers will receive a proportional amount in relation to hours worked.
Since Tack! was introduced two years ago a total of €305 million has been allocated to the program. The loyalty programme benefits some 128,000 co-workers in 43 countries.
IKEA is a leading home furnishing retailer with 361 stores in more than 50 countries worldwide, which are visited by 821 million people every year. IKEA Canada has 12 stores, an eCommerce virtual store, Pick-Up and Order Points in Quebec City and London, Ontario with four additional Pick-Up and Order Points opening spring 2016. Last year, IKEA Canada welcomed 25 million visitors to its stores and 75 million visitors to the IKEA.ca website. Founded in 1943, IKEA's business philosophy is to offer a wide range of products of good design and function at prices so low, the majority of people can afford them. For more information on IKEA, please visit: www.IKEA.ca.
SOURCE IKEA Canada
For further information: Stephanie Kerr, Corporate Press Officer, IKEA Canada, 905-637-9440 ext. 6378, [email protected]