Two years ago, many industries collapsed because of the COVID-19 pandemic, with retail, restaurant, travel and leisure sectors, in particular, hit hard.
Inflation has hampered the economic recovery, with worries about recession hovering.
Recessions mean fewer job hirings, mass layoffs, and intense competition for job available job vacancies. Higher education degrees do not guarantee job security the way they once did. When it comes to a recession, is any job safe? While no career is genuinely recession-proof, there are specific roles that will provide better job security than others, as extracted from Clever Girl Finance.
- Medical & healthcare providers (Healthcare industry)
Whether you’re a doctor, physician assistant, nurse, or radiographer, a job in the medical field is a great place to work during a recession.
Our physical or mental health doesn’t care about what’s going on in the economy. People will get sick even during a recession. Babies will be born, appendixes will burst, and accidents will happen.
A job in a hospital or clinic is a choice if you want maximum job security. People will get sick and injured and will need care. The healthcare industry offers many recession-proof jobs.
2. IT professionals
We depend more on technology than we ever have in our lifetime. Whether IT support, cell phone troubleshooting, computer repair, or building information systems, technology companies don’t seem to be as affected by the economic downturn.
Now more than ever, businesses are using technology to reduce overhead costs by offering employees to work remotely. So the tech industry also provides many recession-proof jobs.
3. Senior care providers
Jobs at assisted living facilities and demand for in-home care aides continue to increase as the population ages. This continues to be true even in a recession.
Everything from ambulette and other transportation services to certified nursing assistants and home health aides.
4. Pharmacists and technicians Like hospitals and healthcare clinics, pharmacies will see
a steady stream of consumers as people need to continue taking regular medications. When it comes to recession-proof jobs, this also tops the list.
Businesses will continue to need accountants as long as the tax system exists. Accountants help individuals and companies with financial records, bookkeeping, and tax filings. So you see why accountants have the best recession-proof careers!
6. Credit and debt management counsellors
Unfortunately, many people use credit cards and amass more debt during financial hardships. A recession is no different. As people add to their credit card balances, more will need help managing their debt.
These counsellors or specialists can help negotiate and rework your debt to reduce liability and avoid bankruptcy.
7. Federal government employees
Federal jobs are one of the top recession-proof jobs you can have. Civilian and military positions are less affected by a recession and provide more security.
Although congressional disagreements can affect hiring and budgets, working in the federal government is a safe bet.
8. Teachers and college professors
As long as children are born, the need for educators never ceases. Education for those in K-12 will continue no matter what is happening in a recession.
Classroom sizes may get more extensive, and online learning may get more popular, but as experienced teachers leave for retirement, the need for teachers will continue.
Teachers are one of the most unionized professions and come with many guarantees regarding job security.
9. Lawyers and legal professionals
Did you know that law and MBA graduates averaged three months without a job during the last recession? While not all jobs in the legal profession are recession-proof jobs, there are certain legal professions like bankruptcy, criminal defence, and divorce lawyers that might not be as affected.
The good thing is that jobs like court reporters, courtroom security, court record clerks, paralegals, and legal assistants can be recession-proof jobs. When big corporate firms begin to lay off staff, lower-paid workers are likely to keep their jobs.