Letâ€™s face it – nobody likes a recession. Economic downturns donâ€™t only impact businesses, they also impact the job market by significantly decreasing job security. You have a job today, but you might not have one tomorrow – and there’s very little you can do to predict that.
What you can do is to try and make sure youâ€™re working recession proof jobs. With a recession proof job, an economic downturn may not have much of an impact on your job security, and youâ€™ll be able to work through the economic recession.
So, how do you find a recession proof job? Iâ€™ve got a list of 19 options that will provide job security and make sure you keep making money – letâ€™s dive in.
A recession, by definition, is a widespread and prolonged economic downturn. In laymanâ€™s terms, a recession is a business cycle where there is a general decline in overall economic activity. Recessions usually occur when there is a widespread drop in spending, and often last at least six months.
The result of such an occurrence is a decline in overall economic output, as well as a decline in consumer demand and job security, which is why looking into recession proof jobs is all the more important.
The overall impact of a recession on the economy can be immense. The reduced overall spending means that many businesses have a significantly reduced income, which makes them introduce cost-cutting measures. The most popular cost-cutting measure, unfortunately, is laying off staff, which means people lose their jobs.
According to the National Bureau of Economic Research (NBER) in the U.S., the average recession lasts about 17 months, looking at a period from 1854 to 2020. If we look at the period after the Second World War, the average is around 10 months.
That being said, itâ€™s impossible to say when a recession would end. If a recession hits, there are various factors that impact its duration, as well as the recessionâ€™s impact on the overall economy and job security.
There are some industries that are less likely to be affected by a recession than others. Theyâ€™re usually able to withstand economic downturns and are considered recession-proof, because even during a recession, they can still perform as expected in most cases.
Of course, to think that any industry is bulletproof and completely immune to a recession would be foolish, but some industries have shown to be very resilient to fluctuating demand. A few examples include the consumer staples industry, the healthcare and pharmaceutical industry, the IT industry, the education industry, and the luxury goods industry.
The consumer staples industry is responsible for the creation of essential products such as food and beverages, hygiene products, and household goods. Regardless of their financial situation, consumers arenâ€™t likely to give up these types of products, which is why this industry can be considered recession-proof.
The healthcare and pharmaceutical industry is very similar because even in the worst possible economic downturn, the demand for healthcare and medications is essential. For many consumers, medication is a necessity to live.
The IT industry can also be considered recession-proof, at least if we look at the software aspect. A recession can significantly impact hardware production, but with most software companies operating on a subscription model, they will hardly notice a recession if they already have contracts in place that would keep them afloat.
Next up is the education industry, which in many cases, tends to grow during a recession. Many people find themselves looking for higher education during the recession, in order to gain new skills and improve their ability to find a job, even in industries they may not have considered previously.
Last but not least, the luxury goods industry is one many people wouldnâ€™t think is particularly resilient. However, most luxury goods toy with the idea of a limited supply, which is why theyâ€™re often seen as investments, rather than regular goods, which don’t hold their value as well. The limited supply also negates the need for a high sales volume, which makes the industry even more resilient.
Working as a grocer can mean anything from being a cashier in a grocery store to running a grocery store as a manager. Generally, youâ€™ll be selling groceries in some capacity, and itâ€™s usually a job you can switch to without previous experience.
When considering that the consumer staples industry isnâ€™t likely to be impacted by a recession, grocery store employees will always have work. Everyone needs groceries, whether thatâ€™s food and beverages or hygiene products. And with prices sometimes going up during a recession, you may be making more money than you would be in a stable economy.
Working as a healthcare professional, whether itâ€™s a nurse, hospital administrator, or physician, means that youâ€™ll have a rather secure job. Healthcare professionals care for people in various capacities depending on their exact position, whether thatâ€™s physical or mental health, and whether itâ€™s in a hospital, or as home health aides.
Regardless of the worldâ€™s economical state, healthcare is considered an essential service. In many cases, these jobs are even more critical during an economic turmoil. Stress can lead to both physical and mental health issues, with many people having a higher risk of health problems.
Hospice care is a unique part of the healthcare industry, and contrary to popular belief, it doesnâ€™t only include taking care of the elderly. Hospice care professionals care for the physical and mental health of anyone that has an advanced illness and is approaching the end of their life. Hospice workers are trained to provide special care, and the required skills are always in high demand.
Again regardless of the economical state, a personâ€™s declining health is not something you can put on pause due to economic turmoil. This is why hospice care workers certainly have recession proof jobs, regardless of world events.
A pharmacist isnâ€™t something you can become without higher education in the medical industry – it requires extensive knowledge of the drugs and medicine industry. Pharmacists work with doctors and physicians to administer both essential and non-essential drugs that people need in order to stay healthy. Theyâ€™re a crucial part of the healthcare industry, and as such, their jobs are always in high demand.
A recession does often decrease the demand for non-essential drugs, but it also increases the demand for drugs that help treat stress and anxiety, making a pharmacist one of the top recession-proof jobs.
A software developer can wear many hats. Some are specialized in web applications and services, while others focus on mobile apps, but all of them write code to create user-oriented apps and services in various industries.
The world is shifting towards an online space, and no amount of economic turmoil can change that. This means youâ€™ll have more job prospects than ever down the line, and working as a developer guarantees excellent job security, even in a recession.
Customer Support Specialist
Customer support specialists are as necessary as IT professionals in this digital day and age. Youâ€™ll be in charge of helping consumers interact with various software and hardware products, remotely. This is a job that you can often do from the comfort of your own home, and in most cases, requires no previous knowledge and experience, only good communication and problem-solving skills.
With increased prices, many people spend more time at home, interacting with various software and hardware products, making support for those same products more essential than ever. To add to this, support positions are always in high demand.
Another position in the information technology industry, a data analyst collects, inspects, and interprets data in order to either solve a problem or answer a question. Data analysts are a key part of every IT company, and theyâ€™re a crucial part of the development process, especially when creating user-oriented software.
As such, their jobs have good job security even during economic turmoil, especially with todayâ€™s increased demand to make everything digital. While itâ€™s not that common to start working as a data analyst with no previous experience, there are plenty of courses and academies that will provide basic knowledge of the position.
Education is a crucial part of society, and whether youâ€™re in elementary school, high school, or college, working as an educator is one of the best recession-proof jobs you can do. Youâ€™ll have the responsibility to teach people of all ages, a profession that kept pushing even through a worldwide pandemic.
During a recession, educators donâ€™t stop working. You may need to tailor the way you work, but you wonâ€™t be left without a job, regardless of whatâ€™s happening in the world. A thing to note is that youâ€™ll need to have a degree to work as an educator, especially if itâ€™s in the world of high education.
Real Estate Agent
A real estate agent is tasked with the management of sales and purchases, as well as renting, of housing. Whether you want to sell your house, buy an apartment, or rent out office space, you need a real estate agent to act as a middle man.
While in subpar economic conditions this might seem like a bad idea, the truth is that people always need a place to live, whether they buy it or rent it out. This is what ensures job stability for real estate agents, even in tough economic times.
Accountants are responsible for managing money, whether thatâ€™s for regular individuals or, more commonly, for companies. They help with taxes, moving money around, and in many cases, they can give advice on taxes.
If youâ€™re a good accountant, your skills are a must for many businesses that try to organize their finances to stay afloat during tough economic times. Youâ€™ll be responsible for managing the finances in a way that would provide financial security and keep businesses operating as well as possible.
Law Enforcement Workers
Law enforcement officers, such as police officers or sheriffs, or probation officers and corrections workers, are federal government employees in charge of keeping the peace and making sure citizens respect and uphold the law.
There is a complex relationship between crime and economic cycles, but when times are tough, communities aim to provide physical safety for citizens and local businesses, and federal government employees such as police officers are key to ensuring that. Such government jobs are always necessary, even during a recession when there are quite a lot of job openings for government workers in this area.
Another position that doesnâ€™t stop during an economic turmoil, firefighters provide an absolutely crucial public service. In recent years, climate change has resulted in fires where one wouldnâ€™t expect them, which is why much fewer job openings remain vacant in this industry.
Fire departments tend to get funding from municipal funds, and that funding is seldom directly tied to economic performance. When you factor in the importance of such positions, itâ€™s easy to see why they tend to receive high priority when it comes to funding.
Whether you work in the local DMV, your town hall, or the military, being a federal employee usually has you connecting the citizensâ€™ needs to everything the government can provide. There are plenty of jobs to be had that would categorize as a federal employee, and most, if not all, are in demand even during tough times.
A recession, or any kind of economic uncertainty, wonâ€™t significantly impact a government job, which makes them some of the best jobs to have during a recession.
Public Transportation Workers
Public transportation workers include taxi drivers, bus drivers, train drivers and engineers, and a variety of other supporting role positions that make sure the public transportation system is operating at its best. These jobs tend to be fairly secure, even during tough times.
The thing with public transport is that people need to get to their jobs, or their homes, or anywhere else, regardless of the economic situation. Due to this, such positions are usually guaranteed in terms of security even in a recession.
Public Utility Workers
Public utilities require maintenance, and in some cases, major repairs, and public utility workers are responsible for both. Whether itâ€™s an electric line, sewage system, waste management system, or gas distribution system, these workers are absolutely critical to the normal functioning of utilities we use on a daily basis.
This doesnâ€™t change during a recession — economy doesnâ€™t impact electric or gas lines, and if something were to happen, we would need workers that can fix it. To add to this, many public utility positions donâ€™t require high education, making them a solid choice for someone looking for a career change.
An actuary is a person that analyzes risks and then presents that analysis to businesses and individuals looking to make investments. The key thing to know about actuaries is that theyâ€™ll help you make smart decisions when it comes to investment, which is all the more important during a recession.
Actuaries are in much higher demand in a recession – every move a company makes comes with great risks which can be costly during tough times, and an actuary can help ease that significantly. Smart decisions save money and can be a huge part of your business’s success.
A divorce attorneyâ€™s job is very self-explanatory – divorce lawyers make sure divorce proceedings go well for the party theyâ€™re hired by. Such legal professionals are always in demand by law firms, and a recession doesnâ€™t change that too much.
One of the strongest points of contention during a divorce is money, and during an economic difficulty, that money is bound to lead to disputes. Being a good divorce attorney is certainly one of the best recession-proof jobs.
Bankruptcies can be more complicated than one may think. There is far too much legal paperwork to take care of, and itâ€™s always a matter of negotiating the best possible terms. Unless youâ€™ve got experience with bankruptcy, youâ€™re much better off hiring a lawyer to take care of things for you.
Unfortunately, bankruptcies are far too common during a recession, which means bankruptcy lawyers are in high demand.
Funeral workers are in charge of managing every aspect of a funeral, from arranging the space, to dealing with paperwork. While it isnâ€™t a job many people can do due to the emotional and other stress factors, it is one that doesnâ€™t change in terms of demand.
Regardless of the economy, people still, unfortunately, pass away. While families may forgo a fancy ceremony, funerals still happen.
At the end of the day, working recession proof jobs is a good way to make sure that an economic downturn wonâ€™t impact your job security, and youâ€™ll still be able to work through the recession without your income being significantly impacted.
What are the worst jobs during a recession?
There are some jobs that are the exact opposite of recession-proof, because theyâ€™re significantly impacted by the economy. Examples include vacation and travel jobs, construction jobs, as well as motor vehicle sales, and similar positions.
u003cstrongu003eShould you invest in stocks during a recession? u003c/strongu003e
Yes, absolutely, provided youâ€™re careful with your investments and understand it may take time for the market to recover. Generally investing during a recession can be a great opportunity to purchase stocks at a lower price.
u003cstrongu003eIs a recession coming soon? u003c/strongu003e
While there are some indicators that a recession might happen in the near future, no one can say with absolute certainty. The current inflation does have a significant impact, but only time will tell how things progress.
Why Do Recessions Happen?
A recession resulting from an economic imbalance may rectify this imbalance, allowing for a return to a healthy market and renewed growth. For example, a housing bubble or dot-com one.u003cbru003eu003cbru003eAlso, by driving down asset prices, recessions can often provide opportunities for attractive returns for investors thinking of long-term gains.