Iceland is the first country in the world to require employers to prove they offer equal pay to their employees regardless of gender for work of equal value.
To prevent both direct and indirect pay discrimination, Icelandic companies and institutions with 25 or more employees are required by law to implement an equal pay management system called “the Equal Pay Standard.”
Companies are required to undergo an audit by a certified body. The certifier analyzes several of the company’s processes, including job descriptions, hiring processes, pay raises, equal rights policy, salaries, and decision-making processes, to insure they all meet the requirements.
Companies that comply with the demands of the Equal Pay Standard receive a certification and a quality label (the Equal Pay Symbol) that testify the company offers equal pay for work of equal value.
LS Retail received its official certification on 8th June 2021.
“LS Retail is fully committed to equal opportunities, regardless of gender, age, nationality, or beliefs. This certification is the official confirmation that our recruiting, training and remuneration processes are fair and effective,” says Bergthora Hrund Olafsdottir, Chief HR Officer at LS Retail. “Although we are very happy with our achievement, this is just one step in a long journey. We will keep on auditing our internal processes and improving them to ensure that all our employees worldwide can always enjoy fair and equal work conditions.”