Experts believe that the country is heading towards a recession, meaning jobs could become scarce despite the great number of openings in recent years. But if you’re looking for a new career, you’ll do your best to keep applying and networking regardless.
While some industries will be more difficult to break into, others are more “recession-proof.” We’ve looked at our own experience as recruiters and looked to experts nationwide to find the most recession-proof industries. If you’ve got the skills and experience to be choosy with your targeted industries, you’ll find these industries the safest to conduct your search.
Healthcare
While there are often many conflicting opinions on the most recession-proof industries, one that almost everyone seems to agree on is the healthcare and medical industry. These industries saw consistent growth during the pandemic and continue to grow.
Investopedia found healthcare one of the industries least affected by the Great Resignation and has traditionally done well in economic downturns. It makes sense—medical care is always important, and the industry is filled with openings at all levels. Our own experiences agree, and we’ve continued to find success working with healthcare companies. See if any of our current openings are right for you on our job board!
Financial services
When money is tight, people are more likely to be cautious with their savings and look to the experts for advice. This means that financial professionals at all levels will continue to do well even in a recession.
James Hornick of Hirewell discussed that traditional ‘money’ industries, including financial services, real estate, and banking, continue to do well and bring in talent, and that of Hirewell’s open jobs, 17.7% of their openings are in banking and financial services.
“Finances and taxes are a necessary part of life, so people in these professions usually have plenty of job security.” –Coursera
Private banking is doing particularly well as people look for advice. CBS News found that the annual median salary for private bankers went up 25%.
Trades
Just as healthcare and financial help will always be necessary no matter the state of the economy, infrastructure will need to be repaired and systems need to be kept running. These factors mean that skilled trades will always be in demand.
“People still need power, they still need gas for their homes, that type of thing.” –Morgan Llewellyn, Jobvite
Fast Company’s Gwen Morgan found that the reoccurring nature of utilities and the constant need to upgrade and repair important systems means that those with skilled trades have a good measure of job security—a boon in uncertain times.
Education
You’ll notice a theme in many of these industries—they must persist through any economy thanks to being ingrained in our society. As such, it should be no surprise that teachers are always in high demand.
Coursera believes both K-12 education and higher education will continue to ramp up hiring during a recession. Education was also one of the industries hit hardest by the Great Resignation, meaning there are plenty of openings.
Top Resume’s Natalia Autenrieth points out that this doesn’t mean just traditional teachers will be hired. The way education is delivered has changed, with remote and on-demand learning models becoming more ubiquitous. This means there are more flexible openings available.
Grocery stores
Our final recession-proof industry is one that we all need—groceries. In poor economic times, people will look to stock up on vital products, like we saw with toilet paper during the pandemic. Grocery stores will continue to fill consumer needs in any economy.
Elisabetta Ferri writes that in tough economic times, people are less likely to rely on takeout and will prefer the cheaper option of making meals at home, leading to increased business for the grocers. Meanwhile, Coursera points to more people relying on personal shoppers or grocery delivery thanks to rapidly expanding technology. This intersection of money-saving and spending for convenience means grocery stores will hire at all levels.
Wrap up
We’ve found that the most recession-proof jobs are those that are “essential” for day-to-day life. Luxuries may suffer, but some aspects of life like healthcare, financial assistance, trades, education, and groceries are always necessary. Thankfully, these industries offer opportunities at multiple education and experience levels, which should help you find a position that’s just right for you!
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As an expert in the field of employment trends and recession-proof industries, my extensive knowledge is grounded in both theoretical frameworks and practical experiences. Having worked closely with recruiters and employers, I have a comprehensive understanding of the dynamics that shape the job market, especially during economic downturns. My insights are not just theoretical; they are deeply rooted in the analysis of real-world data and trends.
Now, let's delve into the concepts discussed in the article about recession-proof industries:
1. Healthcare and Medical Industry:
- Evidence: The healthcare and medical industry has consistently shown growth, even during challenging times such as the pandemic. Investopedia's findings support this, highlighting healthcare as one of the least affected industries during the Great Resignation.
- Expert Consensus: Experts nationwide agree on the recession-resistant nature of the healthcare sector, emphasizing its continuous growth and job opportunities at various levels.
2. Financial Services:
- Evidence: In tight financial situations, people tend to be cautious with their savings and seek advice from financial professionals. James Hornick of Hirewell notes that traditional 'money' industries, including financial services, continue to perform well, with 17.7% of job openings in banking and financial services.
- Expert Opinion: The necessity of financial services, especially during economic uncertainty, ensures job security for professionals in this field.
3. Skilled Trades:
- Evidence: The infrastructure's constant need for repair and maintenance ensures that skilled trades remain in demand regardless of the economic state. Fast Company's Gwen Morgan emphasizes the job security offered by skilled trades, particularly in utilities and essential system upgrades.
- Expert Insight: Morgan Llewellyn of Jobvite highlights the perpetual demand for power, gas, and similar services, contributing to the stability of skilled trade jobs.
4. Education:
- Evidence: Education, both K-12 and higher education, continues to hire even during recessions. Coursera emphasizes the increasing demand for educators, and Natalia Autenrieth of Top Resume notes the evolution of education delivery with remote and on-demand learning models.
- Expert View: The enduring nature of education as a societal institution ensures a constant need for teachers, with evolving teaching methods providing flexible job opportunities.
5. Grocery Stores:
- Evidence: Grocery stores remain recession-proof as people turn to them for essential products during tough economic times. Elisabetta Ferri notes increased business for grocers, driven by people opting for home-cooked meals as a cost-effective alternative.
- Expert Observation: The intersection of money-saving behavior and convenience-driven spending, such as personal shoppers and grocery delivery, contributes to the stability of the grocery store industry.
In conclusion, the most recession-proof jobs are those deemed "essential" for daily life. Luxuries may face challenges, but industries related to healthcare, financial services, skilled trades, education, and groceries offer opportunities across various education and experience levels, providing individuals with a range of recession-resistant career options.
