Germany / Lack of skilled workers ‘is costing SMBs billions’

The increasing shortage of skilled workers is costing Germany’s small and medium-sized businesses (SMBs) billions of euros, a study claims.

According to a survey by consultants Ernst & Young, two thirds of Mittelstand firms (64 per cent) said that the skills mismatch would lead to revenue loss. This could amount to 33 billion euros, the Ernst & Young Mittelstand barometer estimates.

Ernst & Young partner Peter Englisch said organizations currently have one million job vacancies.

The survey among 700 Mittelstand businesses revealed that with the parliamentary elections looming on September 22nd, many are holding back investments until they know the tax policies of the next government.

“Entrepreneurs are anxious because they don’t know what to expect”, Mr Englisch said. They are waiting for a planning perspective for the next few years before making any investment decisions.

Forty per cent of businesses are optimistic about the next six months, up from 34 per cent in January, and only seven per cent think economic conditions will get worse. This positive outlook is reflected in higher revenue forecasts and recruitment plans.

Germany is increasingly looking abroad to fight the lack of skilled workers.

Chosen excerpts by Job Market Monitor. Read the whole story at 

via Lack of skilled workers ‘is costing German SMBs billions’.