IKEA Employee Benefits Review: Are Their Careers Worth It?

IKEA Employee Benefits Review: Are Their Careers Worth It?

The Swedish multinational retail giant IKEA is known for its ready-to-assemble furniture, home accessories, appliances, and more. Now considered the world’s largest furniture retailer, it was founded in 1943 by Ingvar Kamprad, a 17-year-old carpenter. It is one of the few multinational companies that hasn’t gone public, and is still owned by a few shareholders (mostly INGKA Holding).

The company started as a mail-order sales business and began selling furniture in 1948. Today, IKEA has 423 outlets in 52 countries and currently employs 208,000 people. In 2018, the company generated $43 billion in revenue.

If you’re looking for a job at IKEA, continue reading to learn more about IKEA employee benefits.

IKEA Employee Benefits Team

Simon-Lowes-Ikea

Simon Lowes – US Chief Human Resources Officer

Simon Lowes became the US Chief HR Officer for IKEA in December 2017. He initially joined the company as an HR manager in 2006. Right now, he handles the entire US workforce of IKEA, and acts as the ambassador and spokesperson for IKEA in the US.

Before IKEA, Lowes worked as a commercial manager at B&Q for 2 years. Prior to that, he worked as a store manager at Woolworths for 6 years.

He received his Associate CIPD Level 5 from the Manchester College of Arts and Technology in 2008. He completed his master’s in HR management in 2017 from Villanova University. Lowes is a certified analyst of the Predictive Index and a certified global trainer for the Inter IKEA Group.

Find Simon Lowes on:

LinkedIn

What are IKEA’s Employee Benefits?

Employee BenefitDescription
Health InsuranceAll workers who work more than 20 hours per week can opt for Platinum and Gold medical plans. Hourly workers also get insurance. You can choose between Cigna and Kaiser plans.
Dental InsuranceCovers all dental procedures, including orthodontics. 3 free cleanings per year are provided and most procedures (like fillings) are fully covered in the plan.
Vision InsuranceOne checkup per year is free and one pair of glasses or contacts is provided every 2 years.
Flexible Spending Account (FSA)It allows you to pay for out of pocket expenses like pre-tax deductions for daycare. You’ll receive a VISA card that’s accepted at most providers.
Pet InsurancePet insurance is provided to all employees who have pets or are about to get a pet.
401(k) PlanYou get a 4% match on the first 100% and 2% on the next 50% of contributions by coworkers. You have access to your account from day one, including the money IKEA has contributed.
Retirement PlanIf you work at IKEA for more than 6 months, you can opt for the ‘Tack’ retirement plan.
Maternity & Paternity LeaveIf you’ve worked with IKEA for at least 1 year, both parents get 6 weeks off with full pay and another 6 weeks at half pay. If you’ve worked for more than 3 years, you get 8 weeks with full pay and another 8 weeks at half pay.
Adoption AssistanceYou can get a leave for up to 8 weeks if you the child you’re adopting is below the age of 1. If the child is older than one, you get 4 weeks off. Furthermore, you can get reimbursement for any extra adoption-related expenses.
Reduced or Flexible HoursYou can be flexible with your hours but it is discouraged. You can opt for reduced hours, especially if you’ve taken care of your responsibilities.
Vacation & Paid Time OffYou get 22 days of paid time off per year in the first 5 years. If you’ve worked for more than 5 years, you get 28 days PTO. You can also accrue overtime hours and increase your PTO.
Sick DaysYou get 22 hours of sick time per year for the first year and 40 hours after that (keeps increasing the longer you work at IKEA). Sick days don’t accrue at the end of the year.
Employee DiscountYou get 15% off on all the items in the stores. The discount applies to sale prices as well.
Employee Assistance ProgramEmployees are taken care of if they experience a bad event during work hours or work trips. For example, access to therapist counseling is provided for people that are traumatized due to a work-related incident.
Company Social EventEvents include an annual Christmas party, BBQ’s, holiday gifts, free meals at peak times, etc.
Tuition AssistanceIf you’ve worked at IKEA for more than a year, you can opt for the tuition assistance provided that your courses/classes align with your current job.

What Employee Benefits is IKEA Known for?

Ikea-employee-benefits

IKEA is considered one of the best places to work at by its employees since their employee benefits are better than what’s generally available in the US.

The company is commonly known for the following benefits:

  • Health insurance plan.
  • Up to 28 days of PTO.
  • 6 fully paid weeks off and 6 weeks off at 50% pay for maternity and paternity leave.
  • Retirement plan.
  • Dental and Vision coverage.
  • Employee discounts
  • Subsidized meals for employees.

IKEA is one of the few companies that provide a permanent discount on all its items, even if they are newly launched products. There is a 15% discount on all items in every store. You get the discount even if the item is already on sale.

The paid time off is one of the best in the country with 22 days of PTO in the first 5 years. For the next 5 years, you get 28 days. If you consistently work overtime, you can accrue it to increase your PTO. Any maternity or paternity leave is completely separate from your PTO, but you can use it if you want a longer leave.

The health insurance plan is considered one of the best in the US. Every employee who works more than 20 hours per week can opt for health insurance. You can choose between gold and platinum plans with Cigna or Kaiser. Most checkups and procedures are covered in the plan.

IKEA also provides complete pet insurance on up to two pets per employee (the kind of pets are limited). Checkups and vaccinations are covered, while major operations are only partly covered.

Compared to the employee benefits of other companies, IKEA tends to come out on top due to the utility its benefits provide, both, financially and personally.

How does IKEA Help with Student Loans?

IKEA doesn’t have any student loan assistance programs in place, but it does have an established tuition assistance program. As long as your studies align with your IKEA career path, you can get reimbursed for up to half of your tuition.

For 2018 graduates, the average student loan was $28,565. This has led to graduates finding unique ways to pay off their loan one dollar at a time.

Some companies have started to utilize this crisis to increase employee retention by providing student loan assistance. Companies are doing this by either, providing it as an additional benefit, or by offering a choice between other benefits and student loan assistance.

Companies that provide student loan assistance, or at least counsel employees on how to pay off student loans, tend to attract top talent from universities and other companies.

Furthermore, companies like FutureFuel provide a way for employers to assist employees in paying off student loans. The platform simplifies the benefit implementation process and makes student loan management easy. The companies that want to offer student loan support to their employees can implement the benefit efficiently through FutureFuel.

How do IKEA’s Employee Benefits Change for Different Jobs?

IKEA’s employee benefits stay more or less the same for all employees, whether they are part-time or full-time. Additionally, the benefits stay the same for all regions since most IKEA stores are owned by the company itself.

IKEA provides the same benefits to both its corporate and store employees. The only difference in the benefits provided is that the longer you work for the company; the more upgrades you get in your benefits.

However, you do need to work with IKEA for at least one year to be eligible for all benefits. Otherwise, you’re limited to basic benefits.

How IKEA Improved its Benefits Packages Overtime?

Over the years, IKEA has been consistent with the benefits it provides. However, it has introduced improved versions of the benefits it provides.

IKEA tends to set itself apart from other companies, and it does so by providing these better versions of the benefits.

Some improved IKEA employee benefits are:

  • Better health insurance with platinum plans, with the option of choosing from multiple healthcare providers.
  • The introduction of the ‘Tack’ retirement plan along with the 401(k) plan.
  • There is paid parental leave for all employees (both full-time and part-time).
  • Improved tuition assistance for all employees who have worked at IKEA for more than one year.

IKEA has been known to stick to its classical employee benefits, like the Tack plan, while also adding contemporary benefits, like tuition assistance – setting employees up with the best of both worlds.

Are IKEA Careers Worth It?

IKEA values its employees and considers them to be the reason behind its modernistic and innovative nature. That is why they provide employees with some of the best benefits in the industry.

Things like efficiency are valued, a solution-oriented mindset is developed, and, both, professional and personal growth can be observed.

For people who want to develop a career in retail, you should consider an IKEA career because:

  • It is one of the biggest retailers in the world and the biggest furniture retailer.
  • IKEA allows you to work on-site, remotely, or freelance.
  • Benefits are provided to all the employees, regardless of their status.
  • Long-term employees enjoy unparalleled benefits.

On top of all the things that make IKEA a great place to work, there is also a collaborative culture that’s fostered by the company and the managers, which makes working at IKEA a breeze.

Discover IKEA Jobs and Careers

If you’re considering building your career at IKEA, keep an eye out for job openings on the following platforms:

IKEA Careers

IKEA’s company career page lets you search for the job you want by keyword and location search. You can also connect your LinkedIn for a ‘Profile job match’. You can also browse through categories that pique your interest, like Design, Creation, and Communication, Production & Supply Chain, etc. There are over 1,800 jobs posted on the company page, ranging from Sales Associate to Communication & Interior Designer. There are hardly any contractual jobs or internships – most jobs are either full-time or part-time.

IKEA LinkedIn

IKEA’s LinkedIn mainly posts jobs for its corporate sector. With approximately 600 jobs posted on the page, some of them include SEO Specialist, Supply Planner, Press Officer, Business Developer, HR Generalist, and more. The page includes jobs of all levels, including executive openings, and also has internships posted for retail outlets.

IKEA Indeed

Indeed provides a greater number of job postings than LinkedIn and lets you apply directly to the company. With 700 job postings, it includes all kinds of openings like Warehouse Associate, Operations Specialist, People & Culture Generalist, etc. You can check the Q&A section to get answers to queries like, “Does IKEA employees get paid weekly or bi-weekly?” You can also check out reviews from former and current employees, and find out the average salaries for different jobs at the company. For example, a Sales Support Representative earns around $77,962 per year, on average.

 

Submit A Review

Are you a current or former employee?:

Employment Status:

Title

Rating

Description

Advice to Management