Financial Sector - Automotive industry braces for potential layoffs, according to industry association.
The story revolves around technological changes, increased productivity, and drops in sales and production numbers. These factors led the Prognos study to view the lower demand for labor in a positive light due to the lack of skilled workers and available labor. By 2040, Bavaria's workforce is estimated to shrink from 6.6 million to 6.2 million workers.
The researchers foresee a growing need for labor and skilled workers in the fields of electronics, mechatronics, and IT. Meanwhile, the demand for labor in the automotive industry and metal processing is predicted to decrease. "Employees in diminishing demand professions are about to retire and won't be replaced," explained managing director of vbw, Bertram Brossardt. In turn, workers must acquire the necessary skills for new job requirements.
