Germany Shrugs Off Russian Turmoil

This report on the German market is the first in a new series of national reports by Cornerstone International Group, a leading global executive search network, launched today. Continue reading →

Feb 20, 2015 /prREACH/ -- DUSSELDORF, Germany. February 19, 2015 -- Executive search in Germany remains a buoyant business, despite internal and external setbacks to the economy.

Markets in Germany are proving sufficiently robust to cope with both the turmoil in Russia, a major trading partner, and the introduction of a minimum wage of €8.5.

The report on the German market is the first in a new series of national reports by Cornerstone International Group, a leading global executive search network. The reports detail the conditions and challenges facing executive search and recruitment in each country, gathered from the organization’s members in Europe, the U.K. and the Middle East.

“We are seeing an upsurge of foreign business contacting us and wanting to get established in Germany,” says Gerhard Benneck of Cornerstone Dusseldorf, one of two Cornerstone members for executive search in Germany . “We see this as a sign of strengthening economies in other regions and markets, giving business confidence to expand internationally.”

According to the report, the introduction of the minimum wage of €8.50 in 2015, while not an issue for many, for some industries, particularly in the service sector, will be a real problem. It remains to be seen how this will play out in terms of employment / unemployment.

In the Summer and early Fall of 2014 the German business confidence dipped (together with the stock markets) but then started a recovery towards the latter part of the year so that confidence is back at a good level at this point. The dip in oil prices will certainly help

National market reports are published on a daily basis at www.cornerstone-group.com. Cornerstone International Group is a leading Executive Search firm, with more than 300 consultants in offices spanning Europe, the Americas, Asia Pacific and the Middle East. Clients range from the largest corporations to local companies and core services include Executive Search, CEO Advisory Services, Leadership Assessment and Executive Coaching.