Recession Proof Jobs For 2023
Nobody likes to deal with the threat of losing their job. Especially during times of economic uncertainty.
If you’re looking to make a strategic job move, here are some of the best jobs to have during economic chaos.
These jobs have historically been safe during recessionary periods. And are generally the last to get cut during mass layoffs.
Recession-Proof Jobs That Require A College Degree:
#1: Healthcare Jobs
The healthcare industry has been known to be resilient during times of economic uncertainty. In fact, during the last recession, the medical industry continued to grow while other industries shrank.
This is because people will always need medical care, regardless of the state of the economy.
While people may cut back on discretionary spending during tough economic times, they will still need to see a doctor for their regular checkups and to receive treatment for any illnesses or injuries.
Job examples & average salary:
Medical assistant ($38,432)
Nurse ($82,750)
Physical therapist ($91,010)
Doctor ($224,190)
#2: Corporate Restructuring Jobs
Corporate restructuring jobs tend to boom during economic uncertainty because companies generally look to restructure their organization to save money.
This is done by eliminating certain positions, consolidating departments, and outsourcing work to cheaper labor markets.
As a result, corporate restructuring can often be a difficult and stressful process for employees. However, it is one of the few jobs that tend to grow in demand when economic conditions worsen.
Job examples & average salary:
Restructuring consultant ($46,123)
Restructuring advisor ($89,534)
Bankruptcy attorney ($95,033)
Restructuring director ($97,909)
#3: Compliance Jobs
In order to avoid fines and lawsuits, companies hire compliance associates to help ensure that they are operating in cooperation with government regulations.
These jobs are critical during times of mass layoffs. Companies must ensure they follow government regulations when attempting to cut costs.
Without compliance associates, many companies risk breaking laws and being fined or sued. As a result, these Associates play an essential role in ensuring that companies operate legally and avoid penalties.
Job examples & average salary:
Compliance oversight ($58,661)
Compliance associates ($63,194)
Risk manager ($96,160)
Compliance attorney ($107,775)
#4: Commercial Banking Jobs
Commercial bankers tend to benefit from recessions. While other businesses may suffer during economic downturns, commercial banks typically see increased demand for their services.
This is because businesses still need loans during recessions, and all the current outstanding loans must be serviced.
In addition, businesses may also look to restructure their debt during turbulent market times, increasing the workload of commercial bankers.
As a result, commercial banks can often weather recessions better than other types of businesses. This increased demand for their services can lead to higher profits and salaries for bank employees, making bank jobs more recession-proof.
Job examples & average salary:
Commercial Banking Associate ($57,618)
Commercial Banking Analyst ($69,861)
Investment Banker ($87,718)
Commercial Banker ($88,286)
#5: Government Jobs
Private sector jobs are often the first to go when company profits start to dip, and this can leave workers feeling helpless and uncertain about their future.
Government jobs, on the other hand, tend to be much more stable and reliable. Especially during times of economic turbulence when government resources are needed most.
Although not all government jobs are safe, government jobs that assist with maintaining essentially societal services tend to be the most recession-proof.
Job examples & average salary:
Auditor ($49,232)
Social worker ($55,588)
City planner ($57,907)
City accountant ($65,682)
Recession-Proof Jobs That Don’t Require A Degree:
#1: Funeral Service Jobs
Although people may look to cut back the size of a funeral service during a recession, funeral service associates will still be needed to assist families during the heartbreaking moments of losing a loved one.
Funeral service associates play an important role in helping families during one of the most challenging times in their lives.
They help to plan the service, arrange transportation, and provide support and guidance during the grieving process.
Even though a recession may lead to smaller funeral services, services will still take place to show respect for loved ones.
Job examples & average salary:
Funeral attendant ($32,992)
Crematory operator ($37,419)
Funeral director ($49,784)
#2: Insurance Jobs
Insurance will always be needed. Insurance companies operate conservatively and are less likely to make major changes in response to economic fluctuations.
People will always purchase insurance to hedge against life’s uncertainties, whether the economy is up or down.
As a result, jobs in the insurance industry are typically more secure during periods of economic uncertainty. So, the insurance industry is worth considering if you're looking for a job that will help you weather the storm.
Job examples & average salary:
Insurance customer service ($37,662)
Insurance agent ($53,565)
Claims adjuster ($60,691)
#3: Plumbing Jobs
Leaky toilets and household plumbing issues will still occur, despite economic uncertainty. However, people may try to postpone plumbing repairs, which generally leads to a more expensive repair down the road.
In addition to the recession-proof demand for plumbers, The National Homebuilder's Association's Spring 2021 Construction Market Report found a 55% shortage of plumbers available for work.
As a result, there is an increased need for qualified plumbers to meet the demand.
Job examples & average salary:
Residential plumber ($54,486)
Commercial plumber ($54,423)
Journeyman plumber ($62,493)
#4: Bartender Jobs
Bartending is a popular job choice for many people because it is considered to be a recession-proof job.
This is because even when times are tough, people still want to go out and socialize. And when people are feeling stressed, they often turn to alcohol as a way to cope. As a result, bartenders always have a steady stream of customers.
In addition, bartending is a relatively easy job to get into. Most bars do not require formal training, and bartenders can often learn on the job.
As a result, bartending is an excellent option for people looking for a stable career during tough economic times.
Job examples & average salary:
Restaurant bartender ($36,509)
Nightclub bartender ($40,589)
High-end bartender ($59,177)
#5: Grocery Store Jobs
As people start to tighten their belts, dining out becomes one of the first things to go. Grocery stores generally see an uptick in sales as people choose to cook more meals at home.
And even when people do entertain their friends, they're more likely to do it at home where it's free.
This might not be the case for higher-end grocery stores like Whole Foods. But grocery stores offering affordable prices to customers might even benefit during economic turbulence.
Job examples & average salary:
Grocery stocker ($27,410)
Cashier ($32,640)
Grocery Store Manager ($54,599)
Final Thoughts: Recession-Proof Jobs
Although no job is fully recession-proof, the jobs listed in this article have historically been safer than jobs in other industries. The best way to deal with a recession is to make yourself more valuable by learning new skills. That way, if your current job ends up on the layoffs list, it won’t be as hard for you to find a unique opportunity.
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As Always: Buy things that pay you to own them.
-Josh
Blog Post: #064
