Recession proof jobs mean the jobs that have higher demand even in the recession period.
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What is the recession?
A recession means a period of negative or very weak economic growth.
It is very important to define recession technically. When we technically define the recession, “it is the period of minimum two consecutive quarters of negative economic growth rate”. Here usually economic growth is determined by the growth of the Gross Domestic Product (GDP).
But some well-reputed organizations have defined the recession differently. As an example, according to the National Bureau of Economic Research (NBER), recession means a period of a minimum of more than a few consecutive months with significant economic decline.
When an economy with a recession, its aggregate production is declined or increases very slowly, and unemployment is increased significantly. Because the output level of the business organizations is decreased and then they have to lay off employees.
What is a recession-proof job?
During a recession period, there is no guarantee that any job is safe and secured. But some industries are less risky than others industries. In these industries, there are less employee layoffs and wage reductions. So, if you work in a such industry, you have a recession proof job. A recession proof job means a job that has the higher demand even in the recession period.
13 recession proof jobs
Following are the top recession proof jobs that have high job security even in a recession period.
1. Medical professionals
During the recession, period healthcare industry will be unaffected. Because in economics, healthcare is a necessity good. There is inelastic demand for healthcare services even though price of the healthcare services is increased and the income of the people is decreased.
Further during the recession period, people worry about their economic situation and as a result of it, they will be anxious and depressed. Then they get service from the doctors.
If you are a doctor, nurse, physician of any other staff member of the healthcare industry, your job will be secured during the coming recession.
Economists collect data about the economy, analyze the economy, and predict the future conditions of the economy. There is a higher uncertainty during economic recessions. So, the duty of economists is very important and there is a higher demand for the service of economists during the recession.
3. Accountants and Auditors
Positions in accounting, certified public accounting, and auditing are often resistant to economic downturns.
Whatever the situation of the economy, you still need to file a tax return each year. The IRS and employees who work for and for publicly traded corporations both need auditors to make sure that financial regulations are followed.
4. Debt managers
During the period of recession, people borrow more money and they are in a trouble paying back. So, the requirement for debt managers is increasing during the recession.
Debt management professionals work with lenders to negotiate better interest rates and more manageable terms. They can work magic in helping people restructure their debt. Due to this surge in demand, debt management is a great recession-proof job.
5. Insurance professionals
It doesn’t matter if you’re a salesperson, an appraiser, or an underwriter. Some of the best occupations you can discover that are recession-proof are in the insurance sector.
For the majority of people, insurance is necessary. As an example, homeowners must have insurance to pay their mortgages. Drivers require it in order to get on the road.
6. Teachers and lecturers.
Teachers and lecturers and other staff members of academic sector are a group of people who have recession proof jobs. Because both children and adults want to expand their knowledge however the economy is difficult.
7. Federal employees
The government should provide its services regardless of how the economy is doing. So, government employees will safe during the recession period.
Retailers have greater job security than others during a recession. Everyone requires groceries. That is one thing that never changes. People may have to spend less if prices rise.
Food is still necessary, though! Therefore, whether you work as a manager or a cashier at a grocery store, you probably won’t feel the effects of the recession as much as other professions.
9. IT professionals
IT professionals develop software, websites, apps, videos, and other virtual informational technology assets. Although the real world is stopped, the virtual world will be worked. So, the jobs and income of IT professionals will be secured.
10. Legal professionals
During the recession, employment of the legal sector employees will be secured. Because during this economically hard time, criminal activities, domestic violence, bankruptcy, and divorce cases will increase. When we refer to history, during the recession periods, criminal activities have increased. Because unemployment and higher prices increase the crime activities
So, if you are a police officer, attorney, lawyer legal assistant, or any other kind of employee who works in the legal industry, you have a recession-proof job.
An actuary is someone who analyzes risks. They analyze a ton of data huge assess the riskiness of new investments, assisting businesses in making critical choices that improve their bottom line. They play a significant role in the business’s financial operations. They’re actually on list of the best six-figure jobs!
During a recession, demand for actuary will increase. Because every organization faces inherent risks. Actuaries help businesses to come out of the recession.
12. Funeral service managers
Even though there is a recession or economic bloom, people die. So, there is a inelastic demand for the funeral services. So, if you are a funeral manager, you have a recession proof job.
Relatively veterinarians have inelastic demand during recession periods. Because most people care for and treat their pets even though the recession period is very economically difficult for them.
During the recession period, if you can provide low budget plans, demand for your service will be increased.