IKEA Canada has reported a significant decline in employee turnover during its 2024 fiscal year. The company’s annual turnover rate fell from 35% at the beginning of the fiscal year to 24.5% by year-end, marking the lowest turnover IKEA Canada has experienced in a decade.
This rate is also well below the national retail industry average of 37.4%, it said.
The home furnishing retailer attributes the reduced turnover to several workplace initiatives aimed at enhancing job satisfaction and employee well-being. This year, IKEA Canada 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.
We are proud of the ongoing dedication of our co-workers from coast to coast who meet our customers with care, support our communities in need, and help to create a better everyday life for the many Canadians who seek affordable solutions that help them live more sustainable and fulfilling lives at home,” said Selwyn Crittendon, CEO and Chief Sustainability Officer at IKEA Canada. “During challenging times, we remain focused on lowering prices and siding with Canadians when they need us most. We are optimistic for the year ahead and know that our continued investments will help to make an even better IKEA to meet the needs of our co-workers, customers, and communities for generations to come.”
IKEA Canada has sought to balance employee satisfaction with operational goals in a year marked by ongoing economic uncertainty. Its overall sales saw a slight decline, with a 1.4% drop from the previous year to $2.87 billion.
The company emphasized its ongoing commitment to affordability, community support, and sustainability, particularly through initiatives like its partnership with Furniture Bank in the Greater Toronto Area and ongoing collaborations with Indigenous communities.
