While no job is guaranteed to be recession-proof, there are some occupations that appear to be safer than others. Actuaries, debt collectors, auditors, and repossession agents are a few more professions that may be less affected by a recession, or even “recession-resistant.” There are a few recession-proof enterprises to think about as well.
The truth is that securing your employment is not a simple task. Recessions can cause anxiety and tension. Being prepared and observant are two of the best things you can do. If you’re concerned about losing your work, be proactive and take the measures necessary to move into one of these recession-proof jobs now.
What is a recession-proof industry?
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.
What are the recession-proof investments?
A number of vital services in the home restoration and repair business are recession-proof. With annual spending on home improvements in the United States exceeding $400 billion, it is an industry with a lot of room for growth.
Here are a few good business ideas that are still in demand even during economic downturns.
Plumbing: When a plumbing issue arises at home or at work, it is simply not possible to wait until a more financially secure time to have it repaired.
Auto Repair Services: Because many individuals rely on their vehicles and trucks to commute from home to work and cannot afford to be without one, auto technicians will be in high demand throughout a downturn.
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.
Which businesses prospered during the Great Depression?
Chrysler responded to the financial crisis by slashing costs, increasing economy, and improving passenger comfort in its vehicles. While sales of higher-priced vehicles fell, those of Chrysler’s lower-cost Plymouth brand soared. According to Automotive News, Chrysler’s market share increased from 9% in 1929 to 24% in 1933, surpassing Ford as America’s second largest automobile manufacturer.
During the Great Depression, the following Americans benefited from clever investments, lucky timing, and entrepreneurial vision.
What industry is the most stable?
Several people are looking for a new job they can hold on to for a while, as a result of record-breaking layoffs across many industries as a result of COVID-19. People may be more willing to take a chance on a fresh, fledgling company or a “cool” field in a healthy employment market because they know that if things go wrong, another job is only around the corner. However, in today’s harsh employment market, businesses that provide good job securityincluding ones you may not have considered beforemight become the “coolest” of all. Unemployment rates, industry or occupational growth, and “work tenure” are three major criteria that influence which industries or occupations have the most job security.
Management (5%), computer and mathematics jobs (4.4%), legal (2.8%), and healthcare (3.8%) are the occupations with the lowest unemployment rates, according to the Bureau of Labor Statistics, which is part of the US Department of Labor. (Many positions with better job security need more education, so continuing your education may be a good option if you wish to have a more secure career in the future.)
When an industry expands rapidly, it can lead to increased job security. The average industry growth rate is 0.5 percent, although healthcare, along with computer systems, software, and data or information-related areas, education, and professional/scientific and technical services, has been one of the fastest growing industries (at 1.6 percent) for many years.
Finally, consider “job tenure,” or how long someone have worked at the same company. The average job tenure is 4.2 years, but some industries have substantially longer tenures, such as manufacturing, telecommunications, government, and utilities. Following are some industries and vocations that may offer the best job security based on these three variables.
Healthcare has long been one of the fastest-growing industries, with healthcare jobs accounting for more than half of the top 20 fastest-growing occupations, including entry-level jobs like health aides as well as jobs that require extensive training like nurses, physician assistants, and physical therapists. Over the next several years, the global pharmaceutical market is predicted to rise by 3-6 percent. Healthcare demands will, sadly, continue to rise as the population ages and people are exposed to the long-term health effects of COVID-19. Exploring your job alternatives in the healthcare and health-related areas might help you choose a long-term career path that you enjoy.
Pfizer: Pfizer is a leading pharmaceutical company in the world. Medicines and vaccines, as well as several of the world’s most well-known consumer health care goods, are all part of Pfizer’s global portfolio.
Roivant is a tech-enabled biopharmaceutical business whose mission is to enhance healthcare by providing new medications and technologies to patients quickly.
GSK:GSK is a global healthcare firm that researches, develops, and manufactures novel pharmaceutical medications, vaccines, and consumer healthcare products.
Government employment encompasses a wide range of positions, including K-12 teachers in public and charter schools, police and firefighters, policy analysts, diplomats, librarians, parks department employees, public health professionals, scientists, and others. Government can be a rewarding field to consider if you enjoy assisting your fellow citizens. Because governments cannot often declare bankruptcy, government positions are more likely to have union protection, and many of the jobs are deemed necessary for a functioning society, government is considered one of the most stable employment sectors.
Governments can still have layoffs (sometimes known as “force reductions”), and large-scale budget cuts owing to tax revenue losses might result in layoffs in the sector. When there is a decrease in force, however, impacted employees may be given first priority for a new job within the government. Workers in the public sector had a median job tenure of 6.8 years, which was significantly longer than most, with federal agency employees having the greatest tenure at 8.3 years. Despite the fact that the government sector is not increasing as quickly as other businesses (federal government employment is predicted to decline by 0.5 percent through 2028), many government personnel are expected to retire in the future years, resulting in job openings.
Telecommunications, insurance, utilities, energy, logistics, and transportation are industries that will never go out of style.
Whatever happens, certain things will always be required. Electricity, internet access and cell phone service, insurance, and goods transportation are unlikely to disappear overnight, which may explain why personnel in utilities, telecommunications, finance & insurance, and energy (mining/oil & gas extraction) have longer tenure than the average. While you may not have considered insurance, logistics, energy, or telecommunications before, these areas provide numerous options for students of all backgrounds, from liberal arts to engineering.
PURE Insurance is a member-owned, purpose-driven business that provides comprehensive property and casualty insurance to high-net-worth individuals.
Baker Hughes is a major energy technology business that develops, manufactures, and services innovative technologies that help the energy industry progress.
XPO Logistics: XPO serves the world’s most successful enterprises with cutting-edge supply chain solutions.
Ericsson: As the world’s leading provider of 5G and telecom technology, Ericsson is the preferred partner of AT&T, Verizon, and T-Mobile.
While job security in technology firms isn’t perfectthe industry is always evolving, there are a lot of startups, and workers need to keep their skills up to date to be employedthe field’s rapid development ensures that positions will continue to be accessible for people with the necessary talents.
Information security, statisticians, mathematicians, and software engineers are among the fastest-growing careers in the tech or data areas. Many organizations in the IT industry overlap with some of the other stable industries on this list (such as healthcare), making it a fantastic industry to look into for both technical and non-technical roles (such as software engineer or data scientist) (such as customer success or HR).
Palo Alto Networks: Palo Alto Networks is the world’s leading cybersecurity company, building the cloud-centric future with technology that is changing the way people and businesses function.
Esri: By combining the science of geography with the technology of GIS, Esri technology gives meaning to maps.
Qualtrics is a leading experience management platform that enables businesses to gather and act on customer, product, brand, and employee experience data all in one place.
No employment is ever really secure in our ever-changing environment. However, examining industries based on growth, unemployment rates, and job duration can help you boost your chances of work stability. Data can help you narrow down your search, and you should have an open mind as you learn about different industries and what they have to offer.
Which occupations will be in high demand in the future?
Data science is used in nearly every industry to evaluate huge data, improve company, and better serve customers. While data collecting may become automated in the next years, specialists who understand, identify, and implement a data-driven solution will continue to be in demand. These reasons have been pushing the demand for data scientists at the highest levels in our technology-driven environment.