The crisis has brought about a trough in the global economic cycle, from recession to potential depression. To comprehend the full gravitas of the situation, sources have estimated:
10-12 million job losses in India alone
10% permanent job losses on both sides of the Atlantic
100’s of thousands of companies globally applying for wage subsidies
Anther factor that has people on edge are the interest rate cuts, most recently dropped down to 0 by the Federal Reserve. With this in mind, there are still jobs which remain safe during economic slumps, known as recession-resistant, some requiring advanced degrees whilst others not needing any higher education.
When the economy faces a downturn, organisations cut non-essential expenses, whereas jobs needed for the normal functioning of society remaining protected. We have compiled 5 of the Top recession-proof careers which you can transition into for future security. Remember, it’s always a great strategy to invest in yourself.
Characteristics of recession resistant jobs –
How is essential is the industry or job for the normal functioning of society? (e.g. nurse)
How urgent is this function from the consumer’s perspective? (e.g. crime)
Does the role require specialised training and experience? (e.g. tax specialist)
Your job doesn’t necessarily need to meet these requirements perfectly, there are still many roles required for the continuation of order in society.
1. Medical Professionals
There are many roles and specialities within the medical industry such as doctors, physicians, dentists, nurses and veterinarians. Nurses alone in the US have witnessed pay increases through higher demands as a result of the crisis.
People and animals alike get ill whether the economy is shrinking or growing, with a recession there’s even a likelihood of increased stress levels among society, so there is always a need for qualified professionals. This includes non-medical staff such as janitors, receptionists and other related professions within the medical field.
When people recover from being sick, professions such as physical and occupational therapy are needed for treatment. Other roles include counselling and therapy. These professions can sometimes see a slight decline however, their income is fairly secure during a recession.
People still value their well-being and will invest in ensuring they can function pain-free and productive. Insurance companies cover some of these services but it’s always best to check with your provider.
3. Financial Services
Although the economy is in a shrinking period, money still needs to circulate, which is why financial professionals are required. Professions such as accountants, actuaries, auditors, tax specialists and many more are in demand.
Accountants are in need as everyone must submit tax returns while companies must file quarterly and annual reports.
Auditors are also secure during economic downturn as companies still undergo audits in accordance with financial regulations.
Actuaries help organisations analyse different types of risk for example, techniques such as stress testing. Banks are especially in need of understanding such parameters so they hold the correct levels of capital as safety nets.
Services such as investment portfolios will see a decline as people are less willing to invest money and would rather hold cash, spending only where necessary.
4. Law enforcement
During economic cycles, the types of crime committed can vary. No matter the circumstances, society still values safety for citizens and businesses. This means that police offices and the supporting staff remain recession-proof. From cops to agents, fighting crime doesn’t stop as no ones wants an increase during depressive economic periods. Interestingly,
Regardless of the impact of recessions on society, law enforcement jobs stay safe.
5. Education Services
Investing in the future is always important during any economic period. Jobs in education whether primary, secondary, higher or further remains pertinent, however the method of delivery can change.
According to a report, the US witnessed an increase in college enrolments from 2.4 million in 1955 to 19.1 million in 2015. While a recession detracts job market openings, young adults shift towards higher education whilst employment opportunities are postponed.
Jobs in education can therefore be flexible in terms of locality and method of delivery. Google have a suite of teaching tools which can be used by teachers to facilitate remote learning. During the crisis, most schools have closed down, however employee salaries remain untouched.
Use these ideas to think about your future, with some hard work and dedication, this could be the best time to make a change.
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