Finland’s Biggest Brands

Finland’s Biggest Brands

Finland is home to numerous multinational corporations. These firms generate employment in the country and contribute significantly to the economy. The wealth and opportunities they create enrich the lives of everyone in Finland, including vast numbers of migrants. Here is a look at some of the big brands which make it all possible.

Neste

Neste is a major oil refining corporation headquartered in Espoo. Yahoo Finance reports its market capitalization as of January 01, 2021 to be EUR 45.47 billion. In its annual report Neste declared total annual revenue of EUR 15.8 billion in 2019, and a net profit of EUR 1.78 billion. In 2019 Neste had 5,400 employees in Finland. Many Neste employees anonymously laud their employer on platforms such as Glassdoor. They are happy to work as part of a friendly and multicultural workforce.  They are also able to strike a healthy work-life balance.

Finland’s Ministry of Economic Affairs and Employment tweaked the provisions of the mandatory labor market test in 2019. A labor market test is a nationwide sweep. It maximizes local workforce employment before tapping into the pool of foreign workers. With the new provisions the labor market test no longer applies to residence permit holders who have worked in Finland for a year or more. Business Finland reports that migrant employees will benefit from plum employment opportunities in Finland.

Kone

This is another Espoo-based Finnish mega Corporation. Kone is an engineering and manufacturing giant. It is also a large scale service provider. Kone manufactures and services elevators, escalators, walkways, and similar mechanical equipment. Value Today estimates that Kone employees 5,000 in Finland and more than 55,000 worldwide. As of January 01 Kone had a market value of EUR 34.5 billion. It earned gross revenues of EUR 9.98 billion in 2019. Kone announced in November 2020 that it would start a program in Finland to harness the research and development expertise. Kone Technology and Innovation (KTI) is the department responsible for the firm’s R&D activities. It actively looks for bright minds for its international projects.

Finland introduced a new tax law starting this year. It grants a tax exemption of up to 150% to firms like Kone Corporation which engage in R&D activities. This will have a significant positive impact on FDI. Industry watchers expect that this exemption will widen the availability of jobs. A study by Business Finland titled ‘Finland as a Business Location Barometer 2020’ said that that every new job created in Finland will lead to at least two additional jobs.

Orion

Orion Corporation is Finland’s biggest pharmaceutical company. At EUR 5.43 billion Orion represents a third of the country’s market. Orion has 2,700 employees on the payroll throughout Finland. Several of these professionals come from developing nations such as India and Bangladesh. Many among its foreign employees appreciate working at Orion. Samrudhi Utturkar, an Indian working at Orion as Country Director calls it, “a place where there is trust and mutual understanding among the colleagues.” She also praised Orion for being “methodical and straightforward with their employees.” Migrant workers in Finland regularly send home remittances via the Ria Money Transfer App and similar channels.

In addition to the pharmaceutical industry there is a rising demand for foreign medical professionals. The Superliito Union of nurses in Finland hopes to get 4,200 more foreign professionals. Their aim is to meet the gap created by low domestic supply of qualified nurses. A report in Foreigner.fi said that the Finnish government is giving serious thought to hiring foreigners with nursing degrees. These could be migrants already working in the country, or qualified professionals who wish to apply from abroad.

Nokia

Nokia Corporation lost much of its sheen in the last decade when its mobile technology business crumbled. Yet, it still happens to be one of the biggest employers in Finland with 6,000 employees on the payroll. In 2019 Nokia reported gross revenues of EUR 23.3 billion. Nokia offers a range of job opportunities to qualified migrants at its IT division.

Finland’s Biggest Brands

The Finnish government wants to widen the foreign employee pool in the IT sector. Finland launched a program in 2020 called ’90-Day Finn’ to attract foreign professionals. The program offers migrant workers and their families the opportunity to experience Finland for 90 days, and consider permanently relocating here. Business Finland’s Joonas Halla calls this “the practical approach”. He added that, “the tech sector here is really thriving – by one estimate it should create 50,000 new jobs in 2021.” The program already seems to be a success. In its first run from November 04 to December 10, 2020 Finland attracted over 3,500 applications. Given the estimates of new jobs being created in the country’s tech sector, the Finnish government may need to introduce more such programs to keep with demand.

About the Author:

Hemant G is a contributing writer at Sparkwebs LLC, a Digital and Content Marketing Agency. When he’s not writing, he loves to travel, scuba dive, and watch documentaries.