Glassdoor recently compiled a list of eleven jobs, more stable than an ex-partner. The list was developed in partnership with their Chief Economist, Dr. Andrew Chamberlain and looked at jobs that could withstand a failing economy or recession.
Naturally, there can never an absolute recession-proof job, but there are certain industries (according to Glassdoor and Chamberlain) that are typically impacted less in an economic downturn. Jobs in healthcare, government, education, and accounting can be safer from cuts during a recession.
Here Are 11 Jobs Likely To Withstand A Recession
1 & 2. Teacher Or Teacher’s Aide
Chamberlain explains that teachers in public schools are often members of labour unions, which can make retrenching more difficult. Even with an economy failing, there is no doubt children still need an education and still need to go to school. Whether it be pre-primary, primary, or high school, or even private tutoring.
Regardless of the economic climate, an accountant will always enjoy business. Whether it be on a large corporation scale or simply doing people’s taxes before tax season.
Accountants can help a business move forward or help a company navigate out of debt. For these reasons, becoming an accountant can be an extremely valuable asset to any company, especially during tough economic periods.
4. Funeral Director
As ominous as it may sound, a funeral director will always have business despite what the economic climate is doing. As Chamberlain says, “To put it bluntly, recessions don’t stop people from dying”.
And, as Benjamin Franklin once said, “In this world, nothing can be said to be certain except for death and taxes”.
5, 6 & 7. Nurse, Nurse’s Aide, Or Physician’s Assistant
A nurse can rest a little easier knowing there will always be a constant need for their skill. Chamberlain says with the ageing baby boomer population, the demand for nurses is likely to remain high.
Similarly, working as a physician’s assistant is a safe bet as people will always need medical care, even in a troubled economy. To work in health care also means flexibility in location, which can make it easier to switch between practices if needed.
Once a professor has received academic tenure (after a probation period of six or seven years, depending), it is unlikely they should be laid off. Tenure is almost synonymous with job security and can be one of the most envied achievements in academia.
If you manage to stay employed by a faculty throughout the tenure-track appointment, you have pretty much hit the job security jackpot.
Audits are often required by law for any company whose stock is traded on the stock exchange. Meaning, audits can be a necessity for the economy, whether it’s in a recession or not.
10. Utility Worker
A utility worker forms part of the basic foundation of how society operates.
Utility workers are responsible for:
- Maintaining condition of roads
- Keeping electricity working
- Disposing of all trash
- Every type of modern convenience
Even if the economy is less than promising, there will always be a need to keep a civilised, modern environment running and functional.
Actuarial scientists, by definition, are there to help predict and minimise risk. In the event of an economic risk, an actuary will be particularly appealing to evaluate areas of a business to trim, or certain budget and personnel cuts to make, in order to generate a profit or break even.
“Historically, there are industries and occupations that have been less correlated to business cycle fluctuations, like recessions, than others,” said Chamberlain.
“If you are looking to reduce the risk of losing your job during times of a recession, we know that in the past jobs in healthcare, education, and utilities have not suffered as many job losses as in other fields. Also, if you have a union job and/ or work in government, these positions can be cushioned from the slings and arrows of economic variation.”