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What makes the best recession-proof job?
What jobs are recession-proof?
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What makes the best recession-proof job?
What jobs are recession-proof?
During the Great Recession of 2008, 2.6 million Americans lost their jobs, creating record unemployment rates. At one point, 5.8% of all laborers found themselves without work.
Recessions are a natural part of the economic cycle, but they’re never easy. Interest rates spike, making it more difficult to borrow money. Inflation makes household products more expensive. And people opt to save their money rather than spend it, making it difficult for businesses to sell goods.
Without appropriate economic intervention, all of this contributes to a vicious cycle:
While COVID-19 has prompted an increase in economic anxiety, you might be worried about the current economic conditions. While you can try to make yourself indispensable to your company, looming layoffs could either zap your morale or force you into unemployment.
But, while there’s no such thing as a recession-proof career, some industries offer greater job security than others. Let’s look at the most stable industries you can get involved in.
The most secure jobs in our economy share some common characteristics. By and large, they:
Unfortunately, no jobs aren’t truly recession proof. When a recession hits and the gross domestic product (GDP) dips, there’s no guarantee it won’t impact you. But if you want to improve your outlook, here are some of the best jobs during a recession.
Government jobs enjoy a certain amount of stability during downturns. Many of them offer critical services essential to the smooth functioning of our communities, like road maintenance and public safety. Plus, as we saw in the wake of the 2008 crash, governments can propose policies to help the economy recover — but they’ll need bureaucrats across a number of departments to help put them into action.
Some example government jobs include:
As we saw during the COVID-19 pandemic, few jobs were as crucial as social and health care workers. Even if you’re not qualified to be on the front lines (like a doctor or a crisis support worker), working in public health or an administrative position could be one of the most secure jobs during a recession. Positions in this category include:
When the economy takes a hit, businesses and people across the country will be trying to maximize every dollar. Financial experts will be in high demand, as they can help people keep their books in the black.
Also, state and federal governments may give businesses grants or loans to keep them afloat during tough times. These assistance packages often come with strict reporting requirements. As a financial expert, you can help organizations maximize this money and keep them accountable.
Here are some example jobs in this category:
During times of hardship, people need to stay informed and connect to each other. Journalists help the public understand key economic developments, while telecommunications companies help people connect online. Example jobs here include:
Manual projects like home renovations and non-essential car repairs will be on the back burner for many people during a recession. But, while this can negatively impact folks working in the trades (e.g., automotive repairs and carpentry), essential repairs are inevitable.
Other specialized services, like hairdressing and cosmetology, can also remain surprisingly consistent through a recession.
Jobs in this category include:
In an economic downturn, the above industries are safer than most others. But some careers are at higher risk during these periods. Here’s a look a who loses jobs in a recession:
Even if you work in a high-risk industry, developing your soft skills can help you overcome the challenges of a recession. These are all competencies you can learn through experience — no certifications are needed.
These are transferable skills across any industry. Even if you do find yourself unemployed, they’ll make you more appealing during your job search.
Pursuing a recession-proof career can help you lower your chances of being laid off. But the truth is, there’s no such thing as a zero-risk role. Working in indispensable industries can certainly improve your chances, but recessions are unpredictable — so you must be ready to adapt if you find yourself back in the job market.
Surviving a recession really comes down to you and your abilities and a bit of luck. Learning to be a leader, a critical thinker, and to be resilient can make a difference when your boss can only keep certain employees.
Get your promotion. Make your career change. Build the future you dream about. And do it faster with a world-class BetterUp Coach by your side.
Get your promotion. Make your career change. Build the future you dream about. And do it faster with a world-class BetterUp Coach by your side.
Elizabeth Perry is a Coach Community Manager at BetterUp. She uses strategic engagement strategies to cultivate a learning community across a global network of Coaches through in-person and virtual experiences, technology-enabled platforms, and strategic coaching industry partnerships.
With over 3 years of coaching experience and a certification in transformative leadership and life coaching from Sofia University, Elizabeth leverages transpersonal psychology expertise to help coaches and clients gain awareness of their behavioral and thought patterns, discover their purpose and passions, and elevate their potential. She is a lifelong student of psychology, personal growth, and human potential as well as an ICF-certified ACC transpersonal life and leadership Coach.
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