It’s no secret that the economy has been in a slump for the past few years. And while there are no guarantees in life, there are certain career paths you can take that will help insulate you from an economic downturn. If you’re looking for a recession-proof career, here are five options to consider.
Define what a recession is
A recession is a period of economic downturn, usually measured as two consecutive quarters of negative gross domestic product (GDP). It usually occurs when there is an unexpected slowdown in the rate of demand for goods and services, which affects the production, investment and employment rates. While recessions often result in financial hardship, they can also lead to opportunities for creativity, innovation and development that may not have been possible during periods of rapid economic growth. As a result, many individuals and organizations use recessions as a chance to develop new ways of doing business, or to streamline existing processes in order to maximize efficiency.
How to know if we are in a recession
A recession can be a tricky and often subtle thing. Oftentimes, it is characterized by an overall decline in a nation’s economic activity, lasting for some number of months or even many quarters long. Common indicators of a recession include rising unemployment, lower spending patterns by consumers and businesses, declining wages and salaries, falling stock prices and investments, decreased fuel prices and drops in the housing market. These signs should not be taken lightly as they are the telltale signs of an upcoming economic downturn. Thus, when these conditions begin to become prevalent it is best to take proactive steps such as cutting back on expenses and saving more money to weather the potential storm.
The industries that are most affected by a recession
Whenever a recession hits, some industries are impacted more severely than others. Manufacturing, construction, and hospitality are three of the industries that are most affected as consumers tend to be less willing to spend their hard-earned money on items like cars or vacations. Companies in these fields can quickly experience significant decreases in demand and employee layoffs as producers are forced to edit their spending. Those employed in retail will also feel the impacts of reduced spending from customers, which often leads to pay reductions and longer working hours for those customers who still have their jobs. The long-term consequences of a recession can be extremely detrimental for individuals who depend upon these industries for employment.
10 jobs that are recession-proof
In a turbulent economic climate, it can be hard to know what types of careers afford more stability than others. Fortunately, many jobs exist that are considered ‘recession-proof’ due to their core services being needed regardless of economic shifts. These occupations span a variety of industries and sectors, such as healthcare providers, educators, public administrators and utility workers. Other positions like plumbers, administrative personnel or specialized consultants also offer a degree of immunity from recessionary forces thanks to their necessarily reliable demand levels. It’s important that job seekers research the opportunities presented in these fields and ascertain which career choices will make sense for them depending on their goals, qualifications and experience levels.
How to make your current job more secure
You can take steps to ensure that your current job is more secure by evaluating your skills and abilities, taking initiative in projects at work, and staying up to date on industry trends. Knowing what skills you bring to the table — such as project management or communication — understanding what initiatives you are passionate about, and proving that you are a key part of the team will undoubtedly be beneficial in all aspects of the workplace. It’s also important to stay current in regards to the industry your company is in, as this could open up opportunities while also impressing your superiors. By keeping all of these ideas in mind, you can give yourself more security with your current role.
What to do if you lose your job during a recession
Losing a job during a recession can be a tough and scary experience. It’s natural to feel overwhelmed and unsure of what to do next. The important thing to remember is that it’s not the end, but rather an opportunity to plan for the future. Without spending, try your best to save as much money as possible by cutting out all unnecessary expenses from your budget. Additionally, look into ways you can make extra income on the side such as freelancing, customer service gigs or even survey sites. Take the time now to explore alternative sources of income and gain as many skills and certificates you can to try and increase your employment possibilities in the future. Lastly, don’t forget to access government support if finances are becoming too difficult – there are plenty of resources available today for those dealing with job loss during this trying time that can help get you back up on your feet again.
A recession can be a scary time, but by being informed and proactive you can weather the storm. Keep an eye on economic indicators to get ahead of a potential recession, and think about ways to make your current job more secure. If you do find yourself unemployed, there are still options available to help you make ends meet. Never give up and keep looking for opportunities – a brighter future is always on the horizon.
