Recession-proof industries to work | Most Trusted Jobs in downturn | Jobs available in Recession
After the COVID-19 pandemic and recently the war between Russia and Ukraine the whole world feels a recession in business and job market as well.
Recently layoffs have dominated the news of the job market of big companies like Amazon, Tesla, and Shopify cutting down their workforces.
But how you feel and how much affected by this recession totally depends on which type of company you are working with.
But despite fears of economic insecurity, layoffs and high inflation, the latest jobs report show hopes that employers added more jobs in July than initially predicted.
former Federal Reserve governor Randall Kroszner also admitted that there is an “elevated possibility” of an imminent recession but he doesn’t think that it would be devastating because there are some areas too which would unaffected by these kinds of recession.
According to a list LinkedIn provided to Fortune, there are around four industries in particular who become remained stable or unaffected during the downturn.
Kory Kantenga, a senior economist at LinkedIn, examined several industries and learn their hiring trends and other various parameters from January 2015 to June 2022.
But he found some of the sectors in which employees are more secure than in other sectors but entering into that field is more competitive too.
however, every sector has its own advantage and disadvantages to work with but there are some fields where he didn’t expect any dramatic drop in the downturn in the coming years. He listed the 4 most secured area in which employees feels more secure.
These four most secure and recession-proof areas are ranked from most to least stable.
- Utilities –
This sector tends to remain flat, unaffected and even experience increases in employment during recessions. It felt only a minor decline during the coronavirus recession hit and it is the most secure on this list. But it is too difficult to begin or get a job in this sector.
Like the utility sector, the government sector too not only adds employment during recessions but also pays them salaries and perks on time. Government has the highest employment level of all industries listed but they have some restrictions, to begin with, in these jobs you need to qualify for some exams which is not easy obviously.
Despite reports of massive recession and layoffs, this is the field in which you can see the growth in the meantime of pandemics. education remains a stable industry for those who choose to remain in teaching. The education industry has the second highest employment level after the Government industries.
- Consumer Services
Consumer services involve jobs in repair and maintenance, personal and laundry services, and membership associations and organizations this kind of service is called support level services. Employment levels increase during some recessions but slightly decrease during deeper times of economic insecurity. Consumer industries have the second lowest level of employment of all four industries and these kinds of services are relatively easy to get a job.
So if you are affected by layoff or recession and want a job in other fields then this list will become very useful for you.
Here you can start in any sector according to your talent and skill and understand the security level of your job.
However, every field has its own advantages and side effects but in my opinion, the education sector is the best sector to start with. In this sector, you can start working without leaving your job or as a part-time as well.
But if you want more security in your job then you should go to Utilities or Government sector.