The proportion of Generation Z (born between 1997 and 2012) entering the Baltic labor market is increasing, with current data showing that nearly one in five workers belongs to this generation. Additionally, it's predicted that by 2025, Generation Z will represent over a quarter of the global workforce.

Many employers in Estonia are paying more and more attention to employee well-being. While there are many aspects to well-being, and financial aspects are certainly not the most important, financial security has a direct impact on our sense of well-being and our quality of life. In fact, it is the lack of money that has a direct impact - there are many studies that show that above a certain level of income, people are less and less motivated and happy when they get a salary increase. At the other end, however, scarcity of money can become a dominant preoccupation in a person's daily life, with no way of overcoming it or getting around it. While pay is not a fundamental component of our well-being, it becomes a central problem when people do not earn enough to live in a humane manner. 

There are many sources where salary information is available— in many countries, the largest salary databases are published on the websites of relevant authorities (in Latvia: the State Revenue Service, in Estonia - the Estonian Tax and Customs Board, in Lithuania - the State Tax Inspectorate). Information can also be found in job advertisements, and, of course, the ever-popular source is “a neighbour said.” Often, information in these sources can vary significantly, which can easily confuse job seekers.

The living wage, or the minimum income level necessary for an individual or family to cover basic needs and maintain a decent standard of living in a specific geographic area, is €1630 gross in Riga for 2024, while in other regions of Latvia, it is €1384 gross, according to data from the compensation survey and management consultancy firm “Figure Baltic Advisory.” Compared to last year, the living wage in Riga has increased, but in the regions, it has changed minimally. In 2023, the living wage in Riga was €1501 gross, and in the regions, it was €1397 gross.

At Figure Baltic Advisory salary survey presentation in Estonia, internationally acclaimed author and management consultant Kai Anderson spoke about the changes in the world of work, emphasising that we are facing a poly-crisis, and to cope with it at the level of the individual, the organisation and society, we need to put human minds and artificial intelligence to work together in the best possible way. To adapt to rapid change, people need the support of their employers, who stand to gain in efficiency gains from rapid adaptation. Describing the modern age as the age of people, Anderson said the power relationship between employers and employees has changed - they are equal partners and will remain so.

Have you ever experienced that what you promised and planned to do turns out to be more difficult than expected, takes more time, resources, energy, etc? "I'll get there! if there’s a will, there’s a way!" people with a more optimistic outlook claim. Those with a more realistic view of the world either protest quietly or openly, but they may not always be heard. Once the plan is made, half the goal seems to have been achieved - what's not to achieve?

ICT sector salaries increased in Latvia by 7,4% - slower than before.

There are many sources where salary information is available. In Latvia, the largest salary database is published on the State Revenue Service (VID) website. Additionally, information can be found in job advertisements, and of course, a perennial source of information is the "word of mouth." Often, the data from these sources is very different, which can easily confuse job seekers. Why are there such discrepancies, and how can one evaluate the information available from each source?

We spoke to Mariel Kivi from the Estonian Ministry of Finance about why central compensation surveys are beneficial for the public sector

In the public sphere and many companies in Latvia, there is a growing focus on employee well-being. However, without a clear understanding of what it truly means, this concept can be misinterpreted. It is important to recognize that an individual's well-being, or how we feel about our life, is composed of several components: career well-being (how much we enjoy our daily work), social well-being (having meaningful relationships with family, colleagues, and friends), financial well-being, physical well-being, and community well-being (how comfortable we feel in our living environment).