Need career advice? Here are some jobs that are safe from layoffs during this recession.
A recession is defined as a period of a prolonged downturn in the economic activity of a country. It is commonly understood that if a country sees a decline in its gross domestic product (GDP) for two consecutive quarters, it is going into recession. By these definitions, the U.S. has been in recession since the summer of 2022, and it is not the only country to face recession-like conditions. According to estimates by the Japanese finance company Nomura Holdings, many other countries, such as the U.K., Japan, South Korea, Australia and Canada, are also going to fall into a recession over the next couple of months.
During a recession, businesses tend to be less profitable and as a result, the job market shrinks. Companies even begin to fire employees, particularly low-skilled workers, as a means to reduce their overall expenses. Consequently, a recession can be a tough period for the average person. If you are a recent graduate looking for jobs in a tough economic climate or an established office worker thinking of switching careers, here is a list of jobs that you can look at to keep yourself safe from layoffs during a recession.
Accountants
To quote Benjamin Franklin, one of the founding fathers of the U.S., “In this world, nothing is certain except death and taxes,” and so even during a recession people would still need to file taxes. While some may try to do this by themselves to cut costs, mistakes in tax filings can cost people a lot of money. So, there is still a lot of work out there for accountants even during the toughest economic times.
IT specialists
Given the hacks and malicious attacks we’ve been seeing just this year, it makes complete sense to have an IT professional on board to oversee aspects like network security and the online operations of the company. The role of IT professionals has become even more important post the COVID-19 pandemic with more companies moving into the remote working model, to help keep the company data safe no matter where the employees are signing in from.
Mental health counselors
You might be thinking that therapy is expensive and that people would actually stop going to mental health professionals to cut down costs during a recession. However, according to a paper published in the Neuropsychiatric Disease and Treatment Journal in 2016, the prevalence of depression among the general public increased significantly during the time of economic crisis. This is a result of job insecurity and work stress that people experience during such times. This means that therapy is crucial to deal with the stress of a recession and this would remain a viable job.
Actuaries
Actuaries are financial experts who analyze the risks of financial investments for businesses using statistical techniques. There would perhaps be no better time to have an actuary on board than during a recession when both businesses and the government are particularly cautious about risky ventures. Actuaries help companies decide where to cut spending with the least financial consequences and job losses.
Public safety professionals
It is extremely unlikely to lay off public safety professionals, such as police officers and military personnel. Safety concerns continue to prevail irrespective of the economic circumstances and thus, public safety professionals don’t suffer any threat of job losses during a recession. In some cases, a recession can even lead to an increase in criminal activity, which can make the role of public safety professionals even more important.
While these are some of the best jobs to have during a recession, this list is by no means all-encompassing. If none of these jobs appeals to you, then you can try to look for jobs that have the same characteristics as these.
One of the things you may have noticed is that three out of five of these jobs assist big businesses. Whether we think of accountants, IT specialists or actuaries, all three job sectors protect the interests of businesses and require a niche skill set. And so, it becomes out of the question to fire people performing these roles. The other two jobs, mental health counselors and public safety professionals serve crucial public needs without which society wouldn’t be able to function normally.
It is also important to actually like what you do so that you give your 100% to the job and become an indispensable part of the office. If you can find a job that you like that meets at least one of the above two criteria (servicing big businesses or meeting public needs), then you will be able to sail through times of financial hardship with greater ease than most other professionals out there.
Also read:
- 5 Tips To Get Back on Your Feet after a Layoff
- Top 6 Indian Startups Layoff Stories in 2022
- How Can a Business Reduce Its Costs without Losing Employees?
- Building a Recession-Proof Startup
Header image courtesy of Freepik
