To fuel the future growth of IKEA, the brand maintained its focus on recruiting quality talent while creating life-long relationships with its existing co-workers. Last fiscal, IKEA Canada saw a significant decrease in co-worker turnover rate, starting the year at 35 percent and ending at 24.5 percent, the lowest turnover rate in a decade and more than 10 percent less than the industry average of 37.4 percent.
IKEA Canada says it plans to continue this downward trend by focusing on the things that matter most to co-workers such as flexibility, financial tools and options, development opportunities, and mental health benefits. It also plans to boost wages and employ new technologies to improve retention and recruitment.
In 2022, across the company’s 600-plus stores and warehouses the quit rate fell to 17.5 percent in April, from 22.4 percent in August. In the U.S, UK, and Ireland, each departure cost IKEA $5,000 or more in rehiring and retaining costs, according to a Bloomberg article. In the U.S., the company’s quit rate is more than 70 percent higher compared to other industries, according to a 2022 McKinsey report.
