Ingka Group says “Tack!” by investing €96 million in co-worker retirement funds
The Tack! loyalty program – which means ‘thank you’ in Swedish – rewards co-workers for their loyalty and to the success of IKEA
Burlington, Ontario - Today, Ingka Group says thank you to its co-workers across the world through Tack! – the Inkga Group loyalty program. Inka Group announced it will pay another €103 million ($154.8 million Canadian) into co-worker retirement programs for their loyalty and contribution. For Fiscal Year 2019, every full-time co-worker in Canada who has worked at IKEA for a full fiscal year, will receive $1,498.00, regardless of their position or salary level. Eligible part-time co-workers will also receive a proportional amount in relation to hours worked.
“We know that IKEA co-workers are our best ambassadors and the key to developing our business and delivering strong results,” said Marsha Smith, President of IKEA Canada. “No matter where you work at IKEA, you are contributing to our success and continued growth. That is why it is so important for us to share this success equally.”
In Canada, the Tack! loyalty program operates as a deferred profit sharing program. As part of the program, IKEA Group co-workers annually receive an extra pay-out in addition to existing RRSP contribution programs. Tack! is part of IKEA Canada’s Total Rewards package for co-workers, which also includes a performance-driven bonus program, subsidized meals, a co-worker discount and a Group RRSP.
The Tack! loyalty program launched in 2013 based on the wish of IKEA founder Ingvar Kamprad to share the success of IKEA with all co-workers around the world. Since then the Ingka Group has paid out €612 million globally. The global funding is divided between all IKEA Group countries, based on each country’s proportion of the total salary and wages. The payout is dependent on the total results of Ingka Group during the previous financial year.
ABOUT IKEA CANADA
IKEA Group is a leading home furnishing retailer with 357 stores in more than 29 countries worldwide, which are visited by 817 million people every year. IKEA Canada has 14 stores, an eCommerce virtual store, five Pick-up and order points and 17 Collection Points. Last year, IKEA Canada welcomed 30 million visitors to its stores and 104 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 that as many people as possible will be able to afford them. For more information on IKEA Canada, please visit:www.IKEA.ca.
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