Hot innovation area: Talent management
IKEA has made HR headlines thanks to its innovative ‘Tack!’ (Swedish for ‘thank you’) program, which is a generous approach to financial bonuses. However, the company is progressive on multiple fronts, including reward and recognition and L&D. The key is empowerment: every employee has an opportunity to create a development plan with their manager and set their goals for the coming year and beyond. “There is no typical IKEA career” is a company motto, and this is reflected in the fact that employees are encouraged to try different roles, functions and even countries several times in their careers.