With unemployment in Germany falling and 1.2 million open jobs, companies are offering perks such as foreign travel and platters of local ham.
Jakob Kratsch isn’t a Harvard Business School grad, an elite engineer, or a software whiz. He’s a 20-year-old manufacturing apprentice. And yet, a century-old factory near the old border between East and West Germany found him so desirable that the company included the possibility of a free trip to New York in his recruitment package.
As a top performer in his first year, Kratsch spent three days visiting sites such as the Empire State Building and Times Square and met with management at Harry’s Inc., a New York shaving-kit maker that four years ago bought the razor-blade plant where he works. “What kind of young person can go to New York and have their company pay for it?” Kratsch asks during a brief break from the din of the factory floor. “It builds a strong connection.”
The scramble for qualified workers has become an existential concern for companies across Germany, which are offering enticements ranging from overseas sojourns to sausage platters. After years of robust growth, unemployment has dropped to just over 5 percent, and the country has 1.2 million unfilled jobs—almost equivalent to the population of Munich. Manufacturing, construction, and health care are particularly stretched, and 1 in 4 businesses may have to hold back production as a result of the crunch, the European Union reports.
This story is from the April 02, 2018 edition of Bloomberg Businessweek.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 02, 2018 edition of Bloomberg Businessweek.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Instagram's Founders Say It's Time for a New Social App
The rise of AI and the fall of Twitter could create opportunities for upstarts
Running in Circles
A subscription running shoe program aims to fight footwear waste
What I Learned Working at a Hawaiien Mega-Resort
Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.
How Noma Will Blossom In Kyoto
The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking
The Last-Mover Problem
A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps
Tick Tock, TikTok
The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban
Cleaner Clothing Dye, Made From Bacteria
A UK company produces colors with less water than conventional methods and no toxic chemicals
Pumping Heat in Hamburg
The German port city plans to store hot water underground and bring it up to heat homes in the winter
Sustainability: Calamari's Climate Edge
Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment
New Money, New Problems
In Naples, an influx of wealthy is displacing out-of-towners lower-income workers