Banks, Estonia, Financial Services

"We do not plan extensive layoffs and we hope to continue that way in the future. In Estonia we’ve reacted to less work capacity by making processes more effective. That means we won’t necessarily hire someone to replace those who are leaving but change tasks for the existent workers," Perens said.

Perens emphasised that at the time being the situation is different in the Baltic states, therefore individual labour force regulatory measures should be applied in Latvia, Estonia and Lithuania.

"The Baltic economy is currently cooling off, which is why most of the companies correct the need for human resources, respectively, with changing capacity," noted Perens.