Employment Growth in 2023: Shaped by the Strength of International Skilled Workers
The Federal Employment Agency delivers an insightful headline: ‘Employment growth in 2023 solely driven by foreigners.’ This stems from the monthly report released on January 31, 2024, offering an intriguing glimpse into the dynamics of the German labor market:
- Substantial Increase in Employment: Germany witnessed a rise in employment by 207,000 individuals in 2023.
- Rise in Social Security Contributions: There was an increase of 217,000 individuals in socially insured employment.
- Continuous Employment Growth: The pace of employment growth remains unabated.
- Growing Contribution from Foreign Professionals: The increase in employment is now entirely attributed to the rising number of foreign professionals.
- Demographic Shift: The number of domestically employed individuals covered by social security decreased by 77,000, highlighting the demographic effect.
- Strong Increase in Foreign Professionals: An increase in foreign professionals to 341,000 was recorded.
Of particular interest is the origin of these professionals. In addition to the EU, Ukraine, and the Western Balkans, India plays a leading role, as does Turkey. Given the demographic projections, which forecast a decline in domestic labor potential by 7.2 million by 2035 (IAB Kurzbericht 2021), the significance of international Skilled workers is undeniable.
At terratalent, we have insights into global talent pools, considering various qualifications and industries. Our strategy focuses on the sustainable recruitment of skilled professionals through partnerships with international universities and training institutes abroad. Through these global networks, we enhance your success – together, we shape your international success story.
