Although recessions are cyclical, their negative consequences can devastate individuals and businesses alike. During an economic downturn, people will need to find ways to protect their careers, but when faced with uncertainty, how can people save their livelihood? A career switch may be the answer.
No job is 100% recession-proof, but certain industries involve jobs that society needs no matter the economic climate. These jobs stay safer than others in a downturn. That being said, you can choose to pursue a different career if your previous job doesn’t work out.
What jobs are recession-proof?
Below are jobs that will always need workers to fill them:
During a recession, stress levels rise up, and public health suffers more. Healthcare workers such as doctors, nurses, medical technicians, physician assistants, and hospital administrators remain untouched during a recession. This extends to nonmedical professionals such as janitors, receptionists, and public-relations officers. However, some specialisations such as plastic surgery or dentistry often see a reduction in appointments because many insurance plans don’t cover these areas.
Mental health and substance abuse professionals
Others may halt their therapy sessions because of the cost, but stress levels will increase during recessions, leading to more mental health issues, more marital problems, and more substance abuse, according to a report published in the journal Neuropsychiatric Disease and Treatment. Counsellors, therapists, psychiatrists, psychologists, and substance abuse workers will stay in demand, even during recessions.
When families become stressed, child abuse rates increase. That is where social workers come in. They ultimately help people cope with their issues. Social workers help children and adults who experience behavioural and emotional issues. Because social workers work in the public sector, they are doubly protected from the recession.
Read more: How to build a recession-proof career
Senior care providers
Not all people can age safely and comfortably. Those who can require at-home help. Senior citizens have no choice but to move into assisted living facilities. These elderlies will still need care, whether there’s a recession or not. These senior care providers include nurses, orderlies, cooks, cleaners, and other staff members.
Accountants and auditors
People still need to file a tax return in the economy. Although some can prepare their own taxes, others are afraid of making mistakes because it can cost more in higher taxes than hiring an accountant. Publicly traded companies undergo frequent audits and must file financial statements with the Securities and Exchange Commission.
Businesses analyse risk with the help of actuaries. During recessions, risk weighs more heavily than ever on both the government’s and private agencies’ minds. Actuaries work with companies to review efficiency, while others work with insurers.
Insurance providers, underwriters and appraisers
Insurance companies see a decrease in demand during recessions because fewer people are employed, but most people retain their insurance policies and prioritise it as a mandatory expense. Homeowners with a mortgage must maintain homeowners’ insurance as a condition of the loan. The same goes for car owners. Insurance agents, underwriters and appraisers keep writing policies in recessions.
Firefighters, fire inspectors and investigators
Fires can happen anytime, even when the economy is bad. Vacant buildings, in particular, are likely subjects of fire. A 2018 study by the National Fire Association revealed that from 2003 to 2015, vacant building fires peaked in 2008 and declined in gradually. Firefighters and other related jobs are much-needed during a recession.
Detectives, beat cops, CSIs, sergeants, federal agents, and beyond don’t stop working during recessions. These police officers seem buffered from layoffs. Yet they also stay employed because no one wants a spike in crime during recessions.
Clerks, judges, bailiffs, sheriffs, bail bond agents, and bounty hunters all stay employed during a recession. The courts stay open even in an economic downturn, although the COVID-19 pandemic closed off some courts. That was due to a public health emergency, not an economic one.
Switching to a different career to protect yourself against recession may be challenging, but it may be worth the risk. Stability can come after taking a leap of faith.