What are the stable careers that resist economic downturns? More than 26 million Americans have filed for unemployment claims since the start of the coronavirus pandemic – more than all jobs added in the 10 years since the Great Recession. Although no job is completely recession-resistant, there are some occupations that give employees a better chance to bear the negative consequences of the economic downturn.
What are the most stable jobs during a recession?
Although no job is 100% recession-resistant, some jobs have more job security compared to others. Jobs with Unions and government jobs tend to be among the most recession-proof out there. Everyone loves a thriving economy. Hopes are high, budgets are being approved in a jiffy, and companies cannot hire fast enough to keep up with demand.
However, the economic cycle is called a “cycle” for a reason. Inevitably, booms are followed by slowdowns, recessions, or full depressions. When the economy falters, consumers tighten their belts, companies cut non-essential expenses, and even the government is restricted in hiring. Of course, everyone wants to know the jobs that will save them from these economic fluctuations. This is a difficult question because every combination of functionality and function is unique – there are no guarantees.
However, some functions are essential for the normal functioning of society. So, no matter what happens, there will always be a need for someone to do it. While it is an exaggeration to describe it as “100% recession-resistant,” it is akin to ensuring job security in difficult times.
What professions are recession proof?
Stable careers that resist economic downturns or recession-proof firms are traditionally defined as industries that thrive during corrupt economic times or at least survive a mischief. However, the global financial crisis of 2007-2009 rewrote the rules for recessions. Many economists now say there is no longer such thing as a recession-proof business. The best employee can hope for is recession-resistant work, which means that there is a better chance than most people to get out of a recession.
Experts say the key to job security during a recession is finding a company or industry that shows long-term growth potential, is immune to outsourcing and is unrelated to the volatile tastes of consumers. While many classic recession-proof jobs require an advanced degree, like physicians, others don’t even require a college degree. Some recession-proof jobs allow you to work from anywhere, whether you want to work from home or travel the world.
As you prepare for the next recession, keep the following jobs in mind. Now may be the perfect moment to switch jobs, to increase your income and protect your career in the event of a global recession.
Stable careers that resist economic downturns
Medical specialist
There are many jobs and specialties in the medical profession. Registered nurses (RNs), pharmacists, physicians, surgeons, paramedics, dentists, dental assistants, and even veterinarians all fall into this category. People and animals get sick no matter the economy, so they always need access to qualified professionals who can help.
IT professionals (technology industry)
We depend on technology more than ever in our lives. Whether it comes to IT support, cell phone troubleshooting, computer repair or building IT companies, it does not appear to be affected by the economic downturn.
Social workers
Social workers see no shortage of demand when the economy collapses. Ultimately, social workers help people overcome their problems. When families are stressed, child abuse rates can rise. In children, behavioral problems increase, as well as behavioral and emotional problems in adults. Since most social workers work in the public sector, which does not experience significant fluctuations in employment even during recessions, social workers enjoy double protection.
Credit and Debt Management Advisors
Unfortunately, many people turn to credit cards and accumulate more debt during financial distress. Recession is no different. As people add to their credit card balances, more will need help managing their debt. These advisors or specialists can help negotiate the restructuring of your debts to reduce your personal liability and avoid bankruptcy. They can also help prepare your money from more impact due to the recession.
Federal government employees
Federal jobs are one of the most stable jobs you can have. Civilian and military jobs are less affected by the recession and provide more security. Although disputes in Congress can affect hiring and budgets, working in the federal government is a very safe bet. There are opportunities in the military for career growth as well as the possibility of obtaining a higher education degree for little or no cost.
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Teachers and college professors
As long as children are born, the need for teachers never stops. Education for those in K-12 will continue regardless of what happens in a recession. Class sizes may increase and home learning may become more popular, but as experienced teachers retire and leave the education system, the need for teachers will continue.
Educators are among the most unionized professions and come with a long list of guarantees when it comes to job security. Higher education professors also benefit from things like stabilization regardless of how the economy performs.
Actuaries
Actuaries help companies analyze risks. During times of economic crisis, risks affect the minds of private companies and government agencies more than ever before. Some actuaries work with companies to review efficiency and best places to cut spending with minimal financial and employment consequences for the company. Others work with insurance companies to help them understand the risks of interest payments compared to premium pricing. Most of them are still in high demand, even as the economy takes a turn for the worse.
Insurance providers, Underwriters, and appraisers
Yes, insurance companies see a decrease in demand during recessions. With fewer employees working, fewer people end up getting health and life insurance. But most people keep their jobs and their insurance documents. Even during unemployment, many families prioritize health insurance as a mandatory expense. And homeowners with a mortgage must maintain homeowner insurance as a condition of the loan. They have no choice but to hold it. The same goes for car owners. To drive the car lawfully, you must maintain at least liability coverage in case you collide with someone else.
This means that insurance agents, insurance companies, and other insurance professionals keep writing policies in recessions. Claims settlers and appraisers also remain busy – in fact, in times of stress, policyholders sometimes file a claim when they’ve already paid out of their money to avoid higher premiums.