During tough economic times, companies and businesses are forced to lower expenditures and scale back on production. This often results in people losing their jobs, except those in what are considered recession-proof jobs. People without a steady income stream have less ability to spend, making them more cautious about what items they spend on. Consequently, for businesses, this means fewer people willing to buy their services or goods, lowering profits and making it necessary to tighten their cash flow.
This phenomenon creates a vicious cycle that can ripple throughout an economy. And depending on how intertwined a market or industry is with the rest of the world, it could have devastating global effects, as we saw in the 2020 pandemic job recession.
Some industries and sectors are necessary whether or not a country’s economy is doing well. To name a few consumer staples: food, housing, and healthcare are needs that society must perpetually meet to function. In a recession, these industries are unlikely to feel lowered demands; in fact, they may even be needed more, as we saw with the healthcare crisis during the pandemic.
If you’re a professional eyeing to shift industries or an entrepreneur looking for a niche to build on, these are sectors and professions that could be worth looking into.
Accountants and Auditors
Whether the economy is experiencing a boom or a downturn, people and businesses must do their due diligence and file taxes. The tax man doesn’t sleep, which is why accountants and auditors are in high demand even in a recession. While new technology today has made it easier to file taxes by yourself, many people still make accounting mistakes that cost way more than if they had just hired an experienced accountant to handle the task. Or worse yet, their mistakes inadvertently alert the IRS and trigger an audit.
Auditors also receive consistent demands even during a recession. Publicly traded companies must regularly be audited and file their financial statements throughout the year regardless of how well they are doing.
The healthcare industry is essential even when a person’s income declines. It’s unlikely that people will skimp on this industry’s services since it could very well mean life or death. The demand for operations, such as heart surgeries, or maintenance medicine, such as insulin, will almost always be a top priority for people’s expenses.
Doctors, physicians, pharmacists, and even veterinarians are recession-proof jobs that will see consistent demand as people (and their pets) visit them for all sorts of health concerns, ranging from minor checkups to life-threatening diseases, throughout the year.
IT & Telecommunications Workers
The field of information technology is full of various recession-proof jobs and services that are essential even in a downturn. Computer system analysts, cybersecurity engineers, and database engineers safeguard and maintain the websites, servers, databases, and networks almost every business now uses in the digital age.
IT specialists also help businesses automate and streamline processes, which are valuable cost-saving initiatives that can significantly impact bottom lines, especially during a recession.
What Is a Recession-Proof Job?
There are three (3) factors to consider when assessing a recession-proof job.
First, we must consider if it’s an essential profession that, if lost, would cripple or cause a lot of chaos in society within days. These are usually your doctors, nurses, law enforcement, or public utilities.
Second, immediate and clear demands and pains, such as crimes or life-threatening wounds, require a professional’s urgent care and attention. The types of problems these professions or industries solve are the ones that become an immediate priority when they appear.
Lastly, recession-resistant jobs are usually the ones that need specialized training and experience. Many patients will certainly not bat an eye about paying a qualified heart surgeon for a higher success rate on an operation.
There are many more professions that could easily fit on this list. If you are a professional worried about your job security, the checklist we provided above can help you reach a more informed decision about a possible shift in your career. For a business, you may want to consider building and strengthening the essential or “recession-proof” departments first.
Offshoring is one option a company can pursue to strengthen and develop its internal processes to survive a recession. Some of the more critical processes a business needs, whether the economy is in a boom or bust, such as accounting and IT, can easily be offshored to professional organizations at a fraction of the normal costs.
iSupport Worldwide offers comprehensive and highly competitive offshoring services that can help your business soar even higher during a boom or survive a crippling recession.