Ulrika Biesert oversees a lot of people—170,000 globally, to be exact. She’s the global people and culture manager at ingka, which operates IKEA stores in 31 markets.
To help co-workers cope with rising food and energy costs during the pandemic, ingka doubled their staff discount to 30% at store-in-store food markets and on 2,000 energy-saving products. The company also established a social fund for those in need.
With a recession looming and inflation sky rocketing, many companies are offering cost of living bonuses and salary hikes. IKEA retailer Ingka, which oversees 392 IKEA stores and employs 170,000 people across 31 markets, is taking a different approach to help workers cope with surging food and energy costs. The company is launching a EUR10 million social fund to support its most cash-strapped employees and doubling staff discounts to 30% on the store’s Swedish food market and on thousands of energy saving products.
A company spokesperson said the new EUR10 million social fund would be available in all 31 markets, and employees could apply for financial assistance if they needed it. The company will assess applications on a case-by-case basis and determine whether to provide money and how much. The company is also doubling employee discount to 30% on its Swedish food market and on thousands of energy-saving products such as water saving taps, light bulbs, bedspreads and appliances.
With a recession on the horizon and inflation sky high across Europe, employees need their companies to look after them. That’s why the owner of IKEA stores, Ingka, is offering a social fund and bigger staff discounts to help workers deal with rising living costs.
Ingka’s social fund will be available in all 31 markets where the company operates. It is not a loan, and the company will decide if and how much money to give each employee on a case-by-case basis, a spokesperson tells UNLEASH. The company will also double its staff discount to 30% for items in its store-in-store food markets, and on thousands of energy-saving products such as water saving taps and light bulbs.
In addition, the company will increase season ticket discounts and bolster its ’Tack!’ loyalty programme, which rewards employees who have worked for the company for a minimum of five years with contributions to their individual pension funds.
Paid Time Off
At a time of a global cost-of-living crisis, with inflation sky rocketing across Europe and the US, ingka benefits has taken steps to help its staff. Ingka Group co-workers have been awarded a one-time ‘One IKEA Bonus’ and a one-time global appreciation gift, as well as a pay increase, an expanded PTO and vacation package, education assistance and back-up care for children and adults. The company’s Tack loyalty programme has also made its largest yearly contribution ever, contributing over EUR 110 million to co-workers’ individual pension funds.
Get the latest C-suite news and advice, straight to your inbox. Sign up for our newsletter today!
Flexible Working Hours
Companies can offer flexible working hours that allow staff to shift their working day by starting earlier or finishing later. Expectations and guidelines can be outlined in employee contracts to ensure that a healthy work-life balance is maintained. This flexibility can help employees save on costly food and energy bills, helping them avoid stress, anxiety and dissatisfaction with their job, according to research from European employment agency Personio.
ingka’s current co-worker total rewards package includes an annual One IKEA bonus based on company and market performance, a competitive RRSP program, the Tack! Ingka loyalty program, subsidized uniform and safety boots and an annual Swedish cultural experience trip to Almhult. The group also provides education assistance and back-up child care. Employees can also take advantage of a 30% co-worker discount on store-in-store food products and a wide variety of energy-saving products such as LED lights, water-saving taps and bedspreads.