The best jobs in a recession are those jobs that can handle an economic downturn. In other words, they are jobs that need to be done no matter what consumers are doing in terms of buying and selling. Many people lose their jobs when the economic turns recessionary because consumers stop spending. Those in jobs not affected by this are less likely to lose those positions.
Best Jobs in a Recession
When looking for jobs during a recession, consider how the fields you are considering are affected by economic downturns. Jobs are often available within industries that people rely on most. This can also give you an idea of what types of jobs are less likely cut during a recession.
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Money Magazine published a comprehensive list of jobs that were the most secure and had the most likely growth. These are some of the best jobs to have during a recession period.
- Financial Advisors: Particularly important due to the incoming baby boomer generation.
- Software Program Manager: Companies and individuals are dependent on the Internet and complex computer systems.
- Database Administrator: Another good secure job due to dependency on computers.
- Physical Therapists and Physician Assistants: Individuals require medical assistance regardless of the current economic conditions.
- Environmental Specialists: Many businesses and government offices are looking towards more green solutions to business practices, making this field of particular strength in the next decade.
- Education: Schools, especially college level professors and teachers, will still be necessary and therefore these areas of focus are important as well.
- Accountants: Accounts are always necessary as taxes continue even into a recession.
These are just a few of the jobs that are most likely to do well in a recession period. While there is no guarantee of any specific job not being cut, these areas are still very much in demand.
Look at the Industry
Another consideration when looking at how jobs are affected by the recession is to look at the industry itself. One should consider the following industries as well as why jobs within them will remain necessary.
- Energy: With so much concern over the cost of energy, this industry will thrive regardless of the economic condition. It may be in its ground floor level currently, meaning it is likely to see significant growth.
- Health Care: According to the U.S. Bureau of Labor Statistics, nearly half of the 30 fastest growing occupations in the coming years are from the health care field. This includes medical assistances, home health aides, medical records, physicians assistances and others. These positions are some of the strongest.
- International Business: The global economy may weaken, but those businesses and individuals able to be more flexible and open to international business are likely to continue to see opportunities. Countries like China will continue to see increased demand for products and services.
- Security: This sector is one needed all the time, but crime rates tend to climb during poor economic times, making this industry more recessionary proof than others.
Determine Job Risk
The best jobs in a recession may feel very limited yet most businesses will tough it out and pull through dark times. Here are some tips to finding out how secure your job is.
- Speak to your employer about profits and losses: be an advocate for the business's success so the business owner sees your position as necessary.
- Find new sources of income or profit for the business by expanding the client base, for example.
- Network with others and be willing to take a pay cut or fewer hours if it will allow fewer jobs to be cut.
- Expand your abilities through education or training, so you can do more for your company and therefore be more indispensible for them.
- Speak to your boss and find out the risk for your position. Find out what can be done to save it. Go to the source!
Recessions can cause a downsizing in the job openings available and the number of positions available at any company. It is essential to stand out from the rest to avoid this job loss, if it is possible.