Is It Possible to Recession Proof Your Career?
North America and the world is currently going through a global recession brought on by the COVID-19 pandemic. As the global economic machine has been kept afloat by various stimulus efforts, governments are starting to near their wits end. And so, efforts are currently being undertaken to regain some sort of normalcy. No one can say with a 100% certainty what will happen as this occurs, what is known is that this pandemic is having a debilitating impact on the lives of the now so-called ‘non-essential workers’. By my own interpretation, non-essential workers are those that are not absolutely necessary for day to day operation of society or at the very least those that society should be able to function without for a short period of time.
A Quick Look At The Numbers…
According to data from the U.S. Bureau of Labor Statistics, total nonfarm payrolls decreased by nearly 20.5 million in April. Of those 20.5 million, approximately 7.7 million were in the leisure and hospitality industry. For context, total nonfarm payrolls declined by approximately 7.3 million from December 2007 to June 2009, the official timeframe for the entire 2008 recession. The current pandemic driven recession is destroying jobs at a markedly faster rate than the 2008 recession. On paper, it is presumed that as normalcy resumes the economy could recover faster than it did in previous recessions. This remains to be seen and there are a number of hurdles for this to come to fruition.
So, How Can You Recession Proof Your Career?
Become a medical doctor…that was a joke, unless you actually do want to be a doctor. Unfortunately, the harsh reality for the rest of us is that there is no sure fire way to recession proof your profession. As both this recession and the previous one has demonstrated, no role is a 100% safe.
However, there is good news. While it is impossible to guarantee job security in tumultuous economic times, we can increase those odds by doing things such as learning new skills (several platforms are currently having specials) and taking on more responsibility at work, monetizing a personal skill etc. Another more general method is to work in an “essential” sector/industry. One such area is the utilities space, think power distribution, water distribution and waste disposal. Though I joked of becoming a doctor earlier, there are also ancillary medical roles that offer not only great job security but a high salary as well. Whatever is going on in the world, the aforementioned sectors fill needs that are ever present and offer the average person the greatest shield against job loss.
Taking an even more microscopic view, there are a few unicorns in these sectors that have an excellent track record. Doing a quick Google search for a company’s name along with layoffs can uncover valuable information.
In future blog posts we will explore a few high paying roles in these sectors. For instance, linemen in the electric utility sector can make upwards of $150k/year.
Do you believe you have a recession proof job? What other jobs come to mind when you think recession proof? Share your thoughts with us on Twitter or Facebook.