2 Core Strategies for Recession-Proof Careers
According to a recent Robert Half report, a quarter of Canadian workers surveyed said they’re worried about losing their jobs. Employment dropped by over 30,000 in July 2022 and over 40,000 in June 2022. As the economy becomes increasingly uncertain, many employees are considering the keys to recession-proof careers.
Here are two core strategies for recession-proof careers.
Enhancing Your Skills for Recession-Proof Careers
Cementing a position with your current employer with a possible recession looming can maintain financial stability and any benefits you’re currently receiving while avoiding the stress of searching for new employment.
For many employers, job performance plays a large role in determining who will be laid off. Developing essential skills will make you more valuable. Likewise, according to the Robert Half report, 40% of workers are assessing their skills and 28% are upskilling.
If you want to enhance your skills but are unsure how to proceed, reach out to your manager or colleagues. Ask what programs they may have to offer internally or what external programs they could suggest. Learn what skills your employer needs and how you can develop them.
Applying for Recession-Proof Careers
The Robert Half report said that 43% of respondents were looking for new roles within their sector, and 33% were looking outside their current sector. Are you considering a new career in a new industry?
It would be nice if we could reliably predict which companies or sectors will do well under a recession. Unfortunately, as investment guru Ray Dalio said, those who live by the crystal ball are bound to eat shattered glass. Nonetheless, it is possible to be strategic about the job market.
Nowadays, companies looking to cut costs through layoffs will likely look at positions that can be automated. Further, once a position has been automated it’s unlikely it will be available again once the economy recovers. So now is a good time to think about careers that are both recession- and automation-proof.
CNBC recently identified five recession-proof careers with strong job security:
- Child-care workers
- Law enforcement
- Court, municipal, and license clerks
- Mental health counsellors
What do these five positions have in common? They all involve dealing with the public.
Robots still lack interpersonal skills, making public-facing roles resistant to automation. According to McKinsey, jobs most susceptible to automation involve repetitive physical labour in predictable environments, whereas jobs that involve social interactions are less likely to be taken over by machines.
Are You Applying for Recession-Proof Careers?
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