2021

JSC “Latvia’s State Forests” – the Fairest Payer in Latvia

JSC “Latvia’s State Forests” (LVM) has been recognized as the fairest payer in the group of large enterprises in 2021 in the annual research carried out by personnel selection, development and remuneration research company “Fontes”.

“LVM's salary system is designed to ensure equal pay to employees for their contribution to the company. It is a great satisfaction that our system is highly valued outside the company and we have entered the very top of the fairest payer,” says Ligita Pundiņa, Head of Personnel Management Unit at LVM.

LVM, being a socially responsible employer, creates a work environment that promotes employee well-being, enhances physical and mental health and welfare. LVM constantly takes care that the level of remuneration and the elements of the remuneration system promote employee motivation and loyalty and that they are comparable with other competitive companies both in the public and private sector in Latvia.

The study assessed employers in a number of stages, examining whether the principle of gender equality is integrated in the company’s work (both in terms of remuneration and representation at the top management level), whether all employees in one position have similar remuneration, and whether remuneration in the company is competitive in the labour market.

“Swedbank” ranks second in the group of large enterprises, followed by “Augstsprieguma tīkls”, “Latvenergo”, as well as the Latvian branch of “Accenture”, which won the title of the fairest payer last year. The group of small and medium-sized enterprises is assessed in this study for the second year. The second place was awarded to “Schwenk Latvija”, followed by the Latvian branch of “Linedata services”, “Cabot Latvia” and “Kinetic Nail Systems”. There are two new entrants in the group of large companies this year – “Augstsprieguma tīkls” and “Latvenergo”, but only the Latvian branch of “Linedata services” has remained in the group of small and medium-sized companies out of last year's leaders.