Listeds met with Ulrika Björkstam to discuss resilience, a skill that can be developed at both the individual and organizational levels. Based on her work with Nordic executive teams, low organizational resilience tends to surface in recurring patterns.

In business culture, resilience is often confused with individual toughness. According to Ulrika Björkstam, author and certified resilience coach, that assumption is increasingly part of the problem.

“Resilience is not a personal trait that some people have, and others don’t. It’s a skill set,” says Björkstam, the author of the book Develop Resilience (Kehitä Resilienssiä, 2025). “No one is resilient on their own.”

Björkstam has worked extensively with companies and executive teams after becoming certified as a resilience coach, drawing in part on her own experience of surviving a plane crash in Mexico City in 2008. Her perspective aligns closely with resilience science.

She points to the work of psychologist Ann Masten, who defines resilience as the capacity of dynamic systems to withstand or recover from significant disturbances. Masten’s research shows that resilience emerges from interacting systems, involving individuals, teams, leadership, and communities, working together rather than from personal strength alone.

The Nordic context: strong cultures, fragile assumptions

Ulrika Björkstam, photographed by Dorit Salutskij.

Nordic companies are built on trust, autonomy, and low hierarchy. These remain real strengths. At the same time, fewer people are able to show up fully at work.

Yle reported last year, citing Finland’s social insurance institution Kela, that mental health-related sick leaves cost Finnish society at least €1 billion annually, equivalent to around 26,000 full-time workers being absent for a year. The figure has risen steadily over the past decade.

Finland is not an outlier. Research summarized by Karolinska Institutet (2025) shows that common mental disorders – including depression, anxiety, and stress-related ill health – are now the most common cause of sick leave benefits in Sweden, underscoring a broader Nordic trend.

Yet many organizations still respond with individual-level solutions: wellbeing apps, coaching, or occupational health services that intervene only once people are already exhausted.

“People tend to lean towards occupational health services when they are already in the red zone,” Björkstam says. She challenges the logic behind this approach.

“It’s a blind spot if we think resilience is only the individual’s responsibility and we don’t look at how leadership and management affect it.”

International research supports this view. Harvard Business Review (2025) argues that stress is often misframed as a personal issue rather than an organizational risk, and that companies should link employee stress to outcomes such as revenue and performance in order to design targeted interventions that strengthen long-term competitiveness.

Why tenacity alone no longer works

Those who take pride in being tenacious, sisukas, may need a moment of self-reflection. As Björkstam points out, resilience does not mean gritting your teeth and figuring everything out alone – the familiar Finnish instinct captured in the phrase “ei tartte auttaa,” meaning no need to help.

“Perseverance and tenacity are not a guarantee of moving forward,” she says. “We can be very adamant about holding on to what used to be, even when the situation has changed.”

Resilience, as she defines it, is not about returning to a previous state. It is about adapting to new conditions and continuing to function despite change. That requires skills beyond endurance: emotional regulation, stress recovery, critical thinking, cooperation, and clarity of direction.

Organizations that rely solely on individual toughness often appear resilient on the surface until fatigue, silence, and disengagement begin to accumulate.

How lack of resilience shows up inside companies

“There’s a limit to all of our resilience. If we’re facing too much at the same time, all of us have our breaking points,” Björkstam says. Individual factors such as poor sleep, nutrition, and lack of movement all play a role, but she emphasizes that the decisive factor is how work itself is designed.

From her work with Nordic executive teams, low organizational resilience tends to surface in recurring patterns.

  • Unclear priorities and decision paralysis
    When leaders avoid trade-offs, work accumulates and stress compounds.


  • Silence during meetings
    People do not challenge decisions openly, but discuss risks informally afterward. “That silence is often a signal of not having enough psychological safety,” Björkstam says.


  • Overreliance on a few high performers
    Responsibility concentrates until burnout becomes inevitable.


  • Fear of mistakes
    Problems are hidden, or blame is shifted, slowing learning and increasing risk.


  • Prolonged uncertainty without anchors
    Leaders emphasize what is unknown but fail to communicate what will remain stable.

These are not individual failures. They are organizational signals.

Psychological safety is the infrastructure of resilience

Resilience is tested most during uncertainty, disagreement, and change. That is where psychological safety becomes operational rather than theoretical.

“In situations where we need resilience, we often need difficult conversations. And we cannot have difficult conversations if we don’t have psychological safety.”

Executives often delay communication until they have full answers. Björkstam argues that this creates more anxiety, not less.

“The change has already happened,” she says. “You have already created an environment of uncertainty.”

Ignoring the emotional impact of that uncertainty undermines trust and weakens resilience. Psychological safety allows teams to surface risks early, challenge assumptions, and adapt without fear.

“Sometimes you might be the one who sees that a decision is based on false assumptions, but you won’t speak up if it doesn’t feel safe,” she says. Björkstam notes that one of the most common situations she encounters with clients is a fear of speaking up and taking space, driven by concerns about being labeled a pessimist or the bearer of bad news.

How leaders know whether their organization is resilient

Before turning to leadership practices, Björkstam suggests assessing whether resilience is already present in everyday work.

Signs of resilience show up in how flexible decision-making is, how problems are received, how teams adapt to shifting priorities, and how absence levels evolve over time. Employee and customer feedback also provide early signals of whether the organization is prepared for shocks or already close to its breaking point.

For boards in particular, Björkstam argues that resilience rarely requires new metrics. It becomes visible in existing data if leaders know what to look for.

What resilient leadership looks like in everyday practice

Resilience is not built through 12-hour workdays or martyrdom, but through consistent leadership behavior repeated every day.

“If leaders reply to emails at 10 in the evening, they send a message about what is really expected,” Björkstam says.

Björkstam shares her best practices that strengthen organizational resilience:

  • Ask people to prepare questions and challenges in advance for meetings

  • Normalize constructive disagreement, including upward

  • Model stress recovery through breaks, realistic pacing, and boundaries

  • Communicate clearly what will not change during uncertainty

  • Lower the threshold for raising problems, even without solutions

  • Lead with authenticity rather than minimizing anxiety

The practices are not complex, but they require consistent leadership behavior.

A resilience checklist for 2026 strategy work

For CEOs and boards, resilience should be treated as a strategic capability, not a personal expectation.

Key questions to ask:

  • Where does stress accumulate in our organization, and why?

  • Which priorities are unclear or competing?

  • Do leaders model recovery, or only endurance?

  • How safe is it to challenge decisions upward?

  • What do we need to stop doing to become more resilient?

That final question matters most. As Björkstam notes, leaders often focus on adding initiatives rather than removing behaviors that quietly undermine resilience.

For Nordic companies facing slower growth, technological disruption, and geopolitical uncertainty, resilience is no longer about toughness. It is about organizational systems that allow people to think clearly, adapt intelligently, and move forward together.

“Sometimes the right question is not what we need to do more of, but what we need to stop doing,” Björkstam concludes.


Sources:

Harvard Business Review. (2025). Stress is a business risk, not just a personal problem. Harvard Business Review. https://hbr.org

Karolinska Institutet. (2025). Mental health and sick leave in Sweden. Karolinska Institutet. https://ki.se

Kela. (2024). Mental health-related sickness absence in Finland. The Social Insurance Institution of Finland. https://www.kela.fi

Masten, A. S. (2014). Ordinary magic: Resilience in development. New York, NY: Guilford Press.

Yle. (2024). Mental health-related sick leave costs Finland at least one billion euros annually. Yle News. https://yle.fi

|

|

Leaders

Beyond sisu: A short guide to building organizational resilience

Beyond sisu: A short guide to building organizational resilience

·

5 min read

Credit: Ulrika Björkstam, photographed by Dorit Salutskij

Credit: Ulrika Björkstam, photographed by Dorit Salutskij

Listeds met with Ulrika Björkstam to discuss resilience, a skill that can be developed at both the individual and organizational levels. Based on her work with Nordic executive teams, low organizational resilience tends to surface in recurring patterns.

In business culture, resilience is often confused with individual toughness. According to Ulrika Björkstam, author and certified resilience coach, that assumption is increasingly part of the problem.

“Resilience is not a personal trait that some people have, and others don’t. It’s a skill set,” says Björkstam, the author of the book Develop Resilience (Kehitä Resilienssiä, 2025). “No one is resilient on their own.”

Björkstam has worked extensively with companies and executive teams after becoming certified as a resilience coach, drawing in part on her own experience of surviving a plane crash in Mexico City in 2008. Her perspective aligns closely with resilience science.

She points to the work of psychologist Ann Masten, who defines resilience as the capacity of dynamic systems to withstand or recover from significant disturbances. Masten’s research shows that resilience emerges from interacting systems, involving individuals, teams, leadership, and communities, working together rather than from personal strength alone.

The Nordic context: strong cultures, fragile assumptions

Ulrika Björkstam, photographed by Dorit Salutskij.

Nordic companies are built on trust, autonomy, and low hierarchy. These remain real strengths. At the same time, fewer people are able to show up fully at work.

Yle reported last year, citing Finland’s social insurance institution Kela, that mental health-related sick leaves cost Finnish society at least €1 billion annually, equivalent to around 26,000 full-time workers being absent for a year. The figure has risen steadily over the past decade.

Finland is not an outlier. Research summarized by Karolinska Institutet (2025) shows that common mental disorders – including depression, anxiety, and stress-related ill health – are now the most common cause of sick leave benefits in Sweden, underscoring a broader Nordic trend.

Yet many organizations still respond with individual-level solutions: wellbeing apps, coaching, or occupational health services that intervene only once people are already exhausted.

“People tend to lean towards occupational health services when they are already in the red zone,” Björkstam says. She challenges the logic behind this approach.

“It’s a blind spot if we think resilience is only the individual’s responsibility and we don’t look at how leadership and management affect it.”

International research supports this view. Harvard Business Review (2025) argues that stress is often misframed as a personal issue rather than an organizational risk, and that companies should link employee stress to outcomes such as revenue and performance in order to design targeted interventions that strengthen long-term competitiveness.

Why tenacity alone no longer works

Those who take pride in being tenacious, sisukas, may need a moment of self-reflection. As Björkstam points out, resilience does not mean gritting your teeth and figuring everything out alone – the familiar Finnish instinct captured in the phrase “ei tartte auttaa,” meaning no need to help.

“Perseverance and tenacity are not a guarantee of moving forward,” she says. “We can be very adamant about holding on to what used to be, even when the situation has changed.”

Resilience, as she defines it, is not about returning to a previous state. It is about adapting to new conditions and continuing to function despite change. That requires skills beyond endurance: emotional regulation, stress recovery, critical thinking, cooperation, and clarity of direction.

Organizations that rely solely on individual toughness often appear resilient on the surface until fatigue, silence, and disengagement begin to accumulate.

How lack of resilience shows up inside companies

“There’s a limit to all of our resilience. If we’re facing too much at the same time, all of us have our breaking points,” Björkstam says. Individual factors such as poor sleep, nutrition, and lack of movement all play a role, but she emphasizes that the decisive factor is how work itself is designed.

From her work with Nordic executive teams, low organizational resilience tends to surface in recurring patterns.

  • Unclear priorities and decision paralysis
    When leaders avoid trade-offs, work accumulates and stress compounds.


  • Silence during meetings
    People do not challenge decisions openly, but discuss risks informally afterward. “That silence is often a signal of not having enough psychological safety,” Björkstam says.


  • Overreliance on a few high performers
    Responsibility concentrates until burnout becomes inevitable.


  • Fear of mistakes
    Problems are hidden, or blame is shifted, slowing learning and increasing risk.


  • Prolonged uncertainty without anchors
    Leaders emphasize what is unknown but fail to communicate what will remain stable.

These are not individual failures. They are organizational signals.

Psychological safety is the infrastructure of resilience

Resilience is tested most during uncertainty, disagreement, and change. That is where psychological safety becomes operational rather than theoretical.

“In situations where we need resilience, we often need difficult conversations. And we cannot have difficult conversations if we don’t have psychological safety.”

Executives often delay communication until they have full answers. Björkstam argues that this creates more anxiety, not less.

“The change has already happened,” she says. “You have already created an environment of uncertainty.”

Ignoring the emotional impact of that uncertainty undermines trust and weakens resilience. Psychological safety allows teams to surface risks early, challenge assumptions, and adapt without fear.

“Sometimes you might be the one who sees that a decision is based on false assumptions, but you won’t speak up if it doesn’t feel safe,” she says. Björkstam notes that one of the most common situations she encounters with clients is a fear of speaking up and taking space, driven by concerns about being labeled a pessimist or the bearer of bad news.

How leaders know whether their organization is resilient

Before turning to leadership practices, Björkstam suggests assessing whether resilience is already present in everyday work.

Signs of resilience show up in how flexible decision-making is, how problems are received, how teams adapt to shifting priorities, and how absence levels evolve over time. Employee and customer feedback also provide early signals of whether the organization is prepared for shocks or already close to its breaking point.

For boards in particular, Björkstam argues that resilience rarely requires new metrics. It becomes visible in existing data if leaders know what to look for.

What resilient leadership looks like in everyday practice

Resilience is not built through 12-hour workdays or martyrdom, but through consistent leadership behavior repeated every day.

“If leaders reply to emails at 10 in the evening, they send a message about what is really expected,” Björkstam says.

Björkstam shares her best practices that strengthen organizational resilience:

  • Ask people to prepare questions and challenges in advance for meetings

  • Normalize constructive disagreement, including upward

  • Model stress recovery through breaks, realistic pacing, and boundaries

  • Communicate clearly what will not change during uncertainty

  • Lower the threshold for raising problems, even without solutions

  • Lead with authenticity rather than minimizing anxiety

The practices are not complex, but they require consistent leadership behavior.

A resilience checklist for 2026 strategy work

For CEOs and boards, resilience should be treated as a strategic capability, not a personal expectation.

Key questions to ask:

  • Where does stress accumulate in our organization, and why?

  • Which priorities are unclear or competing?

  • Do leaders model recovery, or only endurance?

  • How safe is it to challenge decisions upward?

  • What do we need to stop doing to become more resilient?

That final question matters most. As Björkstam notes, leaders often focus on adding initiatives rather than removing behaviors that quietly undermine resilience.

For Nordic companies facing slower growth, technological disruption, and geopolitical uncertainty, resilience is no longer about toughness. It is about organizational systems that allow people to think clearly, adapt intelligently, and move forward together.

“Sometimes the right question is not what we need to do more of, but what we need to stop doing,” Björkstam concludes.


Sources:

Harvard Business Review. (2025). Stress is a business risk, not just a personal problem. Harvard Business Review. https://hbr.org

Karolinska Institutet. (2025). Mental health and sick leave in Sweden. Karolinska Institutet. https://ki.se

Kela. (2024). Mental health-related sickness absence in Finland. The Social Insurance Institution of Finland. https://www.kela.fi

Masten, A. S. (2014). Ordinary magic: Resilience in development. New York, NY: Guilford Press.

Yle. (2024). Mental health-related sick leave costs Finland at least one billion euros annually. Yle News. https://yle.fi

Board Programme

Built for Nordic listed company boards.

The only programme in the Nordics designed specifically for listed-company board work.
Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

Board Programme

Built for Nordic listed company boards.

The only programme in the Nordics designed specifically for listed-company board work.
Five sessions, one cohort, twenty leaders in one room - Helsinki, 2026.

Authors

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

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21 September 2026

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Monthly Leadership Moves

September's finance seats started filling from inside

Oct 9, 2026

Through August, every incoming chief financial officer at a Helsinki issuer since December 2025 already held the title somewhere else. In September, Vincit promoted from its own controlling team and UPM made WISA's interim finance chief permanent. The lateral market did not close: Tieto and Relais both hired sitting finance chiefs, and Terveystalo is now searching for one.

Listeds had recorded at least ten CFO changes across Nasdaq Helsinki and First North between December 2025 and August 2026, and not one incoming finance chief was taking the job for the first time. Last month's roundup ended on whether September would break that run. It did, at the smaller end of the market.

The month's second signal was structural. Viking Line, Kalmar, Terveystalo and the planned UPM and Sappi graphic paper joint venture each redrew an organization in September and named the people to run it. Board-level change stayed thin, and most of it was nomination-board formation for the 2027 annual general meetings rather than turnover in the boardroom itself.

Vincit and WISA broke the lateral run with internal finance appointments

The Digia and Vincit chain that opened in August closed in September. Vincit named a successor on September 01, and went inside to do it. Paula Kuittinen, Head of Management Accounting and Business Control since March 2026 and before that more than 12 years in finance roles at CGI, most recently she has been the Finance Director, now becoming the CFO on November 1. "It is great to be able to appoint our new CFO from within the company," said chief executive Julius Manni.

On September 18, UPM's board appointed Lasse von Hertzen, previously WISA's interim CFO, its permanent Senior Vice President and Chief Financial Officer, effective when the plywood demerger completes. That finishes a WISA leadership team named in full by the parent's board, with trading expected from November 2.

LapWall took a third route. Tuomo Riihonen's employment ended on September 24, and the next day the company named Tiina Määttä Chief Financial Officer and Legal Officer from October 1. Her record runs through finance and legal advisory roles at Talenom and Greenstep and the chief executive seat at Kymsol Group.

Kempower named Lasse Hatinen on September 9, bringing more than 15 years of finance leadership in listed industrial companies. He joins by March 1, 2027 at the latest, from Metso where he has served as Senior Vice President, Group Controller. Juha Jaatinen, interim since August 13, holds the seat until then.

Larger issuers kept buying finance chiefs who already hold the title

The lateral market remains the default above small cap. Tieto appointed Juuso Pajunen from Terveystalo on September 16, and Terveystalo opened its search the same day. Relais Group appointed Joonas Mäkipeska on September 14 from Technopolis, where he is Chief Financial and Strategy Officer, after CFO roles at Holiday Club Resorts, Sponda and ALD Automotive. Chief executive Christian Gebauer framed the brief as "continued profitable growth, supported by financial discipline, strong cash conversion and investment discipline."

Stora Enso moved the other way on the same theme: on September 17 CFO Niclas Rosenlew was named deputy chief executive to President & CEO Hans Sohlström while keeping the finance role. Tallink appointed Armin Penner as its new CFO on September 8. He has worked for more than six years as CFO and Management Board Member of Circle K Eesti and has also served as CFO of Euroapteek and Ragn-Sells Eesti. 

SSH went outside for its chief executive, Arvo went to its own board

September's two listed-issuer CEO appointments took opposite routes. SSH Communications Security named Lars Bell from Omada, where he was Chief Customer Officer and interim chief executive, effective October 1. The share rose 49.5% in the five sessions to September 7. Bell inherits a business whose second-quarter revenue recovered to EUR 5.7 million, up 6.8%, while EBITDA fell 40.7%, and he starts on the same day as CFO Cristian Arias. The third-quarter report will be the first one a rebuilt executive team owns.

Arvo Sijoitusosuuskunta named Teemu Kokko, a member of its board of directors since 2021, deputy chief executive from December and chief executive from April 1, 2027. The selection ran through a nomination committee drawn from the cooperative's supervisory board, one level above the board Kokko sits on. He inherits first-half operating profit of EUR 8.5 million against EUR 6.5 million a year earlier, most of the step-up traced to an approximately EUR 6.9 million gain on the HANZA exit.

Reorganizations, not departures, produced most management-team changes

The month's largest management-team changes came attached to new structures. Kalmar announced plans on September 3 to simplify its operating model by combining divisions. Terveystalo said on September 4 it will report in four segments from 2027, Healthcare Services, Oral Health, Public Partnerships and Sweden, and named Ville Pesonen senior vice president for oral health. Viking Line renewed its management structure on September 8 and established a Viking Leadership Team. UPM and Sappi nominated Gunnar Eberhardt and Stephen Blyth to lead their planned graphic paper joint venture on September 8, and the wider management team on September 14. 

Technology seats moved alongside. Aspocomp named Ville Raatikainen Chief Engineering and Technology Officer from January 1, 2027, the second outside hire to its team since July, timed to the phased commissioning of its expanded Oulu plant.

Directors moving into executive roles drove September's committee changes

Only one board chair left. Kari Syrjänen resigned as chair of Biohit on September 2. The two committee changes that followed shared a cause: a director taking an executive job. Tulikivi's audit committee chair Niko Haavisto left the board after becoming CFO of Fiskars, and Panu Paappanen became the chairperson on September 14. At Olvi, director Tarmo Noop left the audit committee to run the Estonian subsidiary A. Le Coq on an interim basis, and board chair Nora Hortling replaced him.

September split the finance pipeline by company size

September broke the lateral CFO run, but only at the smaller end of the market: Vincit and WISA filled their finance seats from inside, while Tieto and Relais kept hiring sitting finance chiefs. At chief executive level, Arvo promoted from its own board and SSH went outside. Most management-team changes followed reorganizations rather than departures. On boards, the committee changes came from directors moving into executive roles, and most other activity was nomination-board formation for 2027. With interim finance cover at Kempower and Relais and an open seat at Terveystalo, the next test is whether larger issuers start filling finance seats from within. 

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