Firmenich has become only the second company in the world to achieve living wage certification across its global operations.
NGO Fair Wage Network awarded the Swiss fragrance and taste firm the certification three years ahead of the company’s target completion date, following ‘rigourous’ assessment; back in 2021, Firmenich committed to providing a certified living wage to 100% of its employees globally by 2025.
"I am very proud that Firmenich is one of only two companies worldwide to have succeeded in securing living wage certification," said Gilbert Ghostine, CEO of Firmenich.
"As a critical pillar of our inclusive capitalism model, our progressive approach aims at creating a positive impact for all our stakeholders, and our employees are key to making us thrive as a responsible business.
“Ensuring that people, wherever they are, earn a living wage is a critical step towards building a more equitable and inclusive workplace and society.
“Fair Wage Network recognises our concrete achievements in embedding fair compensation across our group and I am particularly pleased this is raising the standard in our industry.”
Methodology wise, Fair Wage Network defines the living wage for each country where a company has employees.
These thresholds then help assess whether the fixed compensation paid to all employees in each country meets the living wage standard.
Ghostine, who will soon retire from his position as CEO as part of a management shake-up following the Firmenich-DSM merger, said he hoped the company’s certification would “inspire other organisations to join our efforts”.