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IKEA’s Rewards Program

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IKEA’s Rewards Program

Anyone who doubts whether money motivates should visit IKEA in Renton, Washington, on Excellence Day. Each year, the retailer hands over the entire day’s sales (except sales tax) to its employees, including administration staff who also help customers during the event. A few years ago, IKEA offered a similar bonus for employees around the globe, resulting in a bonus of $1,800 for each full-time employee (prorated for part-time staff). Everyone from Stockholm, Sweden, to Sydney, Australia (shown in photo), was ecstatic about the bonus they received. “IKEA employees worked tirelessly throughout the day and well into the night, showing the same enthusiasm that has helped make the company so successful,” said an IKEA executive of the worldwide bonus-day event.

Companies can learn from IKEA,financial gain also symbolizes personal accomplishments and, consequently, relates to growth needs. People with a high need for achievement are not motivated primarily by money, but they do value money as a source of feedback and a representation of goal achievement. In other words, money is a way of “keeping score” of their success.

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YouSigma. (2008). “IKEA’s Rewards Program." From http://www.yousigma.com.

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