Vibrant Job Opportunities in Germany
Of all the countries in the EU, Germany currently has one of the lowest levels of unemployment. According to Eurostat, Germany’s average rate of unemployment in 2013 was 5.3 percent; a figure that compares very favourably with the world’s other leading economies. Indeed, both domestic and foreign media are already using the word Jobwunder to describe the exceptional performance of Germany’s labour market. At present, there are excellent job prospects in a number of sectors in Germany.
Germany is home to many of the fortune 500 companies. With a robust economy & world leading position there is a constant demand for qualified & skilled labour force. Aging population & market diversification has only added fuel to the demand supply gap. According to “The German engineer’s association (VDI)”, vacancies for engineers had risen over the past year by nearly 30 percent. Non-EU students are allowed to stay up to 1.5 years after the completion of the study to search for a job.
Particularly welcome is the fact that young people are also able to find apprenticeships and jobs. Unemployment among people between the ages of 15 and 25 currently stands at 7.9 percent in Germany. This is one of the lowest rates among the 27 EU member states, where average unemployment for the under-25s was 23.1 percent in 2013.
In the recent years, pre-tax annual salaries for full-time employees appear to have risen substantially, as well. Average annual income for job-starters had been at around EUR33,000 (US$45,400), but was at EUR37,250 for fachhochschul graduates and EUR37,500 for university graduates in 2009.
Of all the countries in Europe, Germany is one of the most strongly affected by demographic change. The German birth rate plunged towards the mid-1970s and has remained around the 1.4 mark ever since – well below the replacement rate of 2.1 required to maintain stable population levels. At the same time, life expectancy has continued to rise, thus raising the number of older people in the German population. This trend has already started to impact on the labour market, where a fall in the supply of freshly trained skilled workers is now leading to shortages in qualified labour. In the future, this contraction and aging of the working population will become increasingly acute. Given that qualified labour is crucial to the success of the German economy, skilled workers will remain in big demand for years to come.
Although Germany is not immune to economic developments in the rest of Europe and elsewhere, its highly competitive industry can include itself among the winners of globalization. Moreover, there is every indication that German industry will retain this strong position in the future. After all, German companies supply innovative and competitive products, particularly in the global markets of the future, such as infrastructure, environmental protection, and conservation of resources. Yet it is only by recruiting skilled workers and well-trained graduates that German companies will be able to maintain their competitive edge.