It has been frequently asked the question not only by academicians but also by practitioners whether employment flexibility can be compatible with employment stability. This study tries to find the answer by investigating the German model of employment flexibility practices and job stability policies. The German model of employment flexibility is mainly based on working-time accounts and short-time work programs. It is found that social partnership and government support have played a crucial role to stabilize German labour market. Workers, employers, and government have harmoniously interplayed in order for overcoming the economic hardship. Adapting the German experience of overcoming economic turbulence by introducing employment flexibilization can help Korean firms. However, it is important to recognize that there are some differences in practices of labour relations, cultural and social background while applying the German practices.