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Workers in Germany are less likely to change industries: new data revealed
Find out why there is too little turnover in the German labor market and how this affects the economy. New findings from the IAB-Linkedin industry change radar. #Labor market #GenerationZ #Economic change
Workers in Germany are less likely to change industries: new data revealed
There is an interesting finding in view of the economic transformation and the discussions about Generation Z: Workers in Germany change industries less often than before the start of the corona pandemic. According to the new IAB-Linkedin industry change radar, the number of changes continues to decrease, as Enzo Weber from the Institute for Labor Market and Occupational Research (IAB) states.
The evaluation that the F.A.Z. which was previously available and has now been published for the second time, shows that just over 40 percent of all new hires at the end of last year were due to a change in industry. The proportion of applications from other sectors was a good 70 percent in 2023. Nevertheless, overall there is little movement to be observed, as Weber explains. The value has fallen steadily since 2021, a year after the pandemic began.
There are no signs of a wave of layoffs, which was described as the “Great Resignation” and was expected during the pandemic. In Germany, termination appears to have remained a thought, while the US actually saw increased termination rates. The workforce in Germany has become scarcer for over ten years, which is why companies are holding on to their employees. Because of this shortage, employees don't necessarily have to change industries either.
There is a risk that too little is happening on the labor market and there is not enough dynamism to create new things. It is becoming increasingly important to create a flexible working environment that promotes innovation and continuous training, as Barbara Wittmann, Country Manager DACH at Linkedin, emphasizes. Generation Z, i.e. those born between 1995 and 2010, does not show any particular dynamism on the job market. Younger people traditionally change jobs more often than older people and do not differ significantly from previous generations. There is currently a lot of discussion in Germany about the country's economic development, but in contrast there is hardly any turbulence on the labor market.