Positions in the government appear to be more resilient to economic downturns than jobs in other businesses. During the Great Recession, federal, state, and local government employees had the lowest unemployment rate of all of the recession-proof jobs on this list. In a prospective recession, the estimated unemployment rate of 3.7 percent is the lowest on the list. However, keep in mind that certain government jobs pay more than others.
In a downturn, are government employment safe?
Federal positions are one of the most recession-resistant jobs available. Jobs in the civil service and the military are less affected by the recession and offer more security.
Despite the fact that congressional conflicts can have an impact on hiring and spending, working for the federal government is a reasonably safe option. In the military, there are prospects for job advancement as well as the potential of obtaining a higher education degree at a low or free cost.
Which jobs are safe in a downturn?
8 industries with the best job security during a downturn
- Health-care services. People get sick and require medical care regardless of the state of the economy, thus the demand for health-care occupations is fairly stable, even during a downturn.
Which industry is recession-resistant?
Healthcare, food, consumer staples, and basic transportation are examples of generally inelastic industries that can thrive during economic downturns. During a public health emergency, they may also benefit from being classified as critical industries.
Are government positions secure?
In the time it takes the federal government to finally onboard a potential candidate, lives can alter dramatically. If people are prepared to stick it out through the hiring process, there must be a prize.
Stability.
Working for the federal government may appeal to you if stability is important to you and you are a little more risk averse. To be honest, if you’re looking for a new job, government employment isn’t the place for you. The life of a defense contractor will suit you better.
Predictable Schedule.
Of course, some projects and agencies do not follow this rule, but if you set your hours, you must stay to them. Of course, that involves sticking to them – something that’s a little more difficult to accomplish during a lockdown. Working for the federal government, on the other hand, provides a consistent schedule for those who want their evening activities to be unaffected by work.
Firing? They Can’t Do That to Me!
That isn’t technically correct. A federal employee, on the other hand, has a lot more job security than a contractor. Not only do federal employees not have to track their employment and the duration of a contract, but the reality is that if they are a trustworthy and honest employee, their job security is great.
Health Benefits.
I’m sure there are other insurance firms that provide excellent benefits, but in order to obtain them, employees frequently have to pay expensive premiums. The premium cost is more evenly spread with such a large employer. For others, this can be the difference between paying over $10,000 in out-of-pocket medical expenses in a year under a different insurance provider with a contractor and paying over $10,000 in out-of-pocket medical expenses in a year under a different insurance provider with a contractor. Then, after a few years, Blue Cross/Blue Shield only pays a few hundred dollars for the same medical operation under the Federal Employment Program (FEP). The federal government offers a solid health insurance alternative if your health is a constant concern.
Paid Time Off is Actually Vacation Time.
And, while we’re on the subject of health, we all know how crucial it is to take the time off you need or take sick days to attend to medical appointments. While some contractors have resorted to social media sites like Reddit to complain about working through their paid vacation time, they couldn’t help but observe how their government employee colleagues were allowed to turn off email altogether while on vacation. It is critical to get some rest. Not every agency works this way, but with a bit more job security, most federal employees can unwind when they leave the office.
Probably a Guaranteed Pension.
Because nothing in life is guaranteed, I say probably. As time goes on, and more cuts to the federal employee budget are made, pensions are frequently put on the cutting block. However, for some candidates, the pension is a plus. While you must persevere and keep an eye on any gaps in service, you do have the option to retire early after 20 years, depending on your age. Retirement savings are excellent, but the idea of a pension on top of what you’ve put down for yourself can seem like a major help in your later years. It may allow some government employees to establish a business later in life, change jobs, or take a more relaxed approach to life in general. It takes a lot of dedicated years, but the payoff can be worthwhile in the end.
Steady Pay.
Depending on the year, this might be both a benefit and a misfortune. While contractors are out there scrambling to find their next gig in a dry contract environment, you may not get a significant rise or even a cost of living boost during leaner years. Government employees may crave their contractor neighbors’ income when the land is awash in contracts, but as the political atmosphere shakes up proposal seasons, the steady compensation of the federal life can be extremely enticing.
Job hopping with the same employer.
The federal government is a massive organization. Transferring agencies may take some time, but you have the option of finding a new supervisor without changing employers. As a result, all of your benefits and tenure remain unchanged, which is critical if you desire that pension. As a result, you won’t have to fill out all of the new employee paperwork, and you won’t appear to be a job hopper.
You are the boss.
Although not every federal servant is, contractors effectively support you and your agency. The requirements are set by the federal government, which also provides subject matter expertise. So, while the remuneration for some agencies may be lower than the contractor’s, you are the one setting the standards and picking the winning contractor.
Serving the people.
Congress enjoys debating the amount of waste in the federal government. They have put a salary freeze in place. The public frequently speaks about draining the swamp, but when it comes down to it, a civil servant has the opportunity to lead projects or finish work that benefits the American people. And, while there may be many difficult or dull days, the goal is to deliver a service to the people at the end of the day. And, regardless of shutdowns, most government employees are relieved to be able to do so.
Is it better to work for the government or for a private company?
If you’ve ever been caught between a rock and a hard place, you’ll understand right away. On LinkedIn, I came across a discussion in the group known as the Veteran Mentor Network. A retired military member was seeking help on deciding between offers from the civilian and federal sectors. Each had appealing promises, and each had its own set of advantages and disadvantages.
But, I believe, the debate over public vs. private sector jobs is a common oneand one worth debating. Members of the club offer advice, many of whom have experienced the same conflict between the federal and civilian sectors. It’s a difficult choice because both have advantages. That takes us to the article’s main point.
We’ll look at five things that stuck out to me as things to think about as you decide whether to work for the government or in the private sector. But first, some background information: the initial LinkedIn inquiry that sparked the conversation:
“While the private sector offers a temporary post with the possibility of becoming permanent, the federal government offers a permanent position with full benefits, a superior location, and job stability. Has anyone else had to make a decision like this? Although the government starting compensation is higher than the private sector, I expect the private sector salary to be higher if recruited full-time following the probation period. I’m hesitant because the potential of truly enjoying the private sector appeals to me, yet the federal government’s security and benefits are critical for my family. “Do you have any suggestions?”
George got a lot of advise from people who had already been there and done that. The following is what I learned from the discussion. A group of compassionate and experienced folks made some wonderful remarks. Here are five things to think about before choosing between a federal or private sector employment.
Apart from the matter of longevity (which we’ll discuss later), George’s first point is advantages. The topic of benefits should constantly be brought up. When I was writing a resume for a client, I inquired about his income history. When benefits were added to his income in some situations, the total was significantly higher. That’s important. Benefits are an important consideration when comparing government vs. private sector jobs.
The federal government, on average, offers superior benefits. Health benefits, vacation, sick leave, paid (particularly federal) holidays, retirement, constant and consistent raises, and other perks are available to government employees. On the other side, a private sector job may not come with the same benefits package as a federal job. Benefits may not be as generous as they are in the government sector unless you work for a huge firm. Benefits can be sparse if you work for a small business, a startup, or start your own business.
George then discusses the topic of place. It’s all about location in real estate. In this scenario, George seemed to be satisfied with the federal job’s location. Many government jobs are located on the East Coast, so you’ll need to be content livingand commutingthere. What about one’s quality of life? Is a fast-paced metropolis your cup of tea, or do you prefer a gentler pace? It is up to you to make the decision, but don’t forget about your family.
Have you considered schools for your children, for example? So, how about the nightlife? Larger, more crowded locations will offer more entertainment options. There’s also the terrible commute. On a daily basis, this can consume a significant amount of your time. Every day, you could be stuck in traffic for many hours. For some folks, this isn’t a comfortable concept. So, how about you?
Again, the federal government is known for having more stable employment. The federal government, like the military, allows you to retire after 20 years of service. If you’re transitioning from the military, you’ll also benefit from the option to work from home “You can “buy back” your time and add it to your federal pension. This is a topic for another time, so I’ll leave it at that.
Years ago, you could start a private sector career when you were young, work for 30-40 years, and then retire from the same business. That no longer appears to be the case. Others might claim that job security does not exist in any industry. People are becoming less confident about job security due to the downturn in the economy, budget cuts, and a variety of other causes. As I have stated, the potential to combine your military service with a federal retirement can be a significant selling point for federal jobsalong with job stability.
When it came to salary, George faced a familiar dilemma. He earns more money now on the federal side, but the civilian position could pay him more in the future. How’s that for provoking thought? Many of the people who offered guidance focused on the long run, or longevity (20 to 30 or even 40 years down the road). Some of us are incapable of thinking that far ahead, let alone five years. Salary is an important factor to examine, but do so in the context of everything else.
This is huge, and it was a recurring topic among individuals who contributed to the discussion. Some people believed that gaining job satisfaction in a federal setting was impossible. Others, on the other hand, saw a regular wage boost and other security aspects as critical in their long-term strategy. Some say that working in the civilian sector is more fulfilling, particularly if you want to create your own company. Some people are motivated by the thrill of the unknown. It could also be the reason why some people avoid working in the private sector. As a result, CareerProPlus also provides career transition counseling.
It all comes down to how you define career satisfaction and how your family fits into it. Much of the discussion was on selecting what’s best for you, your hopes and goals, and, of course, your family’s best interests. “Follow your heart!” and “Go with your gut!” were two common expressions buried in the discussion. That’s all there is to it!
During a recession, who suffers the most?
The groups who lost the most jobs during the Great Recession were the same ones that lost jobs throughout the 1980s recessions.
Hoynes, Miller, and Schaller use demographic survey and national time-series data to conclude that the Great Recession has harmed males more than women in terms of job losses. However, their research reveals that men have faced more cyclical labor market outcomes in earlier recessions and recoveries. This is partly due to the fact that men are more likely to work in industries that are very cyclical, such as construction and manufacturing. Women are more likely to work in industries that are less cyclical, such as services and government administration. While the pattern of labor market effects across subgroups in the 2007-9 recession appears to be comparable to that of the two early 1980s recessions, it did have a little bigger impact on women’s employment, while the effects on women were smaller in this recession than in previous recessions. The effects of the recent recession were felt most acutely by the youngest and oldest workers. Hoynes, Miller, and Schaller also discover that, in comparison to the 1980s recovery, the current recovery is affecting males more than women, owing to a decrease in the cyclicality of women’s employment during this period.
The researchers find that the general image of demographic patterns of responsiveness to the business cycle through time is one of stability. Which groups suffered the most job losses during the Great Recession? The same groups that suffered losses during the 1980s recessions, and who continue to have poor labor market outcomes even in good times. As a result, the authors conclude that the Great Recession’s labor market consequences were distinct in size and length from those of past business cycles, but not in type.
Are teachers immune to the economic downturn?
Teaching is a recession-proof profession that offers job security. It’s also a fantastic job opportunity for anyone who enjoys interacting with others. Yup! Teachers have not stopped working throughout the COVID-19 pandemic, despite the fact that other industries have been severely impacted.