The German labor market feels the strain of skilled talent shortages

The warning against a nationwide shortage of skilled workers is nothing new. The relationship between unemployed and job vacancies has again shifted significantly. In 2010, there were still 3.6 unemployed for every open job, with that figure reaching 8 in the east. Even in 2016, the overall German ratio was still at 3:1. Since then, this has halved again, as IAB numbers suggest, down to 1.5, with hardly any differences between east (1.7) and west (1.5).

"The sharp increase in vacancies came as a surprise to us. However, it can not be tied to a single industry," says IAB labor market expert Alexander Kubis. "The German labor market seems to be so robust on the whole that uncertainties such as Brexit and trade conflict have simply floated off."

As a consequence, this also leads to much more intense competition. Personnel managers should look at all available resources to further enhance their attractiveness in the labor market. 

One instrument for attracting and, above all, permanently retaining highly qualified personnel is occupational pensions. Traditionally, the topic of retirement provision is very popular with employees; at the same time, confidence in traditional financial products is at a low level, reflected in the low participation rates of existing insurance-based pension funds. Employers who rely on modern P & L systems without banks and insurance companies have massive competitive advantages here.

The VOIT Automotive Group, for example, has undergone a major transformation process in recent years. In order to clearly define and improve their changed self-image and mission statement, its employees worked out a new vision for the essential topics in business across the board. The aim is for testaments through action, not just lip-service.

From this perspective, it was only logical to go their own way in the area of ​​occupational pensions - especially with regard to the current development of legislation under the Occupational Pensions Act. That's why they entered into dialogue with a specialist in the field of health and safety: auxilion. Ever since the company was founded in 2000, the owner-managed consulting firm from Heppenheim has specialized in the needs of medium-sized companies and developed its own occupational pension scheme - without the involvement of banks and insurance companies. The result is VOIT's future provision. This retirement provision, also known as the "VOIT savings account" in-house, guarantees employees a return that is well above the current level of the market with absolute flexibility in terms of deposits.  

In auxilion's retirement plan, employees invest a flexible, determinable portion of their gross salary in retired financial security. Unlike past occupational pension solutions, this money is not managed through insurance, but made available to the family business. The interest rate is determined by the companies themselves and is based on their financial structure and corporate philosophy. For example, VOIT offers its employees a guaranteed interest rate of four percent.

At a family-owned company like VOIT, responsibility also plays a major role for employees. Every medium-sized company that uses this system thus has the opportunity to develop a tailor-made BAV system with its own rules of the game. The potential for identification is immense through the marketing in the corporate design of the company. In this way, the employer brand will be sustainably strengthened.

"VOIT will be an elementary component in job interviews and interviews, as the company differs from other employers in the region," says Alexander Wörner, Human Resources Manager, VOIT. This increases the chances of winning new and highly qualified personnel. 

The company-specific pension system is thus an important part of employer branding and demonstrates its impact both internally and externally. In times of increasing shortage of skilled workers in the War for Talent, i.e. in the competition to inspire talented young people towards a company, VOIT's provision show the benefits of being an attractive and responsible employer.

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