11 min read
This article has been translated from our English edition.
Original note on ValueWalk
If you’ve been back in the job recently, you may be wondering which jobs are safe even during an economic downturn. Times of financial hardship are as certain as death and taxes, so it helps to be prepared for them. Many careers are recession-resistant, but you need to know where to look. Many of these jobs are in high demand and some do not require a college education or a specific degree.
What is a recession?
A recession is a temporary decline in economic activity traditionally defined as two consecutive quarters of falling gross domestic product (GDP). A recession is often also marked by other monthly indicators, such as rising unemployment.
The National Office for Economic Research is the company that officially declares a recession. The organization has changed the definition of recession in recent years. Instead of at least two consecutive quarters of falling GDP, the NBER defines this as a significant decline in activity across the economy lasting more than a few months. The organization adds that recessions can generally be seen in real GDP, real income, industrial production, wholesale and retail trade, and employment. The NBER often uses monthly rather than quarterly data to help decide when a recession will occur.
The default setting for the economy is growing. So when recessions do occur, they usually don’t last long. In most cases, recessions can last six months to several years before growth returns. A recession is a natural part of the business cycle and is often characterized by bankruptcies, business closings and high unemployment. Sometimes companies, technologies or industries do not reappear after a recession and become obsolete due to the structural changes during the economic recession. The coronavirus outbreak caused the most recent recession in 2020, while the 2007-2009 Great Recession was the worst recession since the Great Depression in the 1930s.
How safe is your job
Graduates may think their jobs will be safe when a recession hits, but this is not always the case. Holding a particular title is not a guarantee that you will not be fired in future economic downturns.
What are recession-proof professional skills?
If you’re looking for career advice, there are a few skills that can make you more employable if you’re laid off. They can also give you some job security.
These skills can be used in various professions and occupations. You can acquire them at work, at school, through internships or hobbies, or while volunteering. Some examples of transferable skills are time management, languages, communication, multitasking, and more.
Soft skills are also transferable and include interpersonal skills such as listening, empathy, leadership, problem solving, negotiation, teamwork, creativity, self-motivation, the ability to work under pressure, time management and communication.
Most jobs require the use of technology. Office jobs often require the use of Microsoft Office and e-mail programs, while other jobs may have different technical requirements. IT staff generally find work as many people always need help with their devices. Therefore, the tech industry is somewhat recession-proof.
The 23 best recession-proof jobs in the world
Some industries are inherently resistant to recessions. Here are 23 of the world’s most recession-proof jobs for those looking for work safety.
Grocery stores always need employees, whether the economy is in good shape or not. People always need to buy groceries and need cashiers to check it and warehouses to keep shelves full. You can’t make a lot of money working in a grocery store, but you will be essential.
A pharmacist is an essential employee during a recession as he distributes drugs and checks for drug interactions. Pharmacists are a recession-proof job because people keep getting sick.
Another group of recession-proof jobs is marketing. There will always be products or services that need advertising. Some marketers make a lot of money.
20. Prison workers
Prison officer jobs are also recession-proof. Criminals don’t get out of jail just because there’s a recession. You will always need law enforcement officers to monitor them.
19. Law enforcement
If you were interested in law enforcement, you can go to the Police Academy. Law enforcement officers provide an essential service that is always needed.
Firefighters also have recession-proof jobs because they provide essential service that is required regardless of the economic climate.
Actuaries measure and manage risk and develop solutions to complex financial problems for insurers, banks, investment firms, government agencies, online retailers, marketing, energy, employee benefits, and more.
People always need to be insured, which is why the field has many recession-proof jobs. Some examples of recession-proof jobs in the insurance industry are insurance agents, investigators, insurers, claims adjusters, and claims settlement agents.
A funeral director, like many other positions in the industry, is a recession-proof job. Some other positions include funeral planning representatives, consultants, and funeral directors.
14. Hospice workers
The hospice can be one of the toughest areas in the healthcare industry as patients are near death, but it can also be worth being there for patients in the last few days. Some examples of hospice jobs are nurses, therapists, and coordinators.
13. Social worker
The job of social worker is much more diverse than you might think. Some social workers protect vulnerable children and support families, while others help people manage and solve problems. Clinical social workers diagnose and treat emotional, behavioral, and psychological problems.
People facing mental health problems or drug problems will always need help no matter what the economy is like. Psychologists also fall into this category.
11. Physiotherapists and occupational therapists
There is a national shortage of physiotherapists and occupational therapists, so there are many vacancies. Physical therapists help patients improve their outcomes and lives through physical activity, while occupational therapists treat injured or disabled patients through daily therapeutic activities.
10. Delivery and courier services
Careers in the delivery industry.
9. Elderly carers
Careers in elderly care include positions in assisted living facilities, domestic help, nurses, therapists, and other health care providers.
There are many job opportunities in education. The education system includes teachers, university professors and other educators and bus drivers.
7. Employees of the Federal Government
There are many opportunities to work for the federal government. Some examples of a job working for the federal government include postal workers, the military, judges, program administrators, and engineers.
6. Public Security Employees
To the Public safety workers include police and fire departments, border guards, Drug Enforcement Administration agents, emergency management, paramedics, and other first responders.
5. Credit and Debt Management Advisor
Credit and debt management services will always be necessary, especially when the economy is in recession. People who are unemployed need help managing their debts.
4. Auditors and Accountants
Companies and private individuals always need an auditor or tax advisor. Accountants can prepare your tax return or do your bookkeeping.
3. Public sector employees
The utility industry includes utility workers, transit workers, and some people working on construction projects.
2. IT professionals
The information technology industry will always thrive no matter what the economy does. Hence, IT workers find a lot of job security.
1. Medical professionals
Healthcare workers include careers as medical assistants, doctors, and nurses. Healthcare is one of the safest jobs ever.
Which jobs are most at risk during a recession?
During a recession, the highest risk work includes all positions that can be automated, travel and tourism jobs, entertainment, exploration and mining, transportation and storage, food manufacturing, prep and service, and secretarial jobs.
Is It Difficult to Find a Job During a Recession?
Finding work when the market is bad is difficult, but not impossible. Just keep in mind that you will face even more competition than usual for any position because so many people are unemployed.
Which companies will do well in a recession?
A job in certain types of companies will perform better during a recession. Some examples of industries that are somewhat recession-proof include healthcare, transportation, consumer staples, groceries, auto repair and maintenance, hardware stores, property management companies, and grocery stores.
Who Will Benefit During a Recession?
Fixed income people can benefit because inflation is generally falling. Companies that offer inexpensive entertainment also do well because people like to drown their worries. Other beneficiaries are bankruptcy attorneys.
When the economy is doing well, it’s hard to imagine an impending recession. However, there will always be another, even if there are still years. The best thing you can do is prepare for the next recession by finding a job that speaks against it.