How to know if you have Most Recession Proof jobs?
Everyone likes a booming economy. Hopes are high, budgets are approved in a flash, and companies can’t hire fast enough to keep up with demand. So, a BIG question – How to know which are the most Recession Proof Jobs. Here is the list of Most Recession proof jobs around the world you can try.
And yet, the business cycle is called a “cycle” for a reason. Booms are inevitably followed by slowdowns, recessions or outright depressions. When the economy falters, consumers tighten their belts, businesses cut back on non-essential spending, and even the government cuts back on hiring.
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Of course, everyone wants to know which jobs will save them from these economic ups and downs. That’s a tough question because every profession and job combination is unique — there are no guarantees.
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Nevertheless, some jobs are necessary for the normal functioning of society. So no matter what happens, there will always be a need for someone to carry them out. While it’s hard to call them “100% recession proof,” they’re about as close to guaranteed job security as you can get in tough times.
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There are also industries that fall under the “luxury spending” category. Families spend on them when they have extra income. When money is tight or it would be wise to hold off on buying, these industries (and the jobs associated with them) suffer.
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Let’s take a look at both lists to see where you can find your work!
Top 6 Most Recession Proof Jobs
1. Medical professional – The Most Recession proof jobs
There are many jobs and specialties within the medical profession. Registered nurses (RNs), pharmacists, physicians, surgeons, paramedics, dentists, dental assistants, and even veterinarians fall into this category. People and animals get sick regardless of the economy, so they always need access to qualified professionals who can help.
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2. Specialized care, therapy and counseling – The Most Recession proof jobs
This field is in addition to medical care ‒‒ elder care, physical therapists, occupational therapy, substance abuse counseling, chiropractic care, home health aides, mental health professionals, social workers, and more. People value their well-being. They will invest in services that allow them to be productive and pain-free. Some of these services are covered by insurance, which encourages people to use them – even when money is tight.
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3. Law enforcement officers – The Most Recession proof jobs
The exact relationship between crime and economic cycles is complex. Some crimes predict a decline, others coincide with it, and some show no correlation at all. Through any economic climate, communities want to invest in physical security for local businesses and residents, which means police officers and the professionals who support them remain in demand during economic downturns.
4. Community service – The Most Recession proof jobs
Electric, water, sewer, waste, garbage and recycling services will survive the economic downturn. After all, public service workers are critical to maintaining order and public health. Interestingly, the consulting firms that serve these utilities seem to share this benefit as well. For example, many cities are required to conduct annual audits of their waste service providers. Consulting firms that perform such audits will have plenty to do even in a tough economy.
5. Financial services – The Most Recession proof jobs
The movement of money is important, which explains why financial professionals are always in demand. Accountants, auditors, actuaries, claims adjusters, tax preparers, insurance underwriters – the list of jobs in financial services is long and varied. Many positions require professional certifications such as Enrolled Agent (EA), Certified Public Accountant (CPA) or CFA (Chartered Financial Analyst).
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6. Educational services – The Most Recession proof jobs
Economic booms may come and go, but investing in the future is always important. Jobs in elementary education, secondary education, higher education, special education, and adult education are highly relevant regardless of the economic climate. Those who want to go down this path should know that the way education is delivered is changing. In addition to traditional classroom instructors, new models of distance education and on-demand education are becoming increasingly relevant. So work in education can be flexible in both location and style of delivery.
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The 5 Worst Jobs in a Recession
1. Construction and supporting industries
The construction industry is very dependent on the health of the economy. When access to business and personal loans becomes difficult, construction projects are put on hold. Even smaller home remodeling projects can experience delays. This applies to all contractors such as general contractors, roofers, electricians, plumbers and carpenters. Support industries such as lumber and cement production are also seeing a negative knock-on effect.
2. Retail store with home furnishings
A new leather sofa, a gorgeous wool rug or a stunning chandelier – these beautiful elements will make your home special. Unfortunately, they are not as urgent as paying your electric bill. Putting food on the table or buying the kids new shoes to replace the ones they’ve outgrown will win even over a new dining set. In an uncertain economy, people are putting off big purchases, which is impacting furniture and home furnishing stores.
3. Sale of cars and other motor vehicles
When the family is on one paycheck, fun toys have to wait. Companies that sell RVs, boats and motorcycles are seeing sales decline, along with car dealers. People tend to invest in repairing their existing cars, as opposed to buying or leasing new ones.
4. Tour and Travel Business
In a tough economy, families still take vacations. However, these holidays look very different in a recession. Economic downturn inspires staycations and local adventures. Travel to exotic destinations, luxury hotel stays and fun excursions tend to wane or decline. Even business trips are a hit as professionals look for cost-effective options.
Businesses tend to eliminate non-essential expenses when budgets are cut. Services such as data imaging, plate making, book binding, and brochure and business card printing are suffering from a decline in demand. Large printers have high equipment costs and don’t have much room to cut costs. Controlling labor costs through layoffs becomes one of the few available bridges to survival.
Common Characteristics of Recession proof jobs
How do some jobs end up on the “best of” list – while others bear the brunt of the economic downturn? More importantly, how isolated is your job that may not be on the above list? There are three key factors to consider that your job is Recession proof jobs.
- The first is the extent to which the industry or occupation is essential to the normal functioning of society. Without doctors, nurses, law enforcement or public services, our communities would descend into chaos within days.
- The second factor is clear and pressing pain on the part of the consumer. When a crime is committed or your child has a high fever, you’re clear about what you need—and you’re willing to pay for it if necessary.
- Finally, many recession proof jobs require specialized training and experience. When tax season approaches, many families are happy to pay a trained tax preparer to ensure that their tax return does not attract an audit.
But don’t worry if your work doesn’t necessarily fit these requirements perfectly. There are hundreds of other jobs that are important to our well-being and the continued order of society. Always be aware of what happens when the economy starts to take a turn for the worse.