Arbeitsmarkt im Wandel: Polarisierung, Fachkräfteengpässe und Labour Hoarding

The German economy is currently not only in a tense cyclical situation but is also undergoing a profound structural transformation – driven by technological innovations, decarbonisation, (de-)globalisation, and demographic change. These developments have far-reaching effects on the labour market. The labour market is characterised by increasing polarisation, where skill shortages and rising unemployment can occur simultaneously. The deliberate retention of workers by companies despite declining capacity utilisation (labour hoarding) further delays the necessary reallocation. This article analyses these structural trends in the context of the accelerating structural transformation. Finally, economic and labour market policy measures to address these challenges are discussed.