Experts are saying that by 2024, a recession in America is likely. Companies and consumers alike are already feeling the effects of economic turmoil.
Stemming from the global COVID pandemic, this recession has been imminent. We’re seeing organizations start layoffs to scale back on operations and spending.
Not every industry will feel the weight of this recession — or any recession, really — due to the nature of their role. If you’re considering changing jobs, these five recession-proof careers may be worth considering if job stability is a big priority for you.
5 Careers That Tend to be Recession-Proof
Software engineering, development, and programming.
Although there have been a small handful of layoffs in tech departments and organizations, software engineers, web developers, and other programmers are often spared from layoffs. The existing talent pool for software engineers is small enough as it is, and companies regularly scramble to hire viable candidates.
Plus, as our world grows increasingly tech-forward and our reliance on mobile phones and web apps gains steam by the day, software engineering as a career path will likely remain fruitful even during a recession. Organizations will need to keep these folks on board to build and manage new programs, apps, and offerings.
Home trades like HVAC, refrigeration, and plumbing
Job stability is a given in handyman roles like HVAC, plumbing, and refrigeration. Whether folks own or rent their homes, there will always be a need for these professionals to take care of maintenance issues and keep appliances running as intended. Since most maintenance issues are handled when an appliance stops working or needs repair — rather than elective maintenance — HVAC, plumbers, and refrigeration specialists will always be in need.
People still get sick, even during a recession. Healthcare professionals of all kinds, including doctors, surgeons, nurses, and practitioners don’t see a downward trend in patient visits during times of economic duress, making them one of the best recession-proof careers. Other forms of healthcare in the mental health and therapy sectors may actually see an uptick in patient care due to the emotional toll a recession can take on families and individuals.
Financial services like financial planning.
For many, a recession may inform their financial plan or upend it entirely. They may rely on financial service professionals to manage money, invest, or find new income streams. Some may even seek out financial planning for the first time as they are more money-conscious in light of the economy.
Though studies show that crime rates actually fell during the last Great Recession, other data suggests that crime may actually increase due to the volatile nature of the economy and desperation from those most affected by it.
Police departments around the country continue to have record-level funding and still have regular job openings, so it’s likely that police officers as well as firefighters and EMTs tend to be some of the most recession-proof jobs.
Learn more about the number one recession-proof career: software engineering
Call us biased, but the data is proof that software engineering is the high-growth, big-opportunity career that boasts both job security and some of the highest paying roles in the world. Click the articles below to learn more about opportunities in software engineering and coding bootcamps that teach you the applicable skills.
What Does Growth in the Software Engineer Job Track Look Like Over the Next Few Years?
How do Coding Bootcamps Work to Help You Land Your Dream Job?
How to Achieve Financial Freedom Through Software Engineering