At the start of 2026, a new work-life topic surfaced in the Finnish media: sick leave taken not because of illness, but because work itself, or conditions at the workplace, had become unbearably frustrating. According to Janne Tienari, professor of management at Hanken School of Economics, the phenomenon may signal something broader. Trust is eroding, and workplace experiences may become increasingly polarized.

‘Vitutussaikku’ or “I’ve had enough sick leave” – as one person described this kind of absence – became a talking point in Finland early this year after the national newspaper Helsingin Sanomat published personal accounts of employees taking what they called “irritation” or “frustration leave.” Such absences are typically reported to employers as ordinary sick leave, citing physical ailments like the flu or migraines. 

The reaction was swift and divided. Some condemned the practice as dishonest freeloading; others defended it as a coping mechanism in jobs defined by overload and silence. Readers of Finnish tabloid Ilta-Sanomat soon added their own confessions, speaking of “motivation leave” or “breathing leave”.

A quiet protest, Finnish style

These novel terms situate Finnish workplace experiences within a broader international discussion around quiet quitting. The American-born label describes employees who continue to fulfill their formal job descriptions but step back from initiative, extra effort, and emotional investment.

However, in Finland, the pattern looks different. Rather than disengaging gradually on the job, some employees take short absences, stepping away without open confrontation and within the protections of formal sick leave. 

Focusing on whether such absences are “fake,” argues Janne Tienari, is to miss the point. “Fake does not do justice to it,” he says. What the term captures, he adds, is something more serious: “Being pissed off about something.”

Janne Tienari is a professor of management at Hanken School of Economics.

Tienari considers the emergence of frustration leave a weak signal of a larger problem. Ignoring it as a matter of individual character, he warns, could be costly. What matters, Tienari emphasizes, is not the legitimacy of individual absences, but what they reveal about engagement more broadly. 

“It’s a real experience that people have, and I think you need to try to do something about it collectively in an organization. That’s why I think it’s always a management and leadership issue.”

Beyond quiet quitting, this emerging form of sick leave also invites comparison with the Chinese concept of tang ping, often translated as “lying flat” or “laying low.” The term refers to a silent form of protest in which workers do not strike, but instead scale back effort, ambition, and visibility in systems they feel no longer respond to them.

The contexts are very different, and Tienari cautions against generalization. Finnish employees operate within strong labor protections and a high-trust welfare state, and criticism is often welcome.

Still, the underlying logic connects the phenomena. When people stop believing that speaking up leads to change, they stop speaking up. Withdrawal becomes the protest.

“This reflects a lack of recognition, a sense of not being listened to, and lacking a purpose or meaning for what you do in the first place,” Tienari says.

Tienari notes that sick leave taken out of frustration also extends to experts and maybe even some managers. This challenges the idea that disengagement is confined to routine or low-autonomy roles. Instead, it points toward how work is led and organized.

“For me, it’s not about some lazy bugger taking a day off when they feel like it. It’s a sign of something bigger.”

Awareness and leadership dynamics

Are leaders aware of what is happening?

“Middle managers, they should be aware of this. HR definitely should be aware of this,” Tienari says. “But maybe they have the same sense of lack of abilities to influence things, lack of being listened to, lack of dialogue, and their messages don’t go to the top of the organization.”

Organizations can be polarized inside, Tienari notes. Top management may feel inspired and energized by long-term visions, while others feel overwhelmed, unheard, and stuck.

“There is this sense that executives live in the future, whereas others live in the here and now, getting things done today so that there will be a tomorrow.”

And Finnish organizations, he adds, often prioritize numbers and technologies over people. Efficiency and cost-cutting may be a source of frustration for others. There is also a cultural layer.

“In many Finnish workplaces and organizations, there is this culture of silence, lack of discussion, lack of debate.”

What executives can do without new buzzwords

For leaders hoping for novelty, Tienari offers none.

“Dialogue is nothing new. A sense of purpose or meaning is nothing new. The big question is why does management still work in ways that undermine this sense of dialogue and purpose.”

He urges leaders to focus on practices: recurring activities through which work and strategy are actually done.

“Maybe there are no practices in place through which people can actually raise their voice and feel that they are listened to.”

Dialogue, Tienari notes, means regular, structured opportunities for discussion, online or face-to-face. Recognition plays a similar role. “A lack of recognition is a sense of not being listened to and lacking a purpose or meaning for what you do.”

These are not soft interventions but operational and strategic choices. They demand time and resources. Ignoring disengagement, however, is far more expensive. 

“Even if there are some lazy buggers out there,” Tienari concludes.

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Leaders

Quiet quitting, with Finnish characteristics

Quiet quitting, with Finnish characteristics

·

5 min read

At the start of 2026, a new work-life topic surfaced in the Finnish media: sick leave taken not because of illness, but because work itself, or conditions at the workplace, had become unbearably frustrating. According to Janne Tienari, professor of management at Hanken School of Economics, the phenomenon may signal something broader. Trust is eroding, and workplace experiences may become increasingly polarized.

‘Vitutussaikku’ or “I’ve had enough sick leave” – as one person described this kind of absence – became a talking point in Finland early this year after the national newspaper Helsingin Sanomat published personal accounts of employees taking what they called “irritation” or “frustration leave.” Such absences are typically reported to employers as ordinary sick leave, citing physical ailments like the flu or migraines. 

The reaction was swift and divided. Some condemned the practice as dishonest freeloading; others defended it as a coping mechanism in jobs defined by overload and silence. Readers of Finnish tabloid Ilta-Sanomat soon added their own confessions, speaking of “motivation leave” or “breathing leave”.

A quiet protest, Finnish style

These novel terms situate Finnish workplace experiences within a broader international discussion around quiet quitting. The American-born label describes employees who continue to fulfill their formal job descriptions but step back from initiative, extra effort, and emotional investment.

However, in Finland, the pattern looks different. Rather than disengaging gradually on the job, some employees take short absences, stepping away without open confrontation and within the protections of formal sick leave. 

Focusing on whether such absences are “fake,” argues Janne Tienari, is to miss the point. “Fake does not do justice to it,” he says. What the term captures, he adds, is something more serious: “Being pissed off about something.”

Janne Tienari is a professor of management at Hanken School of Economics.

Tienari considers the emergence of frustration leave a weak signal of a larger problem. Ignoring it as a matter of individual character, he warns, could be costly. What matters, Tienari emphasizes, is not the legitimacy of individual absences, but what they reveal about engagement more broadly. 

“It’s a real experience that people have, and I think you need to try to do something about it collectively in an organization. That’s why I think it’s always a management and leadership issue.”

Beyond quiet quitting, this emerging form of sick leave also invites comparison with the Chinese concept of tang ping, often translated as “lying flat” or “laying low.” The term refers to a silent form of protest in which workers do not strike, but instead scale back effort, ambition, and visibility in systems they feel no longer respond to them.

The contexts are very different, and Tienari cautions against generalization. Finnish employees operate within strong labor protections and a high-trust welfare state, and criticism is often welcome.

Still, the underlying logic connects the phenomena. When people stop believing that speaking up leads to change, they stop speaking up. Withdrawal becomes the protest.

“This reflects a lack of recognition, a sense of not being listened to, and lacking a purpose or meaning for what you do in the first place,” Tienari says.

Tienari notes that sick leave taken out of frustration also extends to experts and maybe even some managers. This challenges the idea that disengagement is confined to routine or low-autonomy roles. Instead, it points toward how work is led and organized.

“For me, it’s not about some lazy bugger taking a day off when they feel like it. It’s a sign of something bigger.”

Awareness and leadership dynamics

Are leaders aware of what is happening?

“Middle managers, they should be aware of this. HR definitely should be aware of this,” Tienari says. “But maybe they have the same sense of lack of abilities to influence things, lack of being listened to, lack of dialogue, and their messages don’t go to the top of the organization.”

Organizations can be polarized inside, Tienari notes. Top management may feel inspired and energized by long-term visions, while others feel overwhelmed, unheard, and stuck.

“There is this sense that executives live in the future, whereas others live in the here and now, getting things done today so that there will be a tomorrow.”

And Finnish organizations, he adds, often prioritize numbers and technologies over people. Efficiency and cost-cutting may be a source of frustration for others. There is also a cultural layer.

“In many Finnish workplaces and organizations, there is this culture of silence, lack of discussion, lack of debate.”

What executives can do without new buzzwords

For leaders hoping for novelty, Tienari offers none.

“Dialogue is nothing new. A sense of purpose or meaning is nothing new. The big question is why does management still work in ways that undermine this sense of dialogue and purpose.”

He urges leaders to focus on practices: recurring activities through which work and strategy are actually done.

“Maybe there are no practices in place through which people can actually raise their voice and feel that they are listened to.”

Dialogue, Tienari notes, means regular, structured opportunities for discussion, online or face-to-face. Recognition plays a similar role. “A lack of recognition is a sense of not being listened to and lacking a purpose or meaning for what you do.”

These are not soft interventions but operational and strategic choices. They demand time and resources. Ignoring disengagement, however, is far more expensive. 

“Even if there are some lazy buggers out there,” Tienari concludes.

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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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Executive Intelligence

Helsinki's boards run 270 committees under 60 different names

Sep 1, 2026

Around forty of those names belong to a single company each. Citycon has the only cyber committee on the exchange, and last year it did not meet.

Citycon's board has a Cyber Committee. It is the only one on Nasdaq Helsinki. The company's own governance disclosure records that in 2025, the Cyber Committee did not convene. Its Audit and Governance Committee met four times that year. Its Nomination and Remuneration Committee met seven.

A cyber committee is a defensible answer to a real exposure for a listed property owner. What stands out is that no other Helsinki-listed board has formalised the same risk in the same way, or in many cases at all.

35+ committee names belong to a single company each

Citycon is not the only board with a committee nobody else has. Raisio established an M&A Committee at its 2025 annual general meeting, chaired by board chair Arto Tiitinen. Orion runs an R&D Committee, chaired by Hilpi Rautelin, the only one of its kind in the Finnish listed market. Revenio has an Integration Committee. GRK Infra has a Tender and Project Committee. HKFoods runs a Working Committee and a Special Committee. Fortum has folded technology and investment into one body, and YIT has done the same with investment and projects.

Audit and remuneration still do almost all of the work

Across 184 Helsinki-listed companies, 127 have at least one board committee. Fifty-seven have none. Those 127 boards run 270 committees between them.

The functions concentrate tightly. Audit appears in 122 committee mandates, remuneration in 71, and people, personnel or human resources in 59. Nomination or governance appears in 26, sustainability in 14, risk in 13.

Another 11 committees use "Compensation" instead of remuneration, so a body explicitly charged with pay appears in 82 of the 270 — and that still excludes the 17 Personnel, People and Human Resources committees holding the same mandate without naming pay.

The names do not concentrate at all. After normalising for capitalisation and ampersands, those 270 committees carry 60 distinct labels, and 38 of them are used by exactly one company.

Most of that variety is cosmetic. People and Sustainability. Sustainability and Personnel. Sustainability and HR. Remuneration and HR. HR and Compensation. People and Compensation. Human Resources and Remuneration. Seven labels, one mandate.

The Code mandates the function, not the label

None of this is a compliance failure. The Finnish Corporate Governance Code 2026 is explicit: "Companies do not have an obligation under the Corporate Governance Code to establish committees or a shareholders' nomination board. As the establishment of the committees is not obligatory, the lack of committees is not deemed to be a departure from the code and therefore there is no need to report or explain it."

The Code also lets boards merge mandates, stating that "the board of directors may combine duties of the committees referred to in the Corporate Governance Code into a single committee or also establish other permanent or temporary committees, combine the duties assigned to different committees, or decide that a certain matter be prepared by the entire board of directors ". It requires only that the statutory audit duties sit somewhere, whether in a dedicated audit committee, in another committee, or with the board as a whole.

Committee data does not aggregate across Helsinki

For a board, a specialist committee is a statement about where directors spend their hours. Orion formalising research and development, and Nokia formalising both technology and strategy, tell a reader something that the committee list in an annual report otherwise flattens.

For anyone reading across the market, the absence of a shared vocabulary is the cost. Screening Nasdaq Helsinki for boards with a technology committee returns no reliable answer. Nokia, Kalmar, Kempower and Revenio call it Technology. Fortum calls it Technology and Investment. Sotkamo Silver calls it Technical. Citycon has carved cyber out on its own. (That reading is interpretation. It is a comparability problem for investors and index work, not a governance failing at any individual company.)

Worth watching is whether specialist committees spread beyond the handful of boards that run them. Technology-type committees number seven across the market. Cyber committees number one, and last year it did not meet.

Market Signals

OP Pohjola's best dividend payers on the Helsinki exchange, forecasts through 2028

Aug 31, 2026

Finnish companies under OP Pohjola's equity research coverage are set to offer an average dividend yield of roughly 6.5 per cent for the 2026 financial year, according to a review published by OP Media on 28 August 2026. For many names on the list, the forecast yield keeps rising through 2027 and 2028.

The top of the list is dominated by Mandatum, with a forecast dividend yield of 12.8 per cent for 2026, settling to 8.0 per cent in both 2027 and 2028. Terveystalo follows at 8.2 per cent for 2026 and 2027, climbing to 10.2 per cent by 2028, then Anora (7.8% → 9.1% → 9.1%) and HKFoods (7.5% → 8.7% → 9.9%).

OP Pohjola's dividend yield forecasts, 2026e–2028e

Company

2026e

2027e

2028e

Mandatum

12.8%

8.0%

8.0%

Terveystalo

8.2%

8.2%

10.2%

Anora

7.8%

9.1%

9.1%

HKFoods

7.5%

8.7%

9.9%

Elisa

6.8%

6.9%

7.1%

Aktia

6.5%

6.7%

6.7%

eQ

6.5%

7.1%

7.1%

Enento

6.4%

6.4%

6.4%

UPM-Kymmene

6.3%

6.3%

6.3%

Pihlajalinna

6.2%

7.2%

8.1%

Fiskars

6.2%

6.2%

6.5%

Raisio

6.0%

6.4%

6.4%

Lassila & Tikanoja

5.9%

6.4%

7.1%

Nordea

5.7%

6.0%

6.1%

Atria

5.3%

5.6%

5.9%

Marimekko

5.3%

5.8%

6.3%

Valmet

5.2%

5.6%

5.6%

Tokmanni

5.0%

5.7%

6.4%

Nurminen Logistics

5.0%

5.0%

6.7%

Telia

4.8%

5.1%

5.3%

Yield alone is not the point

OP Pohjola's Chief Analyst Antti Saari cautions against reading a single year's percentage as a verdict on a dividend stock.

"For a long-term investor, what matters is not just this year's dividend, but how the dividend develops in the future and what the company's outlook is otherwise. It is never a good idea to base an investment decision solely on a single year's dividend yield"

The article's argument is that a high headline yield can mislead: dividend growth, whether earnings actually cover the payout, and the company's broader business outlook say more than one year's figure.

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