IKEA's $5,000 loss per worker exit led to pay hike

Megha Jain

Content Head
Image Credit: newsbyte

IKEA, the Swedish furniture giant, has been grappling with a significant turnover of employees in the US, UK, and Ireland. The company was losing over 62,000 workers annually due to various reasons, which accounted for about a third of its workforce. This high turnover rate was costing IKEA over $5,000 per employee departure. To address this issue, the company implemented measures to improve worker satisfaction and retention.